Byline Bank (IL/WI) Offers Up To $300 In Checking/Savings Bonuses


Deal Summary: $150 Freedom Checking bonus; $150 Statement Savings bonus.

Availability: Online market area Illinois and Wisconsin.

Chicago-based Byline Bank continues to offer bonuses up to $300 when opening new Freedom Personal Checking (non-interest bearing) and Statement Savings (0.05% APY) accounts. As stated on the bonus landing page,

Open a Freedom Personal Checking Account and Statement Savings Account online. (New money required.)

Enroll in online banking and activate eStatements for both accounts.

Set up and receive ACH direct deposit(s) totaling $1,000 or more for your Freedom Checking Account.

Maintain an average balance of $5,000 or more in your Statement Savings Account.

Enjoy a $50 bonus each qualifying statement cycle, up to $150 per account.

There is a limit of three bonus payments, one per qualifying statement cycle per account, for a maximum of $150 total bonus. (Qualifying statement cycles include the 2nd, 3rd and 4th statement cycles following the online account opening.) Each $50 cash bonus will be deposited into the new accounts no later than one statement cycle after meeting the qualifications for bonus.

The Freedom Personal Checking account has no monthly maintenance fee or monthly minimum balance requirement, and can be opened with a $100 minimum deposit.

The Statement Savings account can also be opened with a $100 minimum deposit. A minimum $1 balance is required to earn the stated APY. The $3 monthly service fee will be waived with a $200 minimum daily balance.

There is no mention in the bonus fine print of any household limitations. It is possible multiple bonuses could be earned by the members of a single household, as long as the checking and savings accounts are opened by new customers with new money. If either account is closed within six months of opening, there is a $25 early closure fee.


Headquartered in Chicago, Byline Bank has a brick-and-mortar presence in the Chicago metro area, aka Chicagoland, and the Milwaukee, Wisconsin metro area, but the online market area has expanded.

As stated on the first page of the online application, “For new customers, only residents of Illinois and Wisconsin are eligible to open Byline Bank accounts online.”

Applying for the $300 bonus can be done online online, or at the single Wisconsin branch in Brookfield, or at any of 48 full-service Illinois branch locations, 22 of which are located inside the Chicago city limits. Appointments are available at all branch locations and can be scheduled online on the Locations & ATMs page.

Bank Overview

Byline Bank has an overall health grade of "A+" at, with a Texas Ratio of 5.87% (excellent) based on September 30, 2021 data. In the past year, Byline Bank has increased its total non-brokered deposits by $451.74 million, an excellent annual growth rate of 9.69%. Please refer to our financial overview of Byline Bank (FDIC Certificate # 20624) for more details.

Founded in 1972 as the North Community State Bank, Byline Bank is currently the eighth largest bank headquartered in Illinois, with assets in excess of $6.6 billion and more than 136,000 customer accounts. The Byline Bank rebrand occurred in 2015 which, according to Crain’s Chicago Business, was

merely a rebranding exercise—taking the area's second-largest privately held bank group, which used to do business under several different bank names (North Community, Archer, Metrobank, Plaza Bank) and giving them a single identity.

Between 2011 and 2019, the Bank acquired one Wisconsin and nine Illinois banks, with the Community Bank of Oak Park River Forest being the latest acquisition.

Bottom Line

Other than setting up the direct deposit, qualifying for these bonuses is relatively easy. Checking bonuses are more attractive when interest rates are low, because they offer a significant return not available in either a liquid account or short-term CD. There are no liquid accounts or CDs that currently return $300 on a small deposit in approximately four months. Earning $300 in an online savings account, with the current top rate of 0.65% APY, would require about $46k on deposit for a year.

If you don’t qualify for the Byline Bank bonuses, check our list of the best savings and checking account bonus offers for a bonus that’s right for you.

The above information and rates are accurate as of 12/15/2021.

Related Pages: Chicago savings accounts, Milwaukee savings accounts, savings accounts, checking accounts, bank bonuses

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Availability: Online market area Illinois and Wisconsin.

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.