The banks under the bank holding company Central Bancompany are offering a $50 bonus for opening a new MyChoice checking account, and if you open a new SaveUp Savings account at the same time, there's an additional $50 bonus. Each bank is listing this promo on their home pages. However some of the Missouri banks are only offering $25 for the checking and $25 for the savings.
This is a similar promotion that these banks were offering last year. A reader commented last year that "It is an easy bonus to qualify for. Make sure you sign up for e-statements to avoid a $2 a month charge. They also offer a reward checking account." The banks don't list the rates of their reward checking account. Last year the rate was only 2.25%.
Some of the promotion details include:
- Promotion ends 10/31/2010
- $50 minimum to open the MyChoice Checking account
- $250 minimum to open the SaveUp Savings account
- No minimum balance required to receive incentive
- Monthly fee of $2 when SaveUp Savings account balance falls below $50
- Incentive reported to the IRS as interest
- If account is closed within the first 90 days, a fee may be imposed
Note, the MyChoice Checking has a $3/month fee unless you maintain a $750 balance OR if you maintain a recurring ACH direct deposit OR make 10 debit card purchases.
This is probably not a savings account where you'll want to keep a large balance. The current interest rate is only 0.50% APY, and that requires monthly automatic transfers from any checking account. Otherwise, the rate is cut in half. You may be able to get an extra $50 bonus in December if you set up USaveFirst which transfers a small amount from the checking to the SaveUp savings account each time you use your debit card.
This Central Bancompany page lists its family of banks along with the links to the banks' websites. All seem to have the promotion listed on their home pages, but as I mentioned, some only offer a total of $50 instead of $100.
The banks have branches in Missouri, Kansas and Oklahoma.
Other Bank Bonuses
To find other bonus deals at other banks, 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.