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$50 Checking Account Bonus at a Tennessee Bank (Independent) - Update 2

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Independent Bank
Independent Bank is again offering $50 for opening its free checking account. This special is not listed at the bank's website. It was advertised in today's Memphis newspaper. The ad is available online here. One thing to note is that the only apparent requirement for the bonus is new money to open the account. There is no mention of direct deposit. The free checking account requires an opening deposit of $100, but there are no minimums after account opening and no monthly fees. This bank had offered a similar deal February.

Instead of the $50 free checking account bonus, you can choose the Interest Checking with a yield 3.50% APY guaranteed for 6 months. For those who don't bank online, this may not be too bad. Note, there is a $10 monthly fee for balances under $1K.

In addition to the checking account bonus, the bank also has a decent CD promotion with a 5.30% APY 6-month CD.

Branches are located in Memphis and Collierville, TN. The bank has been FDIC insured since 1998.

[Update 7/23/07: The $50 bonus requires that you bring in your old checks from another bank. Also, a branch visit is required.]
  Tags: Tennessee, checking account, Independent Bank

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
Is this local offer or nationwide?

1
Comment #2 by Anonymous posted on
Anonymous
It appears to be the local offer.
I talked to several branches and was told the same thing - you need to come to the branch to open the account.

1
Comment #3 by Anonymous posted on
Anonymous
There is a "catch" in this offer. I went there to open an account today and they told me the only way I can receive the $50 bonus is if I give them my checks from my other bank for them to shred. They said they wanted to be the primary bank. So unless you are willing to give up the checks from your current bank they will not give you the bonus.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the comments. I've updated the post with this info.

About the old checks requirement, I guess that's a good reason to keep old checks.

1