$100 Checking / Savings Account Bonus at Compass Bank Continues
May 21, 2007 - 8:48 AM by Ken Tumin
Compass Bank is again offering a $100 bonus for opening a checking account, a savings account and then setting up automatic transfers into the savings account of at least $25/month. The $100 cash bonus will be credited after your first year anniversary. Here's the Compass Bank promo page. It can't be an existing checking account.
I first reported on this promotion in January. In March Compass was offering a $50 gift card sign-up bonus that didn't require the automatic transfers and the one year wait. I did this $50 promotion last year and received the gift card without any problems. One negative is that I did received two hard credit inquiries by Transunion.
The free checking account no longer includes free checks. There is still no minimum balance or direct deposit requirements. Also, ATMs are still free with unlimited rebates of other banks' ATM fees. However, the rebates are not automatic. You have to mail in your receipts.
Compass Bank's savings accounts don't have much to offer in my opinion. The interest rates are very low and you have to be careful of monthly fees. According to the Compass website for Texas, the basic savings account requires $500 minimum balance to avoid a $9 quarterly fee.
Compass Bank also has a decent CD promotion. In most states it's offering a 5.25% APY 8-month CD with a minimum deposit of $5,000.
Another thing to note is that you must visit a local Compass bank to set up the automatic transfers. Compass Bank has branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas.
Compass Bank is FDIC insured (FDIC Certificate # 19048).
I first reported on this promotion in January. In March Compass was offering a $50 gift card sign-up bonus that didn't require the automatic transfers and the one year wait. I did this $50 promotion last year and received the gift card without any problems. One negative is that I did received two hard credit inquiries by Transunion.
The free checking account no longer includes free checks. There is still no minimum balance or direct deposit requirements. Also, ATMs are still free with unlimited rebates of other banks' ATM fees. However, the rebates are not automatic. You have to mail in your receipts.
Compass Bank's savings accounts don't have much to offer in my opinion. The interest rates are very low and you have to be careful of monthly fees. According to the Compass website for Texas, the basic savings account requires $500 minimum balance to avoid a $9 quarterly fee.
Compass Bank also has a decent CD promotion. In most states it's offering a 5.25% APY 8-month CD with a minimum deposit of $5,000.
Another thing to note is that you must visit a local Compass bank to set up the automatic transfers. Compass Bank has branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas.
Compass Bank is FDIC insured (FDIC Certificate # 19048).
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Mary Popins (anonymous) - #1, Friday, August 8, 2008 - 7:56 AM
Hello. I see you are discussing Compass Bank here. I think that the bank is quite ok. Not perfect, however. The interest rates on deposits are rather high and on mortgages quite moderate. But the customer service is awful. It is so hard to get someone to help you or give any additional information. They are so busy there. Browse www.pissedconsumer.com to find more about the bank.
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