Update 7/12/26: Bonus is now $100-$300 (previously max was $400 but required the level 2 account). Hat tip to reader SDubbs
Offer at a glance
- Maximum bonus amount: $400
- Availability: HI
- Direct deposit required: Yes, $2,000+ – $3,500
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $3.95 – $20
- Early account termination fee: 180 days, $70
- Household limit: $70, 180 days
- Expiration date: None listed
The Offer
- Bank of Hawaii is offering a bonus of up to $400 when you open a new checking account. The bonuses are as follows:
Earn $400 with a Bankohana III or Bankohana II account with an initial deposit of at least $500 and $3,500 in Qualifying Direct Deposits within 60 days of account opening- Earn $300 with a Bankohana I account with an initial deposit of at least $500 and $3,500 in Qualifying Direct Deposits within 60 days of account opening
- Earn $100 with a Convenience Checking account with an initial deposit of at least $500 and $2,000 in Qualifying Direct Deposits within 60 days of account opening
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
- Convenience checking ($100 bonus). $3.25 through 9/30/24 $5.00 from 10/1/24 and after
- Bankohana Level I ($300 bonus). $15 (or waived with Combined Balance of $6,000)
Bankohana Level II ($400 bonus). $20 through 9/30/24 $25 from 10/1/24 and after (or waived with a Combined Balance of $20,000)
Early Account Termination Fee
Bankohana Accounts closed within 180 days of account opening will be assessed an early closing fee of $70
Our Verdict
The $400 bonus isn’t worth considering as you need to have $20,000 in funds to keep it fee free. The $300 bonus is worth doing especially as it’s rare to see a Hawaiian bonus.
Hat tip to Gerry
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
