[HI only] American Savings Bank (ASB) Hawaii $300-$500 In Branch Checking Bonus ($50k-$100k Required For 60 Days)

Offer at a glance

• Maximum bonus amount: $300-500
• Availability: Hawaii only, must open in branch [Branch locations]
• Deposit Required: $50,000-$100,000
• APY: 0.01%-0.02% APY
• Hard/soft pull: Unknown
• Credit card funding: Unknown, doubtful due to in branch requirement
• ChexSystems: Unknown
• Monthly fees: $15-$30, waivable
• Early account termination fee: $100, 180 days
• Household Limit: None
• Expiration date: March 31st, 2017

The Offer

Direct link to offer

• Open a new or upgrade to a Kalo Plus or Kalo Delux checking account and receive a bonus based on how much you transfer from another institution into the account (must maintain this balance for 60 days):
  • $500 for depositing $100,000
  • $300 for depositing $50,000

The Fine Print

• Offer expires 3/31/17.
• The offer is valid when you 1) upgrade to, or open, a Kalo Plus/Kalo Deluxe Checking account, 2) deposit a minimum of $50,000 from another financial institution into the Kalo Plus/Kalo Deluxe Checking account to receive $300 (or deposit a minimum of $100,000 from another financial institution to receive $500) and 3) maintain the money deposited into the Kalo Plus/Kalo Deluxe Checking account for at least 60 days.
• The $500 (or $300 as applicable) will be deposited into your checking account by the end of the third week of the month following the criteria being met.
• If the Kalo Plus or Kalo Deluxe Checking account is closed or converted to another checking account within 180 days of upgrading/opening, a $100 fee will be assessed.
• Value of the gift must be claimed as interest.
• Limit of one gift per customer per upgraded/new account and only one account per customer is eligible.
• Cannot be combined with any other promotional offer.
• Kalo Deluxe Checking Annual Percentage Yields (APYs) are accurate as of 1/6/17 and may change after the account is opened. APYs are 0.01% for balances less than $5,000; 0.02% for $5,000 to $9,999; 0.02% for $10,000 to $24,999; 0.02% for $25,000 to $49,999; 0.02% for $50,000 to $74,999; 0.02% for $75,000 to $99,999; 0.02% for $100,000 to $499,999; 0.02% for $500,000 and over.

Avoiding Fees

Kalo Plus $15 Monthly Fee

$15 Monthly Service Fee is waived with any of the following:

• $7,000 in combined personal monthly average deposit and/or
• outstanding loan balances or
• $2,500 in direct deposits per statement period

Kalo Deluxe $30 Monthly Fee

$25 Monthly Service Fee is waived with any of the following:

• $30,000 in combined personal monthly average deposit and/or
• outstanding loan balances or
• $5,000 in direct deposits per statement period. Fees could reduce the earnings on the account

Early Account Termination Fee

$100 charged if account closed within 180 days

Our Verdict

Works out to be a return of 0.6% for 60 days (~3.6% APY) or  for the $300 offer and 0.5% for 60 days (or ~3% APY) for the $500 offer. Not a bad offer, but not really worth it considering you need to go in branch and it only lasts for 60 days. Would be more appealing if the bonus was bigger or the deposit length requirement was shorter. You’d be better off focusing on a long term savings account with a high APY or just focusing on a regular checking/savings account bonus. Same place has offered bonuses before, but they have been similarly uninspiring.

Hat tip to reader Curmudgeon

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