Are you an entrepreneur? A business owner?
If so, consider yourself lucky. And I don’t mean being your own boss and setting your own hours. You already know that, and the fact that you’re living it speaks for itself.
Consider yourself lucky because you qualify for a whole lot more account bonus offers from Chase than non-business owners do.
One of these account bonus offers is a $300 bonus simply for opening a Chase Business Complete Checking account.
Let’s see if you qualify.
Who qualifies for a $300 Business Complete Checking account bonus?
Anyone who owns a business can open a business checking account with Chase. However, in order to receive the bonus, you also need to be considered a new Chase Business Checking account customer.
How do you know if you’re considered a new customer eligible for the $300 bonus?
Well, if you tick all of the boxes below, you’re good:
- You don’t currently have a Chase Business Checking account
- You haven’t closed any Chase Business Checking accounts in the last 3 months
- You haven’t claimed any bonuses related to a Chase Business Checking account within the last 2 years
Also, it’s helpful if you have a business EIN (employer identification number), meaning that you’ve incorporated your business under an LLC or something similar, but it’s not completely necessary.
You could also use your social security number which means that you’re probably doing business under your own name as a sole proprietor.
Just make sure this business isn’t just a hobby that you’re trying to deduct expenses for to save money. You need to truly be trying to run it as a business.
Ironically, one of the best things you can do to show that your business is legitimate to the IRS and not just a hobby is to open a business account just like this Chase Complete Checking account to separate all your business expenses from your personal expenses.
When do I receive the $300 Business Complete Checking account bonus?
- You first have to deposit $2,000 within 1 month
- You then have to maintain that amount (at least $2,000) for at least 2 months
- Within 3 months, you’ll have to make at least 5 transactions in that account
- Once you make the 5th transaction, you’ll receive your $300 bonus in that account within 15 days
Where can I sign up for the $300 Chase Business Complete Checking account bonus?
You can directly sign up using the link here!
Are there any fees?
Technically, there is a $15 charge every month to own this account.
However, there are ways to waive this fee completely, and you only have to do one of the following:
- Link a Chase Private Client Checking account
- Show valid military ID proving that you are currently serving or are a military veteran
- Maintain $2,000 each and every day of the month
- Spend at least $2,000 on a Chase Business Ink credit card opened under the same business name
Remember, just doing one of these will waive the $15 fee for the month.
Is this $300 bonus considered taxable income?
It is technically considered taxable income that you should report according to the IRS.
Can I close my Chase Business Complete Checking account at any time?
You may close this account at any time, just like with any other account you make with Chase. However, you should know that in order to keep the $300 bonus, you can’t just close it anytime you’d like. You’ll have to wait at least 6 months, or else they’ll deduct the bonus at the close of the account.
At the close of the account, you say?
Some of you may think you’ve found a loophole here. Don’t get too excited.
You might be thinking of withdrawing all that money before closing the account. And you could. But if you do so and close the account with a negative balance, you’ll be barred from any bonuses from Chase for the next 3 years.
This may be ok if you don’t plan to take advantage of any more bonuses, but personally, I’d rather take advantage of another bonus in 2 years if I could. And that’s just for business account bonuses.
You can still take advantage of credit card bonuses, personal checking and savings account bonuses, etc. even after applying for and receiving this $300 bonus.
When does this $300 bonus offer expire?
Update: You now have a bit more time to take advantage of this offer.
This $300 bonus offer expires on October 20, 2022.
(Yay! The previous expiration date was July 21, 2022.)
There’s no reason not to have a separate account for all your business expenses. In fact, the IRS very strongly recommends (aka requires) it to show that you are in fact a legitimate business and not just trying to deduct expenses for a hobby.
If you’ve been waiting on doing so, now may be a good chance to capture a $300 bonus along with it. Plus it makes organizing business expenses separate from your personal spending a lot easier.
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