Bank of the West's $100 Checking Account Bonus - Certain States Only
Sunday, July 18, 2010 - 5:54 PM
Bank of the West has another $100 checking account bonus. This new bonus is scheduled to last until 8/20/2010, and like the last one it allows either direct deposit of at least $250 or 10 online bill payments. The details are listed in the bank's promotion page. Below is the promotion's small print. I've highlighted the important details:
Open any new personal checking account, and either establish one monthly recurring direct deposit of at least $250 to your new account or make 10 bill payments at Bank of the West Online Banking and receive a $100 bonus. Direct deposit must be payroll, social security, pension or other government benefit. The first recurring direct deposit must be posted to your account within 60 calendar days of account open date. The 10 bill payments must occur within 60 calendar days of account open date. Bonus will be credited to your account within 60 days after satisfaction of conditions. Offer valid for new personal checking accounts opened from 7/6/10–8/20/10 with $100 or more from a financial institution other than Bank of the West. Offer subject to change without prior notice and may be terminated or extended based on response. Offer does not apply to second or multiple checking accounts. Limit of one $100 bonus per personal household per calendar year. Offer not valid in CA, CO, UT, NV or WY. To the extent required by law, Bank of the West will report the value of the offer to the IRS on Form 1099. Any applicable taxes are the responsibility of the account holder. All accounts are subject to the Bank’s standard terms and conditions and fee schedule.
When I checked with Bank of the West in March, I was told that the online account application is limited to states which have Bank of the West branches. Also, as you can see in the small print above, the offer is not valid in CA, CO, UT, NV or WY. That leaves the following states which should be eligible for this promotion: AZ, ID, IA, KS, MN, MO, NE, NM, ND, OK, OR, SD, WA and WI.
Regarding a hard credit pull, I was told earlier this year that they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score.
Several reader commented in my previous post that Bank of the West closed their accounts for no apparent reason. It appears that when Bank of the West started to restrict availability to their market areas, out-of-area customers who had opened the account before the change were being targeted for account closure. Some readers also reported not receiving the bonus. Most readers who were in the market area have reported success with the promotion. One reader commented:
Just got bonus posted and ACH from online bank to yourself for over the necessary amount DOES count as a DD and only needed to be done 1 time.
Bank of the West is one of the large regional banks. It has $61.18 billion in assets and $41.38 billion in deposits. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
Monday, June 21, 2010 - 8:53 AM
Thrivent Financial Bank continues to offer a $50 bonus for opening its rewards checking account. They call it a reward checking, but there's no high-yield (current rate is only 0.41%). However, it does provide unlimited ATM fee reimbursements (including outside the U.S.). In terms of reward checking type of requirements, there are no debit card usage requirements, but it does require direct deposit. The offer is scheduled to end on 9/30/10.
This is the same promo that the bank was offering last December. Here's the current promotions page link and the small print:
Receive the cash bonus when you or the person you refer opens a new Thrivent Rewards Checking account including free online banking, free bill-pay and debit card by 9/30/10 and set up recurring direct deposit within 60 days of opening your account. Accounts that have been open for 60 days and have met all requirements will receive the bonus as a credit to your checking account within three business days, assuming account is in good standing. Your bonus will be reported as earned interest on IRS form 1099-INT. The $50 bonus will only be paid once; however, you may open up to three Thrivent Rewards Checking accounts.
Notable features of the checking account that are listed in the checking account comparison page and from my conversation with the CSR (last December) include:
- Unlimited ATM fee reimbursements
- $50 minimum opening deposit
- No monthly fees (CSR)
- 0.41% APY on all balances as of 6/21/10 (see rate table)
- Requires payroll direct deposit. Without direct deposit, it'll be converted to Simply Free Checking (CSR)
- Online ACH transfer service (CSR said there's a $2K/day limit but no limit by phone. Reader reported that it's slow)
- Free first order of checks
- No hard credit pull in the application. Just ChexSystem (CSR)
This isn't an account for rate chasers, but for someone looking for a regular checking account with unlimited free ATM use, this is comparable to other online checking accounts like those at ING Direct, Charles Schwab and Salem Five Direct.
Thrivent Financial Bank opens accounts for customers in any state. The bank is headquartered in Wisconsin with branches in both Wisconsin and Minnesota.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Thrivent Financial Bank rates and reviews page). The bank has been a FDIC member since 1998 (FDIC Certificate # 34799).
Friday, May 21, 2010 - 8:49 AM
Update: I'm afraid the special CD rates dropped after my post this morning.
