NVE Savings Bank is offering a $100 bonus for opening its free personal checking account and for establishing direct deposit. The offer is listed in this bank's promotions page as of 9/27/2011. Below is the offer's small print:
To receive the $100 bonus, a checking account must be opened and a direct deposit must be directed to the account within 60 days of the account opening. $100 bonus will be credited to the account after the first direct deposit is made. Minimum to open account and obtain bonus is $10. Account must remain open for six months or the bonus amount will be withdrawn from the account. Available on Free Personal Checking Accounts only.
One nice thing about this offer is the checking account is free with no monthly service charge.
Last July the bank was offering some competitive long-term CD rates, but those rates have fallen quite a bit.
One interesting thing about this bank is that it's a mutual bank. As described in the bank's president message, "NVE Bank is an independent mutual bank. This means we do not issue stock or exist to maximize returns for stockholders or Wall Street." This may help keep fees to a minimum.
It appears a branch visit is required to open an account. NVE Bank branches are located in several cities of northeast New Jersey.
The bank has a health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 26.53% (average) based on June 2011 data. Please refer to our financial overview of NVE Bank for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 29875).
Other Bank and Credit Union Bonuses
We have a new 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.