Posted by William Charles on September 26, 2017
Bank Account Bonuses

Published on September 26th, 2017 | by William Charles

43

[Expired][AL, AR, FL, GA, LA, TN, & TX] IBERIABANK $300 Checking Account Bonus

This bonus has expired, but plenty of other great checking bonuses. Click here to view the best ones still active.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: AL, AR, FL, GA, LA, TN, & TX. Must live within 60 miles of a branch to open online, otherwise you need go to in branch to open
  • Direct deposit required: Yes, $500+
  • Additional requirements: Maintain minimum balance of $5,000 or more
  • Hard/soft pull: Soft pull 
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees: $20, waiveable
  • Early account termination fee: Six months, bonus forfeit
  • Household limit: One
  • Expiration date: December 1st, 2017

The Offer

Direct link to offer

  • IBERIABANK is offering a bonus of $300 when you open a new High Interest Checking account and complete the following requirements:
    • Maintain a daily minimum balance of $5,000 or more
    • Receive $500 or more of combined direct deposits per statement cycle within 60 days of account opening

The Fine Print

  • How to qualify for $300 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new High Interest Checking account with new money not currently held by IBERIABANK; 2) Maintains a daily minimum balance of $5,000 or more; AND 3) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening. Direct deposit must be an electronic deposit of a paycheck, pension, or government benefits (such as Social Security) from an employer or the government.
  • $300 bonus will be credited to the new checking account within 90 days from account opening if the above checking requirements have been completed.
  • Limit of one cash bonus per household in a 12-month period.
  • Offer is not available to clients that have previously held an account at IBERIABANK.
  • Trust or Fiduciary relationship checking accounts are not eligible for this offer. If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing.
  • Offer ends 12/1/17.
  • A minimum balance of $5,000 is required to obtain the Annual Percentage Yield (APY) disclosed. APY is variable, accurate as of 9/6/17, and is subject to change after account opening. To the extent required by law, IBERIABANK may report the value of the offer to the IRS on a Form 1099. Monthly service charges may apply – review account terms for details.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Early Account Termination Fee

Money market needs to be kept open for six months to avoid any fees as far as I can see there is no minimum requirement for the checking account.

High Interest Checking $20 Monthly Fee

The $20 monthly fee on this account is waived if you do any of the following:

  • Maintain an average monthly balance of $5,000 or more
  • Or, combined monthly average collected balance of $25,000 in any personal deposit account;
  • Or, an outstanding principal balance of $25,000 in any personal loan accounts;
  • Or, you are a small business owner and have an IBERIABANK small business checking account*

Our Verdict

Previously this bonus was much better, you could get $300 for opening the checking account without a direct deposit and you could get another $100 for opening a savings account and depositing $5,000. Now you need to deposit and maintain $5,000 and receive a direct deposit for a bonus of only $300. It’s still a good bonus compared to other bank account bonuses, but compared to bonuses IBERIABANK has offered it’s not very competitive. Because of that I won’t be adding it to our best bonus page.

Big thanks to reader, NN who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



43
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
JuicyJosh
JuicyJosh

Saw this on recent comments last night. Signed up for bonus email but still haven’t received it 12 hrs later. One per household sucks but I love $300+ bonuses.

Ken
Ken

I signed up this morning and received the email in less than an hour.

Jan B
Jan B

This one turned out to be a bit of a bitter experience for me last time. As I recall, some transactions in the ATM are not processed in the conventional way that other bigger banks do. I got hit with fees at a particular busy time (sometimes with a sister with a disability, things don’t always go as planned) and of course, IBERIA has limited locations in the SE. It was an overlap situation with them and they wouldn’t budge on the monthly fee charged even though I was assured in the branch, ANY problem, let them know. I trusted them with $5K temporarily and I think I ended up with three monthly fees, two were fine, so be it. But, the overlap with $20 monthly fee; not so much, especially when it was just a few dollars shy of the $5K. Did receive the bonus but be prepared to wait on it.

I wouldn’t be eligible this time if “new” means “new”. And, members of my household will not put up with the nonsense.

Just another lesser known bank who schmoozes when you open the account and turns its back when you slip up a bit. I just wasn’t in a position at the time to “forget” about it for 6 months with no transactions at all with the direct deposit being a part of my budget. Diligence.

Reg
Reg

William, I noticed you didn’t run the calcs on this one, so I’ll throw in my two cents:

Bonus is forfeited if the account is closed within 6 months and I do not see a early closing fee (https://www.iberiabank.com/personal/checking-accounts/high-interest-checking/Fee-Guide/).

So, I see a few scenarios:

1) Compare to a high interest low deposit account at 5%: The opportunity cost to avoid the fee is $5,000 x 5% x 6 months = $125. So the bonus is worth $300-$125= $175

2) Compare to a high-interest savings account at 1.5%: the opportunity cost to avoid the fee is $5,000 x 1.5% x 6 months = $37.5. So the bonus is worth $300-$37.5= $262.50.

3) Pay the $20 monthly fee for 6 months: this would cost $20 x 6 months = $120. So the bonus would be worth $300-$120 = $180.

In reality, you probably get a grace period, or could get a courtesy adjustment for a few monthly fees.

Jan B
Jan B

My experience: Don’t count on any courtesy adjustments.

Leo
Leo

Bad math.
You will not get 5000$x5%x6 if you put money into any bank account for 6 month.

Or you have an example of that account for us?

Reg
Reg

Leo, my math is polite, smart, behaved, kind, and courteous. You can call my math a lot of things, but it’s not bad. It’s very, very good math.

