Posted by William Charles on August 14, 2019
Bank Account Bonuses

Published on August 14th, 2019 | by William Charles

23

[FL, In Branch only] Seacoast Bank $350 Checking & $150 Savings Bonus

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: In branch only, all branches are in FL [Branch locations]
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Possibly up to $1,000, but likely to be a cash advance in branch
  • Monthly fees: $21, avoidable
  • Early account termination fee: $30, 90 days
  • Household limit: One
  • Expiration date: October 31st, 2019

The Offer

Direct link to offer

  • Seacoast Bank is offering up to $500 in bonuses when you open new accounts. Bonuses and requirements are as follows:
    • $350 bonus when you open a new Premium checking account and:
      • Deposit $50 or more at account opening
      • Have a direct deposit of $500 or more within 60 days of account opening
    • $150 bonus when you open a new Seacoast Savings account and:
      • Deposit $15,000 or more in new money within 10 business days of account opening
      • Maintain a balance of $15,000 for 90 days from the date of deposit

The Fine Print

  • To receive the $350 checking bonus: 1) Open a new Seacoast Premium Checking account, which is subject to approval; 2) Deposit $50 or more at account opening; AND 3) Have your direct deposit of $500 or more made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within 65 days of account opening.
  • To receive the $150 savings bonus: 1) Open a new Seacoast Savings account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 10 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit. The new money cannot be funds held by Seacoast. After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 95 business days of account opening.
  • You can receive only one new checking and one new savings account opening related bonus each calendar year and only one bonus per account per household.
  • Bonuses are considered interest and may be reported on IRS Form 1099-INT.

Avoiding Fees

Monthly Fees

Premium Checking $21 Monthly Fee

Premium checking has a $21 monthly fee that is waived if you do any of the following:

  • Option #1: Maintain a minimum daily balance of $5,000; OR,
  • Option #2: Maintain a minimum average balance of $7,500 or more in your checking account; OR,
  • Option #3: Maintain a minimum daily combined balance of $15,000 or more in Savings, Money Market, CD or IRA; OR,
  • Option #4: Maintain a trust relationship with Seacoast Wealth Management; OR,
  • Option #5: Maintain a consumer or commercial loan or line of credit; OR,
  • Option #6: Maintain Seacoast residential mortgage.

Savings $15 Quarterly Fee

Savings account has a $15 fee charged per quarter, this is waived if you have a minimum daily balance of $500.

Early Account Termination Fee

According to the fee schedule there is an early account termination fee of $30 if the account is closed within 90 days of opening.

Our Verdict

I wasn’t able to determine what the rate offered for the savings account is, but I suspect it’s close to 0%. That being said, this bonus is still worth doing if you live near a branch, if you don’t have $15,000 in cash laying around then you can always just focus on the checking bonus and leave the smaller savings bonus alone. We will be adding this to our list of the best checking account bonuses.

Hat tip to reader Craig J

Useful posts regarding bank bonuses:



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nick
nick

i live about 20-30 miles from a branch so might go for this. too bad i am already doing couple bonuses and there are so many new bonuses coming around and i am not sure which one to get first 😀 good prob to have though….

Shaun
Shaun

Don’t think I would trust them after the crap they pulled in 2016.

nick
nick

what happened in 2016?

creditGuyInDixie
creditGuyInDixie

Use the DoC search bar and do a search for SEACOAST. You’ll find more than one article from 2016. Here is one that focuses on their refusal to honor the terms of the promotion for some applicants.

https://www.doctorofcredit.com/seacoast-closed-accounts-opened-outside-florida-200-promotion-options/

Geo

They sent out $200 checks to anyone that had an account closed for out of area.

IS250
IS250

I see that they blocked out of state applicants online in the previous fiasco. But does anyone know about being an out of state applicant in branch?

creditGuyInDixie
creditGuyInDixie

I’d also like to know the answer to this. I live in GA but might pass close to a branch driving to see my father who lives in FL.

Vince
Vince

I spoke to a banker at one of their branches earlier today. She nearly allowed me to begin the application, but then checked with the back office and said out of state applicants are not eligible. Must have a residence in Florida.

IS250
IS250

Thanks for the heads up.

ATLMoney
ATLMoney

I’m going to sit this one out for a little bit to see the data points. The terms and conditions say the following:

“Offer valid through 10/31/2019 and subject to change or withdrawal at any time without notice.”

That vague language could cover their butts from a legal standpoint if they do decide to close accounts and not honor their bonuses for out-of-state residents.

Arkadiy
Arkadiy

Does anybody know if direct deposit of $500 or more can be multiple deposits of less than $500 within 60 days required period? Or it should be only $500 and more

Mary
Mary

Do we know what qualifies as direct deposit? Can a transfer from Purepoint or similar qualify with this bank? Thanks 🙂

RS
RS

There aren’t many data points for Seacoast in the master list of methods banks count as direct deposit. Vanguard worked for me in early 2019 for the $500 DD when they were running a similar promotion for a $300 checking/$200 savings bonus.

rich
rich

they just closed p1 and p2 accounts today. live chat is useless. bank is a joke

JimmyTheGreek
JimmyTheGreek

Rich, what do you mean by p1 and p2. I see that being thrown around on this website often and have no clue. Anyways, in your post, are you saying they opened your accounts and then closed them right away?

Brian C
Brian C

P1 and p2 refers to player 1 and player 2. or “2 player mode”. Meaning you have a partner you can do the bonus’s with and essentially double up and get even more than double when doing referrals.

Brian C
Brian C

rich did they explain why they closed the accounts?

Where do you live in relation to the bank?

Brando596
Brando596

The DD requirement should be no problem for me but my monies is tied up by other bonuses to be able to meet these minimum balances requirements. Is it worth it to just eat the maintenance fee for 90 days, get the bonus, then close?

aziz
aziz

I received a mailer for $100 offer for opening a checking account from this bank. Since this offer of $350 you posted is higher, I didn’t send it in. Would you like me to send it in anyway?

abraham f
abraham f

Opened online both accounts.

Brian C
Brian C

abraham f how did you attach the promo code?

CreditHunter
CreditHunter

Either he didn’t and hasn’t realized it yet, or he called in to get it applied to his application afterwards? I just filled out a dummy online application and there was no field on any of the pages to add a promo code.

Alex
Alex

How did you apply the promo?

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