Standard Bank and Trust Co. is offering up to a $200 bonus for opening a checking account which can include its high-yield reward checking account. The promo is shown on their home page, and in the bank's promotions page as of 6/23/2010. According to the small print, the offer is good through 7/31/2010. Here are the requirements:
- Receive $100 when 2 direct deposits (ACH credits) are received within 90 days of account opening and verification of a minimum of $300 per two consecutive statements cycle is met
- Receive $100 within 90 days of account opening and verification of ten signature based (non-PIN) transactions have been made using your Standard Bank Debit MasterCard
Here are a few important things to note in the small print:
- Offer applies only to new customers residing in Illinois and Indiana
- Offer is only available online
- One offer per household
- Cash bonuses may be considered interest and may be subject to 1099 reporting
The bank's reward checking account, My Green Checking, is one of the qualifying checking accounts. I did a My Green Checking review last August. The rate has stayed the same, but it was never high at 2.25% APY. On the plus side this applies to balances up to $50K rather than the more typical $25K.
Credit for this bonus find goes to markber at this iBankDesign thread.
The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Standard Bank and Trust Co. rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. Standard Bank and Trust Co. has been a FDIC member since 1947 (FDIC Certificate # 16606).