Free money is rarely actually free. Usually, there’s a catch involving a 40-page PDF of fine print or a requirement to sell your soul to a telemarketer. But honestly, the Chase Checking 300 offer is one of the few banking promotions that is actually worth the ten minutes it takes to fill out the application.
You’ve probably seen the ads. They pop up in your mailer or hit your inbox with bright blue branding promising $300 just for opening a Chase Total Checking® account. It sounds simple. It mostly is. However, if you miss one tiny detail—like the "New Customer" definition or the specific timing of your first deposit—you’ll end up with a new bank account and exactly zero extra dollars in it.
I’ve spent years tracking bank bonuses. I’ve seen people get burned because they thought a Venmo transfer counted as a direct deposit. It doesn't.
The Bare Bones of the Chase Checking 300 Offer
Let's cut to the chase. To get this $300, you have to be a new Chase checking customer.
Chase defines a "new" customer as someone who hasn't had a checking account with them in the last 90 days. But here is the kicker: if you closed a Chase account within the last 90 days or if you had an account that was closed with a negative balance, you're out. Also, you can only receive one checking account related bonus per year. If you got a bonus for a different Chase account six months ago, you're ineligible for this one.
The process is pretty straightforward. You apply online or take a printed coupon code to a physical branch. Once the account is open, you have 90 days to make a "qualifying direct deposit."
What counts as qualifying? This is where most people trip up. Chase wants to see your paycheck, pension, or government benefits (like Social Security). They are looking for an Automated Clearing House (ACH) transfer.
Why your "Workaround" Might Fail
A lot of people think they can just Zelle themselves $500 from an external Bank of America or Wells Fargo account.
Nope.
In the eyes of Chase’s automated systems, a person-to-person transfer is just that—a transfer. It isn't a direct deposit. While some enthusiasts on forums like Reddit or Doctor of Credit track which "push" transfers from other banks might trigger the bonus, Chase has become increasingly sophisticated at filtering these out. If it doesn't come from an employer payroll system or the government, you are playing a risky game with your bonus.
Avoiding the Dreaded Monthly Fees
It would be pretty counterproductive to get a $300 bonus only to lose half of it over the next year to maintenance fees. The Chase Total Checking® account carries a $12 monthly service fee.
You can waive this. You should waive this.
You have three main ways to get that $12 fee down to $0 every single month:
- Keep a daily balance of $1,500 or more in the account.
- Have a total of $500 or more in qualifying direct deposits coming in each month.
- Keep an average daily balance of $5,000 or more across any combination of Chase checking, savings, and other investment accounts.
If you can't hit one of those markers, this bonus might not be for you. Paying $144 a year in fees just to get a one-time $300 payout isn't exactly a masterclass in personal finance. It's basically just a high-interest loan you're giving yourself.
The Six-Month Rule
Don't think you can just grab the $300 and close the account the next day. Chase isn't stupid.
If you close the account within six months of opening it, they will claw back the $300. They’ll literally deduct it from your balance before they cut you your final check. You need to keep the account open, active, and ideally fee-free for at least 180 days. After that, you're technically free to move your money elsewhere, though many people find the Chase mobile app—which is arguably the best in the business—sticky enough to keep them around.
The Step-by-Step Reality of the Chase Checking 300 Offer
First, you need the code. You can find it on the official Chase website. Sometimes they send unique codes via snail mail that are even better, but the $300 offer is the standard "good" deal.
Once you have the code, you apply.
They’ll ask for your Social Security number, a valid ID, and some basic info. It takes about five minutes. If you’re doing this in a branch, it takes longer because you have to deal with the small talk and the inevitable attempt to get you to open a credit card or a savings account.
After the account is open, set up your direct deposit.
I usually tell people to move just a portion of their paycheck if they don't want to switch their entire financial life over to Chase yet. Most employer payroll systems (like Workday or ADP) let you split your deposit between two different banks. Even a $1 deposit might technically trigger a "direct deposit" requirement in some contexts, but for this specific Chase Checking 300 offer, there is no minimum deposit amount required to trigger the bonus—you just need a direct deposit to land in the account within that 90-day window.
Once that deposit hits, the clock starts.
Typically, Chase is very fast. You won't be waiting months. Usually, the $300 appears in your account within 15 days of the qualifying deposit landing. It will show up in your transaction history as a "Bonus" or "Incentive."
Taxes: The Part Nobody Likes to Talk About
Here is a fun fact: the IRS views bank bonuses as interest.
This is not a capital gain. It is not a gift. It is 1099-INT income. Come January of next year, Chase will send you a tax form. If you are in a 22% tax bracket, that $300 bonus is actually only worth $234 after Uncle Sam takes his cut.
It’s still free money, but don't be surprised when your tax bill is a tiny bit higher. It's always a bit of a bummer when people realize their "prize" is taxable, but that's the reality of banking in the United States.
Is the Chase Total Checking Account Actually Good?
If we ignore the bonus for a second, is the account worth having?
Honestly, it’s a standard "big bank" checking account. You aren't getting a high interest rate on your balance. In fact, the interest rate is basically 0%. If you want your money to grow, you should be looking at a High-Yield Savings Account (HYSA) or a brokerage account.
But Chase has physical branches everywhere. Their ATM network is massive. If you travel domestically, you’re never far from a Chase machine. For people who still deal with cash or want a local banker they can go yell at if something goes wrong, it’s a solid choice.
If you’re a digital nomad who never carries paper money and wants 4.50% APY on every dollar you own, you’ll probably hate this account once the $300 honeymoon phase is over.
Common Pitfalls to Watch Out For
I’ve seen plenty of people miss out on the Chase Checking 300 offer for the silliest reasons.
- The "Old" Account: They forgot they had a Disney-branded Chase card or a Slate card that they closed four years ago. Wait, that’s not a problem. But if they had a checking account they forgot about from two months ago? Problem.
- The Paper Trail: They went into a branch but forgot to bring the specific coupon code. The banker opened the account, but without that code attached to the application, the system won't trigger the payout.
- The Deposit Type: They used an "Instant Transfer" from a debit card. This is a common mistake. It feels like a direct deposit because it happens fast, but it’s technically a merchant credit or a P2P transfer. It won't count.
If you're worried about whether your deposit will count, the safest bet is always a standard payroll deposit from your boss.
Actionable Next Steps
If you want to pull the trigger on this, don't overthink it.
Check your eligibility. If you haven't had a Chase checking account in the last 90 days, you're likely good to go.
Grab the code. Go to the Chase website and either apply online or email the code to yourself to take into a branch.
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Update your payroll. As soon as you get your account number and routing number (which happens instantly if you apply online), log into your work payroll portal and set up a deposit.
Set a calendar reminder. Mark the date six months from today. Do not close the account before that date. If you decide the account isn't for you, wait until month seven to move on.
Monitor the fees. Ensure you have your $500 direct deposit hitting every month or keep that $1,500 balance steady. There is no sense in giving the bank back $12 every month while you wait for your six-month anniversary.
The Chase Checking 300 offer is a classic for a reason. It’s one of the most reliable ways to pick up a few hundred dollars with minimal effort, provided you play by their very specific, very rigid rules. Just remember that banks aren't in the business of giving away money; they're betting that once you set up your direct deposit, you'll be too lazy to ever switch banks again. If you can beat them at that mental game, the $300 is yours.