US Bank, N.A. is offering competitive rates on its 3 special CDs. The most competitive one is the 27-month CD which has a 2.25% APY. The other ones include a 1.75% APY 19-month CD and a 3.15% APY 59-month CD. Minimum deposit is $1,000. These rates are listed at the bank's CD specials page as of 5/21/2010.
There's an online application link on the bank's CD specials page, and according to the CSR, people in any state can apply. In fact, to take advantage of these CD specials, I was told you would have to apply either online or by phone, and not in a US Bank branch. After you submit the application, the CSR said that they'll send you a signature card that must be mailed back with a check for the deposit. You have 30 days to fund the CD. However, according to the CSR, the CD rate won't lock until they receive the funds. I was told you can also fund the CD with a free wire transfer. After you submit the application, you should have the account number which can be used for the wire transfer. You can also fund the CD at a branch, but you'll still need the account number and signature card.
One downside with US Bank CDs is a harsh early withdrawal penalty. I had posted on it last year. I wasn't able to find a new disclosure document, but based on what the CSR mentioned, it appears to be the same as what I posted last year:
If your account has an original maturity greater than one year, the penalty will be the greater of either A or B, plus a $25 early withdrawal fee.
A. One-half of the interest that would have been earned on the funds withdrawn if held for the entire term.
B. 3% of the amount withdrawn.
Early withdrawal penalties for long term CDs are typically only 6 months of interest, so this is much worse. This is one reason to choose the shorter terms rather than the 59-month CD.
US Bank START Savings Program
US Bank also a pretty good deal on a savings account program called S.T.A.R.T. Like the savings programs at Bank of America (Keep the Change) and Wachovia (Way2Save), it's not going to make you a lot of money, but you can easily earn $100 in one year without much work or money (my US Bank START review).
Bank Overview
US Bank has branches in many states. It has most of its branches in the states of California, Colorado, Illinois, Iowa, Kentucky, Minnesota, Missouri, Ohio, Washington and Wisconsin.
US Bank's ratings for safety and soundness are about average: 3½ stars (good) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts (see our US Bank rates and reviews page). The bank has been a FDIC member since 1934 (FDIC Certificate # 6548). It's a very large bank with $278 billion in assets and $194 billion in deposits.
Comparing with Other Certificates of Deposit
As a comparison, Bankrate's best 2-year nationwide CD rate is currently 2.03% APY, and the best 30-month CD is 2.10% APY. The best 2-year CD rate currently at DepositAccounts.com is 2.53% APY at Broadway Federal Bank. However, after Broadway, there are not many institutions offering 2-year rates above 2.00%.
Monday, May 10, 2010 - 8:17 AM
Altra Federal Credit Union is offering a special 18-month CD with both a step-up and add-on feature. The top rate is 2.10% APY. This requires a checking account with direct deposit. Without this the rate is 1.70% APY. There's also an 8-month special CD. The rates are 1.50% APY with the checking and 1.10% without the checking. These rates are listed in the credit union's rates page as of the morning of 5/10/2010.
Here's how the small print describes the step-up and add-on features of these special CDs:
Step Up Certificate allows a one-time rate change based on the then advertised rate for same term. Along with one-time rate change, you may also make an additional deposit to the certificate up to the original certificate deposit, not to exceed $50,000.
In my opinion, the add-on feature can be more useful than the step-up feature since the step-up feature depends on the institution keeping its rates competitive. The add-on feature can come in handy if rates stay low or keep falling.
The credit union offers a high-yield reward checking account that currently pays 3.25% APY on balances up to $25K. I first reviewed this reward checking account in December 2007.
Membership is open to anyone who lives, works, studies or worships in parts of La Crosse, Wisconsin; Winona, Minnesota; Smith County, Texas; and Montgomery County, Tennessee. You can also be eligible if you have an immediate family member who meets the above qualifications. Please see the credit union's Membership page for the full details. Membership requires a minimum deposit of $5 in the basic saving account.
Branches are located in Clarksville, Tennessee; Fort Smith, Arkansas; Trenton, New Jersey; Tiffin, Ohio; Tyler, Texas; Pueblo, Colorado; Lexington and Paintsville, Kentucky; La Crescent and Winona, Minnesota; and La Crosse and Onalaska, Wisconsin.
The credit union's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and 3 out of 5 overall health score at DepositAccounts.com (see our rates and reviews page for Altra FCU). The credit union is federally insured by the NCUA (Charter # 24077).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!
Sunday, May 9, 2010 - 12:39 PM
M&I Bank has a money market promotion with a competitive rate of 1.50% APY. It's not a great deal compared to savings accounts available on the internet, but if you want a brick-and-mortar bank, this is an option. Note, there's no rate guarantee so this could be a teaser rate that may not stay competitive.
