JPMorgan Chase Bank sent me a promotional offer in the mail this week:
Enjoy $200 on us with a new savings account
Sounds nice doesn't it? Let's check the fine print:
Open a Chase Savings account, deposit a total of $15,000 or more in new money within 10 business days, and maintain a $15,000 balance for 90 days.
So they want to hold onto $15,000 of your money for 3 months, and they'll give you a $200 bonus. That works out to a 1.33% return after 3 months. Hold the phone, you say? What about the interest they pay on the savings account? At the time of this writing, that happens to be 0.01%.
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