Update 8/15/20: Looks like this bonus is now $300 with the promo code biz300. There is no direct link, but you need to open this in branch anyway. Hat tip to reader Dean
Offer at a glance
- Maximum bonus amount: $300
- Availability: Florida only
- Direct deposit required: None
- Additional requirements: Maintain a minimum average balance of $1,500 at 90 days
- Hard/soft pull: Soft
- Credit card funding: Unknown, possibly up to $1,000
- Monthly fees: None
- Early account termination fee: $30 if closed within 90 days
- Expiration date: None listed
The Offer
No direct link, in branch only
- Sign up for a Free Business Checking account with Seacoast bank using the promotional code biz300
- Receive a sign up bonus of $300 as long as you have maintained a minimum average balance of $1,500 at 90 days after account opening.
The Fine Print
- Must maintain a $1,500 minimum average balance through 90 days to qualify for the bonus.
- Valid for new Seacoast business checking customers only
- Limit one $250 bonus per business relationship
- The bonus will be credited to the eligible account after 90 days of opening if the aforementioned requirements are met.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Offer subject to change or withdrawal at any time without notice.
- Offer valid for recipient only.
- Offer valid for Florida residents only.
Avoiding Fees
Free Business Checking has no monthly service fee and no minimum daily balance requirement. You get 150 items per month, after which an additional item fee of $0.35 per item. There is a $3 monthly check image enclosure fee, unless you opt for e-statements or choose to not have check images included in your monthly printed statements.
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
This bonus is very easy to do, the only catch is that you must be a Florida resident (it seems that Seacoast has learned from their mistaken nationwide $200 offer for personal checking accounts), and it is possible that this bonus is targeted (“offer valid for recipient only”). You essentially get a (taxable) 1/6 bonus to your money by depositing $1,500 for 90+ days.
Let us know your results in the comments below!
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- 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?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
Looks like the bonus has been bumped up to $600 for $15k for 90 days + 15 transactions..
1Offer(s) valid from 1/1/23-12/31/23. May be subject to change at any time without notice. Offer valid for recipient only. Offer may not be combined with any other checking bonus offers. Limit one bonus per business. Business must have a current and active registration with the Florida Department of State. Bonus valid for new Seacoast business checking customers only. Individuals who have closed Seacoast Checking accounts in the last 12 months are not eligible for the new customer bonus. Offer applies to Seacoast Business Checking products EXCLUDING Premium Business Checking and Public Funds Checking. New Business Checking accounts will not qualify for the promotional bonus offer until all information required to open the account is provided. Please consult your Seacoast Bank representative for a copy of the Seacoast Business Checking Schedule of Fees for other account fees, rates and information. Fees may reduce earnings. In addition, the account must remain open and in good standing to be bonus eligible. All account openings are subject to approval. We reserve the right to determine the eligibility of customers for this offer.
New business checking account must make a minimum $10,000 deposit within the first 15 days of account opening AND maintain an average balance of $10,000 or more over 90 days AND make 15 qualifying electronic payments within 90 days to earn $600 reward. Electronic payments include debit card purchases, online bill pay, outgoing automated clearinghouse (ACH) and outgoing wires.
The bonus reward(s) will be credited to the eligible account within 95 days of opening if the aforementioned requirements have been met. Bonuses are considered interest and may be reported on IRS Form 1099-INT.
OFFER CODE: BIZ600
https://www.seacoastbank.com/better-business-offers
https://www.doctorofcredit.com/ymmv-fl-only-seacoast-bank-400-600-business-checking-bonus/
There are two business checking bonuses out now that look really great for those eligible, $400/$600: https://www.seacoastbank.com/offers-bh
sirtheta
Hmm, you’re right…Seems strange though, since this is just what’s under “offers” on their header? Nothing else in the page at all suggests that they’re not public. I’d be curious to know if they are actually targeted, maybe someone will test it
I had to go back and forth several times to be upgraded to the higher promotion and also received a good amount of resistance to get them to honor the terms of the higher promotion. Ultimately, with my persistence they finally followed through and gave me the bonus for each part of the promotion.
Based on my experience, I would say that it is likely that they will request evidence of targeted marketing material to award you the bonus.
Yikes! Sounds like a hassle! Was the targeted promotion advertised publicly?
I just went into a bank in my area and said I wanted to open a business account. After a minute or so, I also mentioned that I had a promo code. The guy said to me “was it mailed or emailed directly to you?” When I said “no, I found it on the internet,” he assured me that it would not work. At that point, I decided to leave. I probably should’ve asked him to just try the code, but he seemed pretty convicted that it would not work so I decided to just leave.
the boynton beach branch banker said it requires the direct mailer to a customer otherwise they can’t just put in the code when opening a free business checking account. they need an actual mailer card to use. so, they are not honoring the promo code.
Branch called me after I scheduled an appointment and said you need the mailer to qualify for the bonus.
which branch?
Boynton Beach
Stopped in the Fort Lauderdale branch today.
Banker said minimum daily balance is $2000 and had no way of funding via credit or debit card.
Declined by Chex.
How many in the last 12/24 months?
Combine with the personal $350+$150 offer (in-branch) all at once to make it worth your while. They are preparing the documents for signature at the drive-thru for me.
Biz free checking: https://www.seacoastbank.com/small-business/checking/free-checking
Is there a link for the $300 bonus???
Interesting, this def has my attention now as it seems worth my time, I’ll go in sometime this week and try this as there is one 10min from me. I’m a little concerned about seeming like a churner though if I try to do both the $500 personal checking/savings and this $300 business offer as a sole prop (although I do buy and sell on ebay a lot and have sales to back it up if they inquire). Will update once opened or rejected lol
Update: Looks like below post from 2016 says they require sunbiz registration to open business account, might do this a bit later, been thinking about opening a business anyways for my ebay sales.
They also said they were willing to prepare the paperwork for signature in the drive-thru.
In Florida, the sunbiz registration is $50 for 5 years or $10/yr. (All registrations restart 1 Jan regardless of when you actually get the registration). About half of My bonuses last year, about $1,500, was from business bank bonuses. So I think $50 the chance at more and bigger bonuses is worth it.
I also got an EIN from the IRS which is free.
@dean Thank you for sharing.
So opened on 12/22. Used it minimally but way above $1,500.
The 22nd would be 90 days.
I’m reading the bonus 1 of 2 ways.
1) Bonus should post on day 90 if the average balance is $1,500.00 (that would be 3/22).
2) Bonus should post 90 days after maintaing an average of $1,500.00 (that would be 6/22).
Any opinions?
Finally posted today 2/6. Total of 105 days from day of open.
I called to find out what documents they would require to open a business account and they said they only need an EIN number and some form of ID. Going to go in-branch on monday or tuesday and try open an account for this bonus.
As a follow up, they won’t open an account if your business is not listed on sunbiz.org. It costs like $140 to register your business there so this deal is useless unless you happen to have a legit business already registered there.
I am a FL resident and I have a small business but haven’t received any invite from SeaCoast bank…Is it worth trying opening a business a/c without getting invitation??? Will I still get bonus? Can anyone comment/suggest/confirm?
You can probably call to find out.