The offer is for the Premier Money Market Account which is a tiered rate account which requires a $25,000 balance to earn this top yield and to avoid a monthly fee.
The offer was advertised in today's papers (5/09/2010) in Wisconsin and Kansas City. The ads listed the following M&I Bank promo web pages:
The offer also seems to be available for other states where M&I has branches:
Checking Account Promotion
M&I Bank continues to offer a promotion on its Cash Back Checking. I first posted on that promotion in this January post.
Bank Overview
Most of the branches are located in Wisconsin which is where their headquarters is located. M&I is a large regional bank with $50.2 billion in assets. Last month the bank had its annual shareholders meeting. As reported by The Business Journal of Milwaukee:
Marshall & Ilsley Corp. executives plan to start repaying the company's TARP debt in late 2011 and will not begin rebuilding M&I's common stock dividend, now at a penny a share, until 2013.
As you might expect, the bank doesn't have the best ratings for safety and soundness: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/09 financial data. It has been a FDIC member since 1934 (FDIC Certificate # 1020).
Friday, March 19, 2010 - 9:09 AM
MinnCO Credit Union is offering a high-yield reward checking account called eVantage Checking. The account has the following rates and features if certain monthly requirements are met (as of 3/19/2010):
- 4.10% APY on balances up to $30,000
- 1.10% APY on portion of balance over $30,000
- 0.10% base rate if requirements are not met
- Unlimited nationwide ATM fee refunds
Monthly requirements include:
- 12 Visa check card purchases
- One direct deposit
- Enroll and receive electronic statements
Other account features include:
- No minimum initial deposit
- No minimum balance requirement
- No monthly service fees
Credit union membership is open to those who live, work, worship, volunteer, or attend school in the Minnesota counties of Isanti, Chisago, Anoka, Sherburne, Benton and Mille Lacs. Please refer to the credit union's membership page for more details.
Branches are located in the Minnesota cities of Andover, Cambridge, Isanti and North Branch.
The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 63639).
Other Reward Checking Accounts
This account at MinnCO Credit Union has three features that make it better than the average reward checking account: a higher maximum than typical ($30,000), higher yields (for both above and below the cap), and unlimited nationwide ATM refunds.
To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.
Wednesday, March 10, 2010 - 8:13 AM
Bank of the West has extended its $100 checking account bonus. According to the bank's promotions page, the new checking account must be opened by 4/16/2010. You can receive a $100 when you open a checking account with funds new to Bank of the West and set up direct deposit of at least $250 OR pay 10 bills online. I reviewed the small print in this January post.
Update: It appears Bank of the West has changed the availability of the promotion since January. According to the CSR, online account opening is limited to states which have Bank of the West branches. These states include AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI and WY.
When I contacted the bank in January, I was told this bonus was available to people in any state, and you didn't need to come into a branch. Readers seemed to confirm this in the comments in January. Here's one of the comments:
We did this offer in late 2009 as well. We did NOT visit a local branch. We filled out the application online. We used direct deposit to fulfill the requirement. $100 bonus was paid eventually.
If you have participated in similar promotions in the past, please leave a comment about your experience.
Also from my January call, I was told they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score. It should be noted that I've often received wrong info on this issue from CSRs so please leave a comment if you have personal experience on this issue.
Checking Account with no ATM Fees for One Year
Bank of the West's free checking account qualifies for the bonus. In addition, they have a new checking account called Choice ATM checking which offers one year of free ATM use within the USA. This allows you to withdraw cash from any financial institution's ATM free of charge for one year. Surcharges assessed by other banks will be automatically refunded. One thing to note about this Choice ATM Checking is that you have to worry about a $10 monthly fee unless you meet certain balance or activity requirements. Also, Choice ATM checking is only offered in the following states: CA, CO, MN, NV, OK and OR.
Online Savings Account
Bank of the West continues to offer an online savings account with a competitive yield. It has gone down from 1.50% APY in January to 1.25% APY as of today (3/10/10). Unfortunately, 1.25% APY is a decent savings account rate these days. This rate requires a $10,000 minimum balance. The low tier rate has also gone down by 0.25%. It's now 0.25% APY for balances under $10,000. In August I was told by the CSR that there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day.
Bank Overview
Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California.
Bank of the West is one of the large regional banks with $60 billion in assets and $40.2 billion in deposits. Its ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
Tuesday, March 9, 2010 - 1:57 PM
Update 6/24/10: The balance cap has fallen to $15K.
