- $50 for opening any checking with a minimum initial deposit of $100 and making 5 transactions per month for 3 months including 1 ACH deposit or payment
- $50 for either: 1) getting a debit card and making 3 card transactions per month for 3 consecutive months, or 2) setting up Bill Pay and paying 3 bills per month for 3 consecutive months
- $50 for opening a savings account or money market account with a $1,000 minimum deposit and maintaing a $1,000 average balance for 3 consecutive months
Update: Reader noted the following important detail in the small print: "Participating customers must visit an Independence Bank branch after completing minimum requirements to receive the offer." Update #2: Another reader mentioned being told by a rep at the San Juan Capistrano branch that "they do not accept mail-in applications. A branch visit is required." I tried calling their toll-free number (888 414-0500) for more information, but the line was always busy. If you're considering mailing the PDF application, I recommend contacting the bank first for the latest instructions about qualifying for this promo.
Independence Bank has branches at Newport Beach, Fountain Valley and San Juan Capistrano, California.
The bank used to offer very competitive rates on its Independence Savings Account, but the rate is now only 1% APY.
The bank's ratings are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 3/31/09 financial data. As we learned when NetBank failed in 2007, bonuses may not be honored after a bank failure. The bank has been a FDIC member since 2004 (FDIC Certificate # 57688).
Thanks to the reader who mentioned this promo in the comments.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.