Offer at a glance
- Maximum bonus amount: $20 per month for a year ($240 maximum)
- Availability: AL, CT, D.C., MD, VA, WV, FL, NJ, NY, and PA Only
- Direct deposit required: Yes, $750 or more per month
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown. Chexsystems sensitive, might be less so in branch.
- US Citizen: US Citizen or US Permanent Resident only
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Valley National Bank is offering a sign up bonus of $20 per month for a year when you meet the following requirements:
- Receive qualifying direct deposits totaling $750 or more per month
The Fine Print
- For new consumer checking customers only. Minimum to open is $100 with no monthly balance requirement.
- To receive the $20 monthly reward for the first year, the account must receive a cumulative total of $750 or more in qualifying direct deposits per month.
- Limit of one cash reward per customer.
- A qualifying direct deposit is defined as a recurring payroll direct deposit or electronic deposit of pension or government benefit such as Social Security.
- Transfers from one account to another or deposits made at a branch or ATM do not qualify as direct deposits.
- The first cash reward will be credited within 35 days of the monthly qualifying recurring direct deposit and may be IRS reportable.
- After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
As far as I know this account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee. Although the terms do say “After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.” not really sure what that means.
Our Verdict
The problem with this bonus is only getting $20 per month, previously they had a $200 bonus but you got that bonus all at once. This bonus is an extra $40 over 12 months, but I’d prefer the other bonus personally. Still this might be worth doing for some people, especially if you can split your pay check into multiple accounts easily. I’ll likely add this to our best bank bonus page.
Big thanks to reader, IS250 who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
