[AZ, IA, IL, WI, CO, NM] Bank & Trust $200 Money Market/Savings Bonus For Existing Customers

Offer at a glance

Maximum bonus amount: Up To $200
Availability: AZ, IA, IL, WI, CO, NM only
Deposit required: Up to $10,000
Interest rate: See below
Additional requirements: Existing customers only
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: Waivable
Early account termination fee: 90 days or bonus forfeit and $25 fee.
Expiration date: December 31st, 2016

Contents

1 The Offer
2 Eligiblity
3 The Fine Print
4 Avoding Fees
5 Our Verdict

The Offer

See below for direct link in eligibility

Increase the balance in your existing savings or money market account and receive a bonus of up to $200. Bonus is dependent on how much you increase funds by:
- Increase balance by $2,500.00 – $4,999.00 and get $ 75
- Increase balance by $5,000.00 – $9,999.99 and get $ 150
- Increase balance by $10,000.00 + and get $ 200

Eligiblity

This deal seems to be available across a lot of different state specific ‘bank & trust’ brands. Here are the direct links:

The Fine Print

To qualify for the bonus, increase the deposit balance in any combination of qualified existing consumer savings or consumer money market accounts that were opened on or before 09/30/2016.
The bonus will be based on your total balance increase from 10/1/2016 to 12/31/2016 across all qualified savings and money market accounts.
The bonus will be paid into your savings or money market that experienced the largest increase.
The bonus will be paid on or before 1/31/2017.
The bonus is considered interest and an IRS Form 1099 may be issued.
Offer cannot be combined with any other offers.
Limit of one (1) bonus paid per primary account owner.
The Annual Percentage Yield (APY) is accurate as of 10/01/2016 of all qualified savings accounts. Qualified consumer savings and consumer money market accounts are as follows: Regular Savings: Minimum to open is $100; 0.05% APY; Passbook Savings: Minimum to open is $500; $0 – $250,000 = 0.65% APY, $250,000.01 + = 0.20% APY; Small Fortune Savings: Minimum to open is $5; 0.10% APY; Regular Money Market: Minimum to open is $2,500. $0 – $2,499.99 =0.01% APY,$ 2,500 – $4,999.99=0.01% APY, $5,000 – $9,999.99 = 0.01% APY, $10,000 – $24,999.99 =0.03% APY, $25,000 – $99,999.99 = 0.04% APY, $100,000 + =0.05% APY. Premium Money Market: Minimum to open is $25,000; $0 – $24,999.99 = 0.03% APY, $25,000 – $49,999.99 = 0.03% APY, $50,000 – $99,999.99 = 0.03% APY, $100,000 – $249,999.99 = 0.07% APY, $250,000 – $999,999.99 = 0.07% APY, $1,000,000 – $4,999,999.99 = 0.07% APY, $5,000,000 – $9,999,999.99 = 0.07% APY, $10,000,000+ = 0.07% APY. High Yield Savings: Minimum to open is $10,000; $0 – $9,999.99 = 0.03% APY, $10,000 – $24,999.99 = 0.03% APY, $25,000 – $49,999.99 =0.03% APY, $50,000 – $99,999.99 =0.03% APY, $100,000 + = 0.07% APY. The rates may change after the account is open. Fees may reduce earnings.

Avoding Fees

The regular savings is fee free with $100 balance and passbok is fee free with $500 savings, high yield is free with $10,000 in savings. Early account termination fee shouldn’t be a huge issue as it’s for existing account holders, but I believe it needs to be open for at least 90 days to avoid $25 fee.

Our Verdict

Not sure if you can just dump $10,000 into an account before the end of December and get the bonus, or if it’s based on the average increased balance. Either way most people won’t be existing account holders but if you are then this is a pretty good deal. We won’t add it to our list of the best savings account bonuses due to already needing an account before this promotion started.

There is a $500 bonus for new customers though, you can read more about that here.

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