Center National Bank is offering a high-interest reward checking account called Centers Rewards Checking. The account has the following rates and features as of 3/09/2010 if certain monthly requirements are met:
- 4.11% APY on balances up to $15,000
- 0.75% APY on portion of balance over $15,000
- 0.25% base rate if requirements are not met
- Unlimited ATM fee refunds nationwide
Monthly requirements include:
- 10 debit card purchases
- One direct deposit or authorize one ACH automatic payment
- Receive e-statements
Other features of the account include:
- No minimum deposit requirement to open
- No minimum balance requirement
- No monthly maintenance fee
According to the banking representative, Center National Bank has been offering this account since May 2009, and the 4.11% APY has remained the same since then. Of course the rate is subject to change at anytime.
There is an online application, but they do require a branch visit for ID and signature verification. Branches are located in the Minnesota cities of Litchfield and Plymouth. Plymouth is just west of Minneapolis.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 10976).
Other Reward Checking Accounts
It's not easy these days to find a reward checking account with a yield over 4.00%. The best reward checking accounts that are available nationwide are just over 4% APY.
To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.
Rate History:
06/01/10: 4.11% APY up to $15K; 0.75% over
03/15/10: 4.11% APY up to $25K; 0.75% over
03/09/10: 4.11% APY up to $25K; 1.01% over
Tuesday, March 9, 2010 - 8:58 AM
Wells Fargo is offering a $50 cash bonus for opening any of its checking accounts. Here's the link to the offer. According to the small print, it's "available only at participating Wells Fargo stores in Indiana, Iowa, Michigan, Minnesota, North Dakota and Wisconsin." The list of participating branches is available here. You're required to print the coupon and take it to the Wells Fargo branch and open the checking account by 5/31/2010. Here are some additional important small print details with my highlighting of things to note:
To qualify for your $50 bonus, you must open and fund a new personal Wells Fargo checking account with a minimum opening deposit of $100 (not including the $50 bonus) by 5/31/2010. The $50 bonus is available with all Wells Fargo checking accounts, including non-interest earning checking accounts except the Wells Fargo Teen Checking and Wells Fargo Opportunity Checking accounts. You will receive the $50 bonus within 30–45 days of account opening.
Credit for this find goes to markber at iBankDesign.
Wells Fargo Checking Review
The $50 bonus isn't much for a checking account these days, but at least this doesn't require direct deposit or debit card usage. One thing to note is that there may be a hard credit inquiry. This is based on my conversation with a Wells Fargo CSR in 2008.
Even though Wells Fargo's Free Checking has no monthly service fees, the online bill pay is not free with this checking account. Also, there are no free checks, not even the first order. You can get free online bill pay and free checks with other Wells Fargo checking accounts, but you'll have to watch out for monthly fees.
Wells Fargo's New Way2Save Program
Wells Fargo has a new Way2Save program. I don't think it's available nationwide yet. It's going to be introduced on a state-by-state basis as Wells Fargo converts the Wachovia branches. I reviewed this new program in depth in this October post. I did an update post in January reviewing the progress Wells Fargo is making in the conversions. For those who have Wachovia's Way2Save accounts, you may be disappointed if you've been maxing out the bonus. However, the new program should make it easier to receive a small bonus for the first year.
Sunday, February 7, 2010 - 4:07 PM
Associated Bank is offering up to a $150 bonus for opening a checking account and performing specific activities. The offer ends on April 20, 2010. Refer to the bank's promotion page for the full details. Requirements for the bonus include:
- Open a new qualifying personal checking account (excludes Free and Student) by 4/20/2010
- $50 with your first check order and completion of five debit card signature purchases
- $50 with your enrollment in Online Bill Pay and completing three bill payment transactions
- $50 with a regular direct deposit of your payroll check
Some important small print includes:
- Limited to one bonus per household
- Minimum opening deposit of at least $100 is required to obtain a bonus
- All qualifying activity must occur within 60 days of account opening to obtain applicable bonus
- The bonus will be deposited into your new checking account within 90 days of account opening
- Checking account must remain open and active with a minimum of five transactions monthly to receive bonus payment
Two important things to note about this promotion:
- The free checking does not qualify so you'll have to watch out for fees. Monthly fees can be avoided in the Advantage Checking with direct deposit or with a $500 minimum balance.
- The first $50 requires that you order checks which are not free
There's an online application on the promo page. However, the application states that they are only able to open checking accounts for persons residing in Wisconsin, Illinois, or Minnesota.
Branches are located in several cities in Wisconsin, Illinois and Minnesota including Madison, Green Bay, Milwaukee, Chicago, Peoria, Minneapolis, Saint Paul and Rochester.
Associated Bank has been a FDIC member since 1934 (FDIC Certificate # 5296).
Credit for this find goes to Fatwallet member sideout who mentioned it in this FW thread.
Other Bank Bonuses
Refer to the Bank Bonus page for other bonuses at banks and credit unions around the nation.
