UPDATE 10/14/16: This post was originally published on 7/14/16. The expiration and requirement dates have been updated.
Now through November 18, 2016, Bank of the West (BotW) is offering two checking bonuses: $150 Easy Checking bonus and $300 Premier Checking bonus.
$150 Easy Checking Bonus Requirements
- Open an Easy Checking account with a minimum deposit of $100 of new money.
- $100 bonus for a Direct Deposit of at least $250.
- $50 bonus for at least ten debit card purchases of $3 or more each.
The fine print further explains that,
To receive the $100 bonus, customer must have a direct deposit of at least $250 (two or
more direct deposits that add up to $250 do not qualify) posted to the account by 1/31/17.
Direct deposit must be payroll, Social Security, pension or other government benefits.
To receive the $50 bonus, customer must request, receive and use a new Bank of the West
Debit Card linked to the new checking account for 10 or more debit card purchases all of
which must post to the account by the last business day of the month for each of the first
two full calendar months immediately following the month in which the opening deposit
posts to the account, for a total of 20 or more transactions. Each purchase must be $3 or
more. ATM transactions are excluded. All required purchases must be posted by 1/31/17.
$300 Premier Checking Bonus Requirements
- Open a Premier Checking account with a minimum deposit of $500 new money.
- Opening deposit must be posted to the new account by November 30, 2016.
- Maintain a $50k minimum combined average monthly balance in Premier Checking, “plus other linked personal checking, savings, money market accounts, non-IRA CDS, and eligible BancWest Investment Services (BWIS) investment accounts.”
- $50k minimum balance must be maintained “for each of the first two full calendar months immediately following the month in which the opening deposit posts to the account.”
Monthly Service Charges
The Easy Checking account monthly service charges of $8 (online banking and statements) and $10 (paper statements) can be waived by,
- Maintaining average monthly balance of $1k+, OR
- Receiving at least one Direct Deposit of $250+, OR
- Making a minimum of ten debit card purchases
The Premier Checking account has a monthly service charge of $30, but according to the fine print,
We'll waive the monthly service charge for the first two statement cycles on new
accounts. Ask us about ways to waive the Monthly Service Charge thereafter.
According to CSR, those other ways include “maintaining a minimum $50k combined average monthly balance in the Premier Checking account, plus other eligible BotW checking, Money Market, savings, CDs, and IRAs.”
Limitations For Either Bonus
- Not available to existing BotW customers with an open checking account as of September 30, 2016.
- Only one checking bonus per individual and mailing address.*
- BotW employees are not eligible.
- Account must be open and in good standing as of January 31, 2017 to receive bonus.
- Bonus to be credited to open checking account by February 28, 2017.
- Early account termination fee of $25 if account is closed within 91 days of account opening.
*The fine print also states,
If the customer or other individuals residing at the same address
received or may receive any other consumer checking bonus from the
Bank between 02/01/15 and 02/27/17, then no one at that address is eligible.
Many thanks to the DA reader who emailed me about Bank of the West’s latest bonuses.
Headquartered in San Francisco, Bank of the West’s market area covers much of the country west of the Mississippi, including Arizona, California, Colorado, Iowa, Idaho, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.
Both the $150 Easy Checking bonus and $300 Premier Checking bonus are available now through November 18, 2016 to U.S. Citizens and Resident Aliens with a valid Social Security number.
Bank of the West (FDIC Certificate # 3514) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.37% (excellent), based on June 30, 2016 data. In the past year, BotW has increased its total deposits by $6.17 billion, an excellent annual growth rate of 12.01%. Please refer to our financial overview of Bank of the West for more details.
Founded in 1874 as Farmers National Gold Bank, the Bank was one of only ten banks nationwide that were authorized to issue paper currency backed by gold reserves. 142 years later, Bank of the West is the 29th largest bank in the country, with assets in excess of $80 billion.
How the Bonuses Compares
Of the two, the $150 Easy Checking bonus appears to be the better investment: Premier Checking’s $50k minimum balance requirement for at least two full calendar months is onerous and diminishes the value of the $300 bonus greatly.
- $50k for 3 months in a Premier Checking account = $300 bonus
- $50k for 3 months in a savings account earning 1% = $124.53 interest
The $150 Easy Checking bonus breaks down as follows:
- $100 opening deposit + $250 direct deposit for 3 months in an Easy Checking account = $150 bonus
- $350 for 3 months in a savings account earning 1% = $0.87 interest
Other Bank Promotions and Bonuses
Not eligible for Bank of the West’s checking bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.