$135 Checking Account Bonus at Madison National Bank in New York - Local Only

Madison National Bank is offering a checking account bonus of up to $135. The promotion is listed on each checking account page as of 9/02/09. The bank offers over a dozen checking accounts including Totally Free Checking. Below is the list of services required to earn $135:

• $100 for Direct Deposit
• $25 for Bill Pay
• $10 for Debit Card
• $15 for 1st Check Order

Note, this adds up to $150. However, it looks like the $15 for the 1st check order is just reimbursement for the checks. I don't consider that a bonus. The small print states that the checking account must be maintained for a minimum of 180 days to avoid having the bonus deducted.

You might also want to consider some of the other checking accounts. Several of the checking accounts offer a competitive interest rate of 1.05% APY. In today's rate environment, this is very competitive for non-reward checking accounts. They do have some modest requirements to qualify for the interest rate:

• MVP Checking with Interest requires direct deposit to qualify for the interest rate
• Value Checking with Interest has a $0.20 fee for each check you write
• Advantage Checking with Interest requires a minimum $500 balance to qualify for the interest rate

All of the above checking accounts have no monthly service charge. Also, all the checking accounts offer ATM fee refunds (up to 8 per month).

It appears that a branch visit is required to open an account. Branches are located in Melville and Merrick, New York.

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data. The bank was established and has been a FDIC member since 2007 (FDIC Certificate # 58419).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Tags: New York, checking account