[Expired][WI, IL, IA, MN] Anchor Bank $100 Checking Account Bonus

Bonus has now expired, valid bonuses can be found if you go here.

Sign up bonus has been decreased to $100, you no longer get the additional $50 bonus for receiving direct deposits.

Offer at a glance

• Maximum bonus amount: $100
• Availability: WI, IL, IA, MN only
• Direct deposit required: None
• Additional requirements: eStatements (+$50), 10 debit card transactions (+$50)
• Hard/soft pull: Soft
• Credit card funding: Unknown 
• Monthly fees: $5-$20, waive-able
• Early account termination fee: 6 months, bonus clawed back
• Expiration date: June 30th, 2015

The Offer

Direct link to offer

• Open a new checking account with Anchor Bank and receive up to $150
  • $50: Have your first direct deposit of post to your new account (must be payroll, pension, social security or other government benefits)
  • $50: Sign up for eStatements
  • $50: Have 10 debit card transactions post to your account

The Fine Print

• You have 60 days after account opening to complete the requirements
• Total direct deposits must total $500 or more for the month
• Bonus will be deposited into your account within six to eight weeks of completing the requirements
• Not available to existing customers or those who have closed their accounts within the last six months
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Essential Checking $4.95 Monthly Fee Non Waive-able

This is $6.95 if you don’t enroll in eStatements. There is no way to waive the monthly fee on this account and as such we wouldn’t recommend opening this (remember the account has to be kept open for six months which would cost you at least $29.7)

Choice Checking $9.95 Monthly Fee Waive-Able

This account has a $9.95 monthly fee ($11.95 with paper statements) but there are multiple ways to keep it fee free, doing any one of the following will do so:

• Have $750 minimum monthly balance over your statement cycle OR
• Have $2,500 minimum combined deposit balance on your statement date OR
• Make 10 debit card purchases per statement cycle OR
• Direct deposit $500 or more, either single deposit or multiple OR

Reward Checking $14.95 Monthly Fee Waive-Able

This card earns 5¢ for every debit card transaction you have. I wouldn’t recommend this account as it’s much harder to keep fee free than the choice account, plus Discover offers 10¢ for every debit card transaction. You need to complete all of the following requirements to keep it fee free:

• Make 20 debit card purchases per statement cycle, and
• A total relationship of a minimum of $5,000 in any combination
  of personal deposits or outstanding loan balances, including
  outstanding first mortgage balances

You can find more rewards earning debit cards by clicking here.

If you’re a student and under 24 years of age there is also the student account which is fee free. There is also the advantage checking account which a $19.95 fee and much harder requirements to keep it fee free which I wouldn’t recommend.

Early Account Termination Fee – 6 Months

The fine print states that you must keep your account open for a minimum of six months, I imagine if you close it before this time they’ll report a negative balance with ChexSystems.

Our Verdict

We’ve posted about a $100 checking bonus that Anchor Bank offered recently. We didn’t recommend that bonus then and whilst this bonus is $50 better I’m not sure I’d recommend this one either. My main problem with Anchor is that the reports I’ve read make dealing with this bank a major pain, people reported they had to follow up repeatedly to get their bonus.

I’m also not sure if anything other than employer payroll or government benefit will trigger this bonus, but I guess that less of an issue as it only accounts for $50 of the bonus and the other $100 is pretty easy to get. If you’re willing to deal with a bank that’s a bit of a hassle and have already completed our recommended bank bonuses, then go for this deal.

It’s also a good idea to see what other state specific checking promos you could qualify for. If you’ve done this bonus in the past, it would be fantastic if you could share your experiences in the comments.

Direct link to offer | Screenshot of offer