Metcalf Bank is offering a bonus of $100 for opening a checking and savings account. The details are listed in the bank's promotions page. It's scheduled to last through 8/31/2011. Here are the required steps to qualify for the full $100 bonus:
- Get $50 for opening a MyChoice checking account.
- Get $50 more when you open a SaveUp savings account at the same time
- Set up a monthly automatic transfer between the two
I've highlighted the important details in the promotion's small print below:
Minimum to open MyChoice Checking account $50. No minimum balance required to receive incentive for MyChoice Checking. Incentive for opening MyChoice Checking is $50. Minimum balance required to receive incentive for SaveUp Savings is $250. Incentive for SaveUp Savings is $50. Annual Percentage Yield (APY) on SaveUp Savings is .50% APY. The APY is accurate as of 6/9/2011. Fees may reduce earnings. APY is subject to change after account is opened. If the automatic transfer requirement is not met, the APY on the account will be .25%. Incentive(s) are reported to the IRS as interest. Available to new checking account customers only. $3 monthly MyChoice Checking maintenance fee if certain requirements are not met. If checking account is closed within first 120 days a fee may be imposed. Promotion ends 8/31/11.
Note the $3 monthly maintenance fee. However, setting up a monthly transfer between MyChoice Checking and SaveUp Savings can have this fee waived. There are also three other ways that this can be waived.
Metcalf Bank advertises that they will double the interest rate of the SaveUp Savings Account with monthly automatic transfers between the two accounts. Unfortunately, doubling of a low interest rate doesn't add up to much. The current standard rate is only 0.25% so the double rate is only 0.50%.
Account Application & Bank Overview
There's an online application, but I don't see where they list the offer code. It appears that you have to reside in their market area which is in the Kansas City metro area. Metcalf Bank branches are located throughout the Kansas City metro in both Missouri and Kansas.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 13.75% (above average). Please refer to our financial overview of Metcalf Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 26247).
Other Bank Bonuses
To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.