I have a lot of examples for you. In fact, I will be so kind as to make it so you don’t have to go look them up, because DoC has already done the work:

(https://www.doctorofcredit.com/high-interest-savings-to-get/)

You can find multiple types of these high yield accounts there. You will find that some have requirements and velocity limits. But since many readers use these accounts, I included it in my math as scenario 1, so that these readers can compare this offer with what they currently get in those accounts.

I included two other scenarios for other readers that either have something like a memory bank account or won’t avoid the fee. See scenarios 2/3 above.

So, as you will see my math is not just good, it’s GRRRRRRRREAT! So great that it covers three of the most common scenarios.

One thing you should consider, which I have not for simplicity, is compounding interest.

My main concern is that by you saying “Bad Math” it’s like saying “Fake News”. You’re putting out confusion and you are making it harder for other readers to quickly understand good comments. If the math is wrong, make a specific revision. Otherwise, please don’t confuse others.

In addition, your blanket statement seems to say that all three scenarios are bad math, which they aren’t. You only have a problem with my assumption of a 5% account, which I have provided resources for above.

Leo, you’re welcome for the math that I did for you. Because surely one of the 3 scenarios above should be close to relevant for you, right?

I look forward to your reply.

Leo
Leo

Well
Did you read that article? It says 5% apy.

If you put $5000 in that account, you will not get 125$ in 6 month.

So, this is fake news as you said.

Reg
Reg

Leo, not sure I follow.

How much interest do you get on a 5% account if you deposit $5,000 for 6 months? (Whether it’s simple interest or compounding, the numbers should be pretty much the same.)

Leo
Leo

Call the bank and ask. They will tell you the anount you goona get in 6 month

Reg
Reg

Please note that above math does not include the small interest rate that he Iberia account pays.

Also note that it looks like scenario 3 is not an option because you MUST maintain $5,000 daily balance as part of the qualification requirements. So, option 3 won’t earn the bonus at all.

Rab
Rab

Where does it say that i need to live within 60 miles of a branch?

Shaun
Shaun

“High interest?” I’m looking all around for what the interest rate is but I don’t see anything.

Shaun
Shaun

I typed a Houston zip code into the box to get their rates.

.05% > $5000
.10% > $10,000
.13% > $25,000
.15% > $50,000

I know most of use are going for bonuses, but my definition of a high interest rate seems to be much different than theirs.

JM
JM

I am little confused about the wording of the direct deposit requirement, can someone please clarify? Does it just need just one direct deposit within 60 days of opening or two direct depositing within 60 days (one in each statement cycle)?

Ryan
Ryan

I am confused by this as well. Anyone have thoughts/knowledge on this?

T
T

Now has credit card funding of $500, set cash advance limit to $100 and funded the max amount with Chase Hyatt no issues so far but will update if it goes through

RAb
RAb

Fudge, only us citizens can apply online

richard
richard

i am not within 60 mile range, nearest branch is 105 mile, i applied online and used a chase credit card funding 400, then got below email: Your Application for High Interest Checking has been submitted. You will be contacted by an IBERIABANK representative to finalize the process

richard
richard

got an email on 9/28, said can not approve my acct due to service not offered in my area (east TN)

J
J

Applied yesterday. Today received a declined secure message. The checked ChexSystem and Experian and probably horrified by the amount of accounts open recently :D.

Paul

Your post say to avoid fee need AVERAGE of $5000and another part says MINIMUM of $5000 to avoid fee. Which is correct?

AE
AE

So they require a balance of $5,000 daily to get the bonus but only allow you to fund up to $500 at the account opening via debit card…. So there is no way that I can start off at $5,000 min balance to meet the bonus requirements and we all auto fail to meet the bonus requirements…. super slick wording by Iberia….

There is no way to meet 2) Maintains a daily minimum balance of $5,000 or more right off of the bat…

Kris Sam
Kris Sam

Is anyone able to open account online? I applied last week and I got a response that my application has been submitted and then nothing after that…Neither I got an email nor mail on how to proceed…When I called them today, they said that online application is not working for a long time!!??? and asked me to apply for the account again over phone..I was totally pissed off…Did anyone face this issue with Iberia bank?

AE
AE

These clowns only offered debit card funding up to $500. Denied the debit card funding upon opening the account online and said that I have to deposit $5,000 in branch of transfer in 5 days from account opening (today) or else I am not eligible for the promotion.

No way that I can ach $5,000 in 5 days so… there goes that – it is not in their terms anywhere.

AE
AE

“Due an internal error we were unable to process your initial deposit…these funds have been returned to the original account . I apologize for the inconvenience. If you would like to transfer funds from an external debit card I can do this over the phone, however the maximum amount I can transfer is $500.

In order to qualify for the EARN300 promotion, the account balance needs to reach $5000 within 5 days – therefore if you would prefer to deposit funds electronically or by visiting a branch, you are welcome to do so.

If I can assist, please let me know.”

None of this is in their printed terms attached to the email where the guy stated the above:

To qualify for $300 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new High Interest Checking account with a minimum $100 deposit balance with new money not currently held by IBERIABANK; 2) Maintains a daily minimum balance of $5,000 or more; AND 3) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening. Direct deposit must be an electronic deposit of a paycheck, pension, or government benefits (such as Social Security) from an employer or the government. $300 bonus will be credited to the new checking account within 90 days from account opening if the above requirements have been completed. Limit of one cash bonus per household in a 12-month period. Offer is not available to clients whose accounts have been closed within 90 days or closed with a negative balance. Trust or Fiduciary relationship checking accounts are not eligible for this offer. If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing Offer ends 9/30/17. A minimum balance of $5,000 is required to obtain the APY disclosed. APY is variable, accurate as of 6/14/17, and is subject to change after account opening. To the extent required by law, IBERIABANK may report the value of the offer to the IRS on a Form 1099.

Back to Top ↑