[Expired] [YMMV] [AZ, CO, IL, MO, NE, OK, KS, TX] UMB Bank $500 Checking

Deal has ended, view more bank account bonuses by clicking here.

Update 9/11/20: Deal is set to end tomorrow.

Update 8/27/20: Updating to YMMV as people are starting to have their bonuses post.

Update 8/20/20: There is a new link that works, not going to repost due to the issues people have had.

Marking this as expired, read the comments for more info. You can find the best current bank bonuses by clicking here.

Update: Read the comments before applying, doesn’t look positive.

Offer at a glance

Maximum bonus amount: $500
Availability: Branches are in Arizona, Colorado, Missouri, Illinois, Nebraska, Oklahoma, Texas and Kansas [All branch locations here].
Direct deposit required: Yes, at least $1,000+
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: None
Monthly fees: $4, avoidable
Early account termination fee: $30, 90 days
Household limit: None
Expiration date: September 12, 2020

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

UMB Bank is offering a $300 checking & $200 savings bonus.
- Get a $300 checking bonus when you complete the following requirements:
  - Set up a UMB Visa debit card and complete 15 debit card transactions
  - Enroll in online banking and set up online bill pay and complete two online bill payments
  - Have direct deposits totaling $1,000 or more into the account
- Get a $200 savings bonus when you complete the following requirements:
  - Open new savings account and fund it within 60 days of opening checking account

The Fine Print

Checking bonus:

All account applications are subject to approval. The “Apply Now” button on this page must be used to establish the account to be enrolled in offer.
Valid only for new UMB Select Checking, UMB Value Checking, and UMB Convenience Checking accounts established through the online account opening channel.
To be eligible for the special offer, you must apply for the new qualifying personal checking account at UMB.com/500 and fund the account with the minimum opening deposit.
Funds used to establish the account must not currently be on deposit at UMB and you cannot currently be an owner or co-owner of a UMB personal checking account.
Accounts not funded by the last day of the first full month following account opening will be closed. Special offer available one time per individual; for accounts with multiple owners, earned special offer will only be paid once.
UMB associates are not eligible for this special offer. UMB Select Checking account interest rates and annual percentage yields below are effective as of July 1, 2020.
Both may be changed solely at the discretion of UMB and at any time.
Fees and charges could reduce earnings on your account. For purposes of this special offer, transactions, including debits, bill payments, and deposits are considered complete when they have posted.
Pending transactions do not count toward the transaction requirements.
ATM transactions do not count toward the fifteen (15) debit card transaction requirement.
Eligibility will be verified prior to the deposit of the special offer.
Earned special offer will be paid to the eligible UMB checking account within 90 days of account funding.
Earned special offer will be reported to the IRS as miscellaneous income.
See a UMB associate for more information.
Offer expires September 12, 2020.

Savings bonus:

All account applications are subject to approval. Savings account special offer valid for a new UMB Savings account opened and funded within 60 days of opening and funding your eligible UMB checking account; other savings and money market account types are not eligible for this special offer.
The UMB Savings account must be opened by the primary accountholder listed on the eligible UMB checking account to receive the special offer.
The primary accountholder is the accountholder who signed or completed the W-9 certification for the account.
Minimum opening deposit of $100 required to establish the UMB Savings account. Accounts not funded by the last day of the first full month following account opening will be closed. Eligibility will be verified prior to the deposit of the special offer.
Earned special offer will be paid to the eligible UMB checking account within 90 days of account funding.
Earned special offer will be reported to the IRS as interest. See a UMB associate for more information.
Offer expires September 12, 2020.

Avoiding Fees

Monthly Fees

Convenience checking has a $4 monthly fee. This is waived if you do any of the following:

$500 average collected balance in this account
An automatic transfer of $50 or more from this account to a UMB checking, savings, or money market account or UMB loan obligation is made during each monthly service charge cycle
Online Banking transfer of $50 or more to a UMB checking, savings or money market account during each monthly service charge cycle
Online Banking transfer of $50 or more to pay a UMB loan obligation during each monthly service charge cycle

Savings account has a $3 monthly fee. This is waived with a $100 minimum daily ledger balance.

Early Account Termination Fee

There is a $30 fee if closed within 90 days

Our Verdict

This is really a $500 checking bonus as there are no requirements for the savings bonus really. Quite a few requirements but significantly better than the previous offer for $200. We will add this to our list of the best bank account bonuses.

Hat tip to reader Dominick R

Useful posts regarding bank bonuses: