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Offer at a glance
- Maximum bonus amount: $250
- Availability: AL
- Direct deposit required: Yes, no minimum
- Additional requirements: 30 transactions
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None with eStatements
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: December 31, 2025
Contents
The Offer
- Local Bank is offering a $250 bonus when you open a new checking account and complete the following requirements:
- Use promo code LOCAL250
- Receive a $150 bonus when you open a new checking account and set up a qualifying direct deposit within the first 90 days of account opening.
- Receive a $100 bonus for 30 or more qualifying transactions within the first 90 days of account opening
The Fine Print
- To receive the $150 reward, you must use your Local Bank offer code when opening a new Local Bank consumer checking account, which is subject to approval, by December 31, 2025 and receive $1,000 or more in qualifying electronic deposits within 90 calendar days of account opening (the “qualification period”). A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is a direct deposit made through the Automated Clearing House (ACH) network, Transfers from one account to another, mobile deposits, or deposits made at a branch or ATM are not considered a qualifying electronic deposit.
- To receive the $100 reward, you must use your Local Bank offer code when opening a new Local Bank consumer checking account, which is subject to approval, by December 31, 2025 and complete at least 30 qualifying transactions within 90 calendar days of account opening (the “qualification period”). Qualifying transactions include debit card purchases, online bill payments, ACH Credits, or mobile deposits.
- After the 90-day qualification period, if you have met all requirements, we will deposit the reward(s) into your new account within 30 calendar days. Your new account must stay open through the time we attempt to deposit the reward. We may close accounts with a zero balance without prior notice. You are responsible for any taxes due on the reward. We will report the reward as income to tax authorities, as required by applicable law. If you are subject to backup withholding at the time of payment, we may withhold the required amount and remit to tax authorities.
- These offers are for new consumer checking customers only and are available only to the primary owner of the new checking account. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and has tax responsibility. Offers are not available to customers that received a bonus for opening a Local Bank consumer checking account within the past 12 months, Local Bank employees and non-resident aliens or foreign entities signing any version of IRS Form W-8 are not eligible for this offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is a $5 monthly fee, this is avoided with eStatements
Early Account Termination Fee
I was unable to find a fee schedule so unsure
Our Verdict
Terms are a bit confusing, looks like you need to open in branch but there is a promo code and can open online? Not entirely sure what’s going on.
Hat tip to ShawntheShawn
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