OneWest Bank Offers $200 Checking Bonus

Now through May 31, 2017, OneWest Bank is offering a $200 bonus when opening a new Premium Checking or new OneAccount Checking account. The bonus is available as eight different Reward Options, one of which is a $200 VISA prepaid card.

$200 Bonus Requirements

• Open a new Premium Checking ($1k minimum deposit) or OneWest Checking ($50k minimum deposit) account.
• Within 30 days of account opening, sign up for eStatements.
• Within 60 days of account opening, activate a new debit card.
• Within 90 days of account opening, set up and receive Direct Deposit or ACH deposits of at least $650 per month, for at least two consecutive months.

Limitations

• Within 30 days of meeting the above requirements, an email will be sent “with prepaid card and gift redemption codes and instructions.”
• The bonus will be considered forfeited if not redeemed within 180 days after the email is sent.
• One bonus per customer and cannot be combined with any other Checking Reward offers.
• Checking account must be open and in good standing for at least six months following opening.
• If the checking account is closed within six months of opening, the value of the bonus will be deducted at closing.

The Premium Checking account requires a minimum $1k opening deposit. The monthly $10 service fee is waived if a $1k average monthly balance is maintained. The first order of checks is free and there is no limit on check writing.

The OneAccount Checking account requires a minimum $50k opening deposit. The monthly $25 service fee is waived if a $10k average monthly balance is maintained. All orders of checks are free and there is no limit on check writing.

Availability

Headquartered in Pasadena, California, OneWest Bank’s market area covers southern California. The $200 bonus is available to new OneWest Bank checking customers, 18 years or older. Employees of CIT Group Inc. or any of its affiliates (including CIT Bank and OneWest Bank) are not eligible.

Applying for the $200 bonus can be done at any of 70 branches, located in southern California from Ventura County to San Diego County.

Bank Overview

As a division of CIT Bank, OneWest Bank operates under CIT Bank’s FDIC Certificate #58978 and shares its financial history.

OneWest Bank/CIT Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.94% (excellent), based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $393.28 million, an above average annual growth rate of 1.46%. Please refer to our financial overview of OneWest Bank/CIT Bank for more details.

In 2009, OneWest Bank assumed the deposits of IndyMac Bank, which had failed in 2008. The FDIC became the conservator of IndyMac in July 2008 and managed the Bank until its sale to OneWest, which was specifically formed by investors for the purpose of acquiring IndyMac. OneWest expanded its footprint when it acquired two southern California banks in 2009 (First Federal Bank of California) and 2010 (La Jolla Bank).

Other Bank Promotions and Bonuses

Not eligible for OneWest Bank’s $200 checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.

The above rates are accurate as of 4/26/2017.