[CO only] Vectra Bank Checking/Savings Bonus Up To $750

Offer at a glance

• Maximum bonus amount: $750
• Availability: CO only
• Direct deposit required: Yes, no minimum specified
• 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: December 31st, 2019

The Offer

Direct link to offer

• Vectra Bank is offering a bonus of up to $750 when you open a new consumer checking account and add a new consumer savings or money market account. The bonus is tiered based on how much you deposit (must maintain the average balance for 180 days). In addition you also need a direct deposit to hit the checking account. The tiers are as follows:
  • Maintain a deposit of $10,000+ and get a $150 bonus (~3% APY)
  • Maintain a deposit of $15,000+ and get a $300 bonus (~4% APY)
  • Maintain a deposit of $30,000+ and get a $500 bonus (~3.33% APY)
  • Maintain a deposit of $50,000+ and get a $750 bonus (3% APY)

The Fine Print

• Offer available for new consumer checking, savings, and money market accounts opened between May 15, 2019 and December 31, 2019.
• All bonus levels require a new Vectra Bank consumer checking account with an established third party ACH transfer or direct deposit and the addition of a new Vectra Bank consumer savings account or money market account.
• A new Vectra Bank consumer checking account is determined by the primary account holders TIN or Social Security number with no active consumer checking account with Vectra Bank within the previous 90 days.
• The new consumer checking account, savings account, or money market account must be opened on the same business day.
• New savings, or money market account, deposits made within the first 10 calendar days following account opening date will qualify toward the final bonus tier.
• A $150 Cash Bonus award requires the minimum daily balance on a new money market or consumer savings account to be at least $10,000 for 180 days following the new account opening.
• A $300 Cash Bonus award requires the minimum daily balance on a new money market or consumer savings account to be at least $15,000 for 180 days following the new account opening.
• A $500 Cash Bonus award requires the minimum daily balance on a new money market or consumer savings account to be at least $30,000 for 180 days following the new account opening.
• A $750 Cash Bonus award requires the minimum daily balance on a new money market or consumer savings account to be at least $50,000 for 180 days following the new account opening.
• Account cash bonus awards will be paid within 90 days of fulfilling all associated bonus level requirements. Bonus levels are not cumulative.
• 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 bonus award may be forfeited. Additional account fees, terms, minimum deposit amounts and conditions apply. See a banker for details.

Avoiding Fees

Monthly Fees

None of the accounts have monthly fees

Early Account Termination Fee

I wasn’t able to find a fee schedule

Our Verdict

As far as I can see none of the accounts really any much in terms of the base rate. Best deal is effectively just 4% APY for six months and also requires a direct deposit. Personally don’t think these deals are really worth doing, but some people will disagree with me there. I won’t be adding this to the best checking bonuses for now. Keep in mind this bank sometimes offers big credit card bonuses as well, I wonder if the other brands that usually offer those bonuses also offer this checking bonus or not.

Hat tip to reader Benjamin C

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
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• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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