Chase is giving wealthy millennials as much as $1,200 in rewards to sign up for a checking account based on its most popular card

First it was credit cards, then it was mortgages, and now it's a checking account: JPMorgan Chase is sweetening its Sapphire offering targeted at rich millennials even more, giving as much as $1,200 in rewards to customers who open a premium checking account with the bank.

Chase announced this week it was offering 60,000 Ultimate Rewards points to customers who open up a new Sapphire Banking account. The Points Guy values Ultimate Rewards at $0.02 a piece, making the points haul worth as much as $1,200.

Like the Sapphire Reserve credit card — whose cardholders have an average income of $180,000 — this product is geared toward the young affluent demographic. To be eligible for a Sapphire bank account, which was announced last month, you'll have to have $75,000 in deposits or investments to keep with Chase.

Most Americans have far less. The median US consumer has just $2,900 in their checking account and $5,200 in savings.

For Chase customers who don't have that kind of cash but still want to upgrade, it'll cost a monthly fee of $25.

That may make sense for some, given the perks. Beyond the initial sign-up bonus, Sapphire Banking also offers:

JPMorgan has had massive success luring new customers with its Sapphire brand, though it has simultaneously seen rewards cost skyrocket and eat away at profitability.

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The Sapphire Reserve, which launched two years ago with an eye-popping 100,000-point sign-up bonus, was simply the gateway drug to bring young, wealthy customers into the fold.

Not long after, the bank started experimenting with 100,000-point offers to Sapphire customers who closed a mortgage with the bank — a move that was so popular with millennials that the bank revived it a year later, albeit at a lower point total.

Now, $1,200 in rewards points for a bank account is the latest Sapphire expansion. Will it prove similarly irresistible to the young, affluent clients JPMorgan is chasing?