[Targeted] [GA only] Newton Federal Bank $200 Checking Bonus & 2.25% APY On Balances Up To $50,000

This is a targeted offer and you need to have received a mail out with the promotional code to be eligible.

Offer at a glance

• Maximum bonus amount: $200
• Availability: GA only
• Direct deposit required: Unknown 
• Additional requirements: Unknown
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None
• Expiration date: January 13th, 2017
• Household limit: None

The Offer

Direct link to offer

• Newton Federal Bank are offering a bonus of $50-$200 when you open a new Kasasa Cash, Cash Back, Saver account and meet the account qualifications. The problem is they don’t say what the account qualifications are. They could be referring to what you need to do to get the 2.25% APY account or 3% back on debit card purchases, but if that’s the case I’m not sure why they state the $50-$200 range.
• Free Kasasa Cash Checking Account, earn 2.25% APY on balances up to $50,000 when you meet the account qualifications:
  • Monthly access of online banking account, enrollment in online banking, receipt of electronic statements is a condition of this account
  • At least 12 debit card transactions, enrollment in electronic services (e.g. online banking, electronic statements) and log-ons are required to meet some of the account’s qualifications
• Free Kasasa Cash Back Checking, earn 3% cash back on debit card purchases (limit of $300 in purchases per month) when you meet the account qualifations

The Fine Print

• With a valid promotion code, our bank will provide a $50-200 account opening bonus to people 18+ years of age who open and fund a new Kasasa Cash, Cash Back, Saver account during the timeframe beginning 11/18/16 through 1/13/17. This bonus will be deposited into your new Kasasa account within 3 days after account qualifications are met by customer at the end of the second monthly qualifications cycle, and will be treated as interest for IRS (Form 1099-INT) reporting purposes. This bonus cannot be used towards your opening deposit. No minimum balance and $100 minimum deposit is required to open the account. Limit 1 account per social security number and one account opening bonus per account per calendar year. Account opening bonus will not be paid if accountholder switches into one Kasasa account from another Kasasa account that offered an account opening incentive to open the initial Kasasa account.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Neither account has a monthly service fee, as far as I know there is no early account termination fee either.

Our Verdict

Really don’t know even close to enough about this deal to say whether it’s bad or not. If anybody finds out more information, please share it in the comments below. For now we won’t add it to our list of the best checking account promotions.

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