[Expired] [CO, CA only] Vectra Bank Business Checking/Savings Bonus Up To $2,500

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

Update 7/24/24: Also available in CA.

Offer at a glance

Maximum bonus amount: $2,500
Availability: CO only
Direct deposit required: None
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: August 31, 2024

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

Vectra Bank is offering a bonus of up to $2,500 when you open a new business checking account and complete the following requirements
- Perform ten (10) of any of the following transaction types by completion of the third full calendar month after the account opening: ACH Credit, Bill Pay, Checks Paid, Debit Card, Remote/Mobile Deposit, and Wires (Incoming/Outgoing)
- Have at least an average ledger/current balance in the third full calendar month after account opening. Bonus you receive depends on the average balance:
  - $10,000 balance for $250 bonus
  - $25,000 balance for $500 bonus
  - $50,000 balance for $1,000 bonus
  - $100,000 balance for $1,500 bonus
  - $250,000 balance for $2,500 bonus

The Fine Print

Offer available to new Business Inspire, Business Growth, Business Connect, Community Checking, Business Interest, and Commer cial Analyzed checking accounts opened with new money between March 1, 2024 – August 31, 2024.
Minimum opening deposit of $50 required for all accounts except Commercial Analyzed Checking.
To receive the cash bonus, the account must have at least an average ledger/current balance in the third full calendar month after account opening of $10,000 and perform ten (10) of any of the following transaction types by completion of the third full calendar month after the account opening: ACH Credit, Bill Pay, Checks Paid, Debit Card, Remote/Mobile Deposit, and Wires (Incoming/Outgoing). There may be a fee associated with these transactions. Bonus of $250 – $2,500 will be deposited into open checking account within 60 days of completion of qualifications and is limited to one (1) bonus payment per customer tax-ID number. All tax liabilities, if any, associated with the benefits are the responsibility of the recipient, and the recipient may receive an IRS tax reporting statement that includes the approximate retail value of the benefits. If tax documentation including a valid W-9 or W-8 is not completed, the prize may be forfeited. Offer is not available to existing Vectra business checking customers, public agencies, Political Action Committees, fiduciary accounts, or campaign accounts. Existing/Returning customers must have a period of 12 months without an open Vectra business checking account. Offer subject to change at any time. Please refer to the Deposit Account Agreement, Account Disclosure, and the Business Accounts Schedule of Fees or speak with a banker for more details.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Inspire business checking has a $6 monthly fee ($6, waived when you maintain a minimum daily balance of at least $1,000, or conduct $1,000 or more in transactions (debit or credit) each month.

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is any EATF.

Our Verdict

The nice thing about this bonus is that the average balance is only required for the third calendar month. Given it’s only required for one month all tiers are worth doing if you can spare the funds as it’s a massive annualized return of ~30% APY.

Hat tip to ShawntheShawn

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