Chase has been attempting to lure me into opening a saving account with their offer of $125 be it I open a savings account with $10,000. Based on reading the fine print, I deduced that the money has to stay in the account (& the account stay open) for 6 months. After this you are able to walk away. The more I think about it, the more it seems like NOT a bad idea. No fees if you have at least $300 in the account. The APY is 0.01% for all balances in all states & the interest rates are variable and subject to change. There is clearly better ways to invest $10,000 BUT for the little to no work I have to put into this it continues to look alright. Has anyone taken up this offer with Chase? Thoughts?
It is not a tempting offer. You give them 10,000 they can lend 100.000. make a ton of money on the money they lend out of your deposit, and all you get is 125.00 and a bit of interest. I am not at all for putting money in a bank for a savings account. There are better investments, like annuities, bonds, and the like that will reward your investment with a better return.
I am completely on board with what you're saying. The only thing that is a positive for me about this is the 'investment' is only for 6 months so I felt like the amount of time wasn't asking too much. Especially if my money would be with that bank. I guess it really depends on that.
