This offer has expired, view the best checking sign up deals by clicking here.
Offer at a glance
- Maximum bonus amount: $300 for checking + $100 for savings
- Availability:Â AL, AR, FL, GA, LA, TN, & TX. Must live within 60 miles of a branch to open online, otherwise you need go to in branch to open.
- Direct deposit required: None
- Additional requirements: 15 transactions (debit, bill pay or check)
- Hard/soft pull: Soft pullÂ
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: $20, waiveableÂ
- Early account termination fee: Bonus forfeit on savings & checking account if closed within 6 months
- Expiration date: March 31st, 2016
Contents
The Offer
- Receive a bonus of $300 when you open a High Interest Checking Account (minimum opening deposit of $100) and complete the following requirements:
- 15 qualifying transactions within 90 days of account opening. Qualifying transactions are:
- Use your debit card
- Write a check
- Use Online Banking with Bill Pay
- Use the promotional code GET300
- 15 qualifying transactions within 90 days of account opening. Qualifying transactions are:
- Receive a bonus of $100Â when you pair your new checking account with a High Interest Money Market and complete the following requirements:
- Maintain a daily minimum balance of $5,000 for the first 90 days
- Use the promotional code GET100
- Receive a bonus of $50 when you open a new Statement Savings account with an opening balance of at least $50. Account needs to be kept open to receive the bonus. This offer will usually appear after you set up the checking account and then log out of your account. More information here.
The Fine Print
- The primary signer must be a new consumer checking client opening a new High Interest Checking account with new money not currently held by IBERIABANK
- $300 bonus will be credited to the new checking account within 105 days of meeting the requirements.
- New account must have a positive balance up to and including the 90th day
- Limit one $300 bonus per household
- If your new money market account is closed within the first six months, the earned bonus will be deducted at account closing
- Bonus will be deposited into the new High Interest Money Market account within the first 105 days of account opening if all requirements are met
- Limit of one $100 bonus per household in a 12-month period, and primary signer must be a new client to IBERIABANK
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Early Account Termination Fee
Money market needs to be kept open for six months to avoid any fees as far as I can see there is no minimum requirement for the checking account.
High Interest Checking $20 Monthly Fee
The $20 monthly fee on this account is waived if you do any of the following:
- Maintain an average monthly balance of $5,000 or more
- Or, combined monthly average collected balance of $25,000 in any personal deposit account;
- Or, an outstanding principal balance of $25,000 in any personal loan accounts;
- Or, you are a small business owner and have an IBERIABANK small business checking account*
High Interest Money Market $20 Monthly Fee
The $20 monthly fee on this account is waived if you do any of the following:
- Maintain an average daily balance of $5,000 or more
Statement Savings account $3 Monthly Fee
This account is needed if you’re targeted for the $50 savings bonus. To avoid the $3 monthly fee you need a minimum balance of at least $200.
Business Checking No Monthly Fee + Waives Personal Monthly Fee
They also offer a free business checking account, this waives the monthly fee on the personal account as well.
Our Verdict
Let’s tackle the $100 savings bonus first. You need to keep $5,000 invested for six months to keep the account fee free and to get the bonus. This account earns 0.05% APY, you should be able to easily beat that by at least ~1% APY. Meaning you’re basically losing out on $25 in interest. If you’re getting 5% APY then you’re losing more like $125, since the bonus is only $100 this is a pass for me.
Now let’s look at the checking account, you’ll need to keep the account open for at least six months and the easiest way to keep it fee free is with a $5,000 balance (APY is also only 0.05%), meaning you’d be losing out on ~$25 in interest. Given that the bonus is for $300 and there is no direct deposit requirement this is well worth doing if there is no hard pull. Alternatively you could open a business checking account to keep the personal account fee free. The $50 savings bonus is also probably worth doing if you’re targeted as you just need to park $200 in funds there to receive the bonus.
If anybody does this bonus, please share your experiences in the comments.
Useful posts regarding bank bonuses:
