$150 Checking Account Bonus at Harris Bank
Update 2/08/10: The offer has been extended to 3/15/2010. Refer to the Harris Bank's promo page for the full details.
Harris Bank has a checking account promotion in which you can earn up to $150 in cash. The details are described at harrisbank.com/checking250. Offer expires on 11/30/2009. Here are the steps required to earn the full $150:
- Open a Harris Interest-Checking Account
- $100 requires either: a) monthly direct deposit within 90 days of account opening, OR b) at least 5 online bill payments within 60 days of account opening
- $50 requires Harris savings account and the Auto Save option
Some of the important small print includes:
- $100 bonus is limited one offer per household. $50 Auto Save bonus is limited to 3 per household with savings accounts titled in different names
- $100 cash will be deposited into the checking account approximately 120 days after account opening
- $50 will be deposited into your savings account after Auto Save feature is activated
- Bonuses will be reported as interest income on IRS form 1099 INT
There's also an additional reward of $100 Dining Dough certificate that will be awarded at the time of account opening. However, the actual value is much less than $100 so I didn't include this above. Dining Dough certificates are issued by Restaurant.com, and you can get an idea of the real value of these at this MyMoneyBlog post. The post describes a past promotion in which they were offering $25 certificates for $2. One potential downside is that according to Harris Bank's small print, the value of the certificate will be reported on IRS form 1099 INT as interest. If they report the face value, you might lose money on this part of the deal.
Another downside to this deal is that it requires Harris Bank's Interest-Checking Account. The typical interest checking account has very low interest and monthly fees, and that is the case for this one. The interest rate is only 0.01%. To avoid a $15 monthly fee, you'll either need direct deposit or an average daily balance of $2,000. Minimum opening deposit is $100.
The savings accounts also have monthly fees. These fees can be waived by maintaining certain minimum balances, and also with the Auto Save option in which monthly amounts are automatically transferred from the checking to the savings account. The statement savings account requires a minimum transfer amount of $25 for the fees to be waived.
There may be a hard credit inquiry. According to the small print "All overdraft protection lines of credit, credit cards and loans are subject to credit approval."
There's an online application at the promotions page, and it also says you can apply by phone. The online application makes it look like it's available nationwide. In fact, the start of the application states that U.S. and Canadian residents can apply online. Note, the bank is closed for Veteran's Day. When I reported on one of their CD specials last year, I was told by a banking rep that accounts could be opened by people in any state.
If you prefer to open the CD at a branch, their offices are located in Illinois, Indiana, Wisconsin, Florida and Arizona.
The bank has been FDIC insured since 1947. Note, it has two FDIC charters: one based in Chicago, IL (FDIC Certificate # 16571) and one based in Scottsdale, AZ (FDIC Certificate # 24960).
Credit for this find goes to SlickDeals member kaysha912 who posted it at this SD thread.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.