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$215 Checking Account Bonus is Back at HomeStreet Bank in WA, OR & HI - Local Only


HomeStreet Bank

HomeStreet Bank has brought back its $215 checking account promotion that I last reported on in July 2009. The bonuses amounts appear to be the same as before. The largest bonus is for direct deposit, but you can still make $135 without it. Details are listed in the bank's promotion page as of 1/21/2010. I don't see any expiration date, but based on its history, the promo comes and goes. The following activities are required to receive the full $215:

  • $80 for direct deposits of payroll, pension, social security or other income to your account
  • $60 for using your new Visa Check card ($2 per purchase up to $60)
  • $40 for using free Online Bill Pay ($10 per payment up to $40)
  • $10 for receiving e-statements
  • $25 for giving the bank your old checks and debit card from your old bank ($15 for your check card and $2 per pad of checks up to $10).

Some important small print of the offer includes:

  • Minimum opening deposit for the checking account is $100
  • The Totally Free Checking qualifies
  • All transactions eligible for a bonus payment must be made within the first 3 statement cycles after account opening
  • Offer is limited to one account per household
  • Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee

One nice change for 2010 is that they doubled their refer-a-friend promotion. When you refer a friend who opens a checking account, both you and your friend will earn $50 (Update: Looks like only the person who refers the new customer makes the $50) There's no limit on the number of referrals you can make.

When I posted on this promotion last year, a reader mentioned being told by the CSR that there is no hard credit inquiry.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is a member FDIC (FDIC Certificate # 32489). Update: HomeStreet Bank has been operating under a FDIC Cease & Desist order since May 2009.

  Tags: Washington, Oregon, HomeStreet Bank, Hawaii, checking account

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Comment #1 by Anonymous posted on
Homestreet Bank has an FDIC Order to Cease and Desist.

Comment #2 by Greg (anonymous) posted on
Wouldn't it have been great (since it only applies for 3 out of 50 states--in person visit required), if you had mentioned it was so limited in scope, BEFORE I read through the entire guidelines?

Comment #3 by Sam (anonymous) posted on
Take a look at the wording of the refer a friend bonus. "Simply complete this coupon with the information requested and give it to a friend or colleague. When they open their own HomeStreet Bank personal checking account, you’ll receive $50 cash. Your friend wins too. They get a great account and the opportunity to earn up to $215 through our “Banking Your Way” promotion!"

The old account owner will get $50, and the new account owner will get up to $215. It doesn't mean both will each get $50 refer-a-friend bonus.

Comment #4 by Anonymous posted on
A tempting offer.  I was curious about the Cease & Desist metnioned by comment #1.  It may be common terminology, but it was new to me.  Looks like a regulatory agreement. Check out their FAQ to hear their side of the story: