This offer was due to expire on February 29th, I suspect it’ll be extended but I wouldn’t sign up for it until it is.
Offer at a glance
- Maximum bonus amount: $100
- Availability: WI only
- Direct deposit required: Optional, $500+ recurring (+$100)
- 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: February 29th, 2016
Contents
The Offer
- Receive a sign up bonus of up to $250 when you open a checking account with AnchorBank. Bonus is broken down as follows:
- $100 with direct deposit of $500 or more
- $100 for making 10 debit card purchases
- $50 when you sign up for free e-statements
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Requirements must be completed within 60 days of account opening
- Qualifying direct deposits are payroll, pension, Social Security or other government benefits
- Bonuses will post within six to eight weeks of meeting the requirements
- Offer valid for new household personal checking accounts only. Offer is not available to existing AnchorBank personal checking customers or to anyone who has closed an AnchorBank personal checking within the last six months
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
Because they accept phone applications, it might be possible to apply out of state (if you have any experience with this, please share in the comments section). This is a great bonus because it’s nice and big and the direct deposit is optional (although an ACH transfer has worked in the past). AnchorBank has offered promos of $100 & $150 in the past, obviously this offer is significantly better than that so I’d jump on this.
Because of this I’ve added it to our list of the best bank bonuses currently available, I’ve also updated our dedicated checking bonus page to include this.
Hat tip to churnbetter on /r/churning
