It's common for banks to offer bonuses for opening a new checking account, but it's less common for reward checking accounts. The high rate of the reward checking account is often enough of an incentive. That's why I was surprised to see this $100 bonus that Home Federal Bank in Louisiana is offering.
The $100 bonus is available for the bank's personal checking accounts which include the Smart Rewards Checking. I first reviewed this account in 2011 when it was paying 4.00% APY for balances up to $25K. Surprisingly, it still pays 4.00% APY. The balance cap has fallen, but not by much. It's now $20K.
The $100 bonus checking offer is scheduled to expire on 2/28/2013. At the time the account is opened, the customer will receive a $50 bonus and a coupon to receive $50 additional bonus after 90 days. Direct deposit is required for the second $50 bonus. The customer has to present the coupon in person with a bank statement showing the payroll direct deposit. Please refer to the bottom of the bank's easy switch page for the full details.
The bank is also offering some CD specials. The best one is a 42-month Flex CD which has a 1.50% APY. Minimum deposit is $10,000, and the maximum is $95,000. The flex feature provides a one-time option to bump up the rate before maturity. This rate is listed at the bank's CD specials page as of 1/30/2013.
You must be a Louisiana resident to open accounts. Home Federal Bank branches are located in Shreveport and Bossier City.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0.00% (excellent) based on September 2012 data. Please refer to our financial overview of Home Federal Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 27654).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.