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Banking customers aren’t new to marketing tactics. Because only a small portion of customers are searching for a new account or credit card, banks and issuers traditionally offer limited-time deals: no annual fees and 0% balance transfers are some favorites.

Cash incentives are a new phenomenon. Unlike other promotions that lack tangible value, cash promotions offer new account holders explicit perks for joining.

Chase is currently running a cash promotion where new customers can earn $150 for opening a Chase Total Checking account or $100 for a Chase Savings account. Customers can earn $250 for opening both accounts, but is there a catch?

Chase Cash-Back Promotion Details

New or current Chase customers must open a brand new Savings or Checking account to qualify for the promotion. Aside from this one straightforward condition, there are other requirements that complicate earning the bonus.

Those who open a Chase Total Checking account must deposit $25 or more into their accounts and make electronic direct deposits from their paychecks within 60 days of account opening to receive the bonus.

In contrast, the smaller $100 savings bonus is harder to qualify for. Customers who open a new Chase Savings account must be approved for the account, deposit $10,000 or more within 10 business days of account opening, and maintain that balance for at least 90 days.

That minimum is out of reach for most Americans, who save 13% of their income at best, according to Moody’s Analytics. Given the annual mean wage was $47,230 in 2014, that would be just $6,140 annually in savings—having $10,000 on hand to deposit isn’t common.

As appealing as cold, hard cash is, are the accounts that come with the offer beneficial to your financial goals? If opening one of these accounts requires you to switch financial institutions, is the cash bonus worth potential account closure costs?

Chase Checking and Savings Account Features

Those who think they can open one of these accounts, receive a check and immediately close it are out of luck. The promotion terms stipulate that the bonus will be removed upon closing if either account is not maintained for six months.

If you’re used to receiving interest on your deposits, you might want to consider the opportunity lost, as Chase’s Total Checking account has a 0% interest rate. Its savings account offers depositors 0.01% APY.

Granted, you might already be receiving paltry interest, in which case $150 in cash likely outweighs the tradeoff of opting for a non-interest-bearing account.

For larger deposits, however, you’ll want to consider the difference in earned interest. A $10,000 deposit or larger would grow faster in a higher-yield account over time than the $100 one-time bonus would allow.

Chase Total Checking | Credio

Chase’s Total Checking account comes with a debit card good at 18,000 Chase ATMs and 5,500 branches. Popular mobile and online account features are included, and, while the minimum deposit to open is $25, customers will have to meet one of three requirements monthly to avoid a $12 fee. These include direct deposits of $500 or more, a minimum daily balance of $1,500, or an average minimum daily balance of $5,000 in eligible linked investments and deposits.

Chase Savings | Credio

Chase’s Savings account earns the aforementioned 0.01% APY and offers the same accessibility and digital banking suite as its Total Checking account. A lower monthly fee of $5 can be avoided by maintaining a minimum balance each day of $300 or setting up at least one repeating $25 transfer from a personal Chase checking account.

Account holders can also waive the fee by linking to a higher tier Chase checking product (Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking), or if the account holder is a minor.

Should You Opt for These Promotional Incentives?

Cash is enticing, but it’s important to remember that it doesn’t come free. To pursue one of these offers, there will be tradeoffs.

Whether it’s a higher interest rate or more relaxed account requirements that you’re giving up— or the sheer costs that amount when closing accounts—customers should weigh their options before being swayed by a promotional offer. According to a study by Consumers Union, account closure fees alone can cost $55.

Then again, especially given interest rates today, opting for the Total Checking account will easily outpace interest rate returns, especially over a six-month period. On a $25 initial deposit, a $150 bonus represents a return on investment of 600%. The national average checking account rate is 0.04% APY, netting $1 on $25 in comparison.

When it comes to Chase’s Savings account, $100 is equivalent to 0.01% APY on $10,000—or a year of interest on the account. Since many financial institutions offer higher rates to depositors with larger balances, a deposit of $10,000 would likely grow faster at a local credit union or smaller bank with lower overhead costs. More aggressive investors can do far better than 0.01%.

Due to its offer stipulations, Chase’s Total Checking account is the better offer. The gains greatly outweigh the losses with comparable checking accounts and its requirements are manageable.

Although appealing, especially if money’s tight, customers should take the time to evaluate all the costs and account benefits associated with a promotion before signing up. Ultimately, it’s the account you could be stuck with long after the cash that reeled you in is spent.