Update 1/12/23: Extended through march 31, 2023
Update 5/29/22: Bonus is now $500. Hat tip to Burnout1749
Update 2/17/22: Deal is back and valid until December 31, 2022 Christopher Robin
Update 8/23/21: Available in FL as well. Hat tip to Snowbird
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â IL, WI & FL [Branch locator]
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees:Â $15, avoidable
- Early account termination fee:
- Household limit:Â None listed
- Expiration date:Â
June 30th, 2019ÂDecember 31, 2020 December 31, 2021December 31, 2022
Contents
The Offer
Direct link to offer | St. Charles Bank (IL) or Town Bank (WI) or Lake Forest Bank (FL)
- Receive a sign up bonus of $500 when you open a new Entrepreneur checking account and complete the following requirements:
- Deposit and maintain $5,000 or more in new money
- Complete 10 qualifying transactions
- Enroll in online banking and activate eStatements
The Fine Print
- This Entrepreneur Checking account bonus offer is not available to existing or closed checking account customers of Wintrust Financial Corporation (WTFC) and its subsidiaries or its active employees.
- Limit 1 bonus payment per customer, regardless of the number of accounts opened.
- If you qualify for this Entrepreneur Checking account bonus offer, you are ineligible to receive this Entrepreneur Checking account bonus offer from any other WTFC location.
- If you qualify for any other WTFC savings offer it may be combined with this Entrepreneur Checking account bonus offer.
- Your new account must be open, in the same product, and have a balance greater than zero to receive the bonus payment.
- If you are a sole proprietorship or a single member LLC, the $300.00 bonus payment is subject to IRS 1099-INT reporting and may be considered income for tax purposes for the tax year in which the bonus was paid.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $15 monthly fee, this is waived if you have an average daily balance of $5,000
Early Account Termination Fee
I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Looks like a relatively easy bonus to meet the requirements for. Assuming it’s a soft pull like the other WinTrust bank brands I do think this is worth doing if you live near a branch. I’ll likely add this to our list of the best checking account bonuses once we’ve confirm it’s a soft pull to open the account.
Hat tip to reader Matthew R
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
Business Community Checking Bonus Information. This Business Community Checking account bonus offer is valid for new accounts opened January 1, 2022 through June 30, 2023.
Spoke to “a banker” (Customer Support said they had to transfer me) @ 847-939-9000:
What is the APY on the Entrepreneur Checking account?
This account pays no interest.
Can this account be opened online?
No. For the entire state of FL, you need to go into either the Naples or Bonita Springs branch.
Do you require photo ID to open the account?
Yes. Either a driver’s license or passport. Also your EIN document.
Is there an early account termination fee?
No.
extended through march 31, 2023
This Business Community Checking account bonus offer is valid for new accounts opened January 1, 2022 through March 31, 2023. This Business Community Checking account bonus offer is not available to existing or closed checking account customers of Wintrust Financial Corporation (‘WTFC’) and its subsidiaries or its active employees. Limit 1 bonus payment per customer, regardless of the number of accounts opened. If you qualify for this Business Community Checking account bonus offer, you are ineligible to receive this Business Community Checking account bonus offer from any other WTFC location. If you qualify for any other WTFC savings offer it may be combined with this Business Community Checking account bonus offer. Your new account must be open, in the same product, and have a balance greater than zero to receive the bonus payment. Balance is determined as of the end of each Business Day as the funds currently in your account including deposits and withdrawals made in the Business Day. If your business is a sole proprietorship or a single member LLC, the $500.00 bonus payment is subject to IRS 1099-INT reporting and may be considered income for tax purposes for the tax year in which the bonus was paid.
What is the difference between the 2 existing Wintrust Business bonuses (below)? “Business Community Checking” and “Entrepreneur Checking”… Any luck with any of them in FL opening them as sole prop w o branch visit ever? I do have a personal in good standing with online banking working login on which I collected the bonus less than a year ago, the 2 url are: https://www.wintrust.com/lp/2021/business-community-checking.html?fbclid=IwAR1JRmMDuWOk6XG6rm401g1qYHgMR0KoGik9A-SlhmrkwreyYs7aJ3NdZ54 and https://www.wintrust.com/lp/2021/entrepreneur-checking.html?fbclid=IwAR3dTwvuYD6kcGm7P_yRK7xw7eia-NeVcJaCPexy_GhNTxk_MdI0QZi9Swc Thanks…
one is $300 for holding $1500 and 5 txn. the other is $500 for holding $5000 and 10 txn.
Got a personal checking with Town Bank before. Must be disqualified now.
Anyone know how to make a transfer out of this account? I can’t seem to find how to do that for some reason… I would think, with a business checking account, that would be easier than what it seems to be? I can’t even make a check deposit or anything…???
It’s been a couple years since I’ve had this account but IIRC, you can’t transfer out. I remember being incredulous when the CSR told me. You’ll have to push or pull from an external account or write a check.
I have set up external accounts for transfers via the website for my personal account. That’s crazy it can’t be done for business.
Would having received the $300 Lake Forest checking bonus previously disqualify someone from getting this bonus, per the terms?
did you find out?
Can this be opened online? I live right around several branches but not in chicago now and only going back in a month or so
in branch only as far as I’ve seen.
is Business Community Checking the same as Entrepreneur Checking account?
seems to be valid at ANY wintrust bank location, correct?
if i deposit a $5000 check on Tuesday 5/31, will that qualify as maintaining a $5k balance for month #1 or does it have to be a cash deposit (as checks take time to clear)?
The terms state: (iii) maintain a minimum balance of at least $5,000.00 on each day of the last business day of the 2 consecutive calendar months after the calendar month your new account was opened…
Reading that to me seems that if your account is opened in May, you have to have 5K of new money in the account on June 30 and July 31 to qualify (though it does suggest it needs to be a maintained balance). That’s my interpretation. Plus the other activities needed of course.
It doesn’t say that there is a minimum for the first calendar month: “…2 consecutive calendar months AFTER the calendar month your new account was opened”
So opening in May (first calendar month) and then have 2 consecutive calendar months (June and July) that have to have the 5K…
Again, that’s how I am reading that term.
If I apply today (Sunday) or tomorrow (Memorial Day), will my account be considered opened in May? Otherwise I will have to tie up $5000 for 3 months vs 2.
Have to open in branch I believe. Tuesday is 5/31.