Update 9/29/23: Deal is back
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
DP: Just opened account over email via docusign. I used a chicago address. Was told no option to fund with credit/debit so going to fund via ach.
esaphire3 Assuming your account was opened in branch?
No. I used the contact us form on their website, a banker emailed me a brochure with the bonus and different account options, and that I should come into the branch to open an account. I emailed back that I am traveling and is it possible to open the account via DocuSign. He sent me the application, I filled it out and sent it back, he then sent me the disclosures and deposit agreement to via DocuSign, and my account is open.
There is a branch not far from my parents house in Chicago, which is the address I put on the application.
Anyone have any recent timelines for bonus postings? I’m coming up on the deadline and still nothing (all terms met, with confidence).
OK, bonus hit. This was a very easy one.
10/5/23:
-Opened Business Community Checking acct. (in branch)
-Deposited $5,050 via Check (in branch)
-Enrolled in online banking and e-statements
10/17/23:
-Completed 10 qualifying transactions (5x Amazon reloads; 5x ACH transfers)
1/5/24:
-Withdrew all but $2,500 to avoid fees
1/19/24:
-$500 bonus posted
Had a personal checking account about 4 years ago and got a bonus. Will I be able to get bonus for business account as sole proprietor using my same ss#?
Try and report back.
FYI I applied a couple of years ago for 2 business accounts, and had previously received a bonus for a new personal account, I applied for a new sole prop account (SSN as tax ID) and a LLC with a different tax ID. I rec’d bonuses on all 3 accounts – but all the bonuses were paid a couple years ago – so not sure what there current policy is.
If you closed the account to avoid inactive account fees you should be fine
Do they check if this is a real business?
Sole proprietor with SSN only
I think this depends on your state you live in. Here in Florida no documentation is required for a Sole proprietorship, so banks don’t ask.
Applied for a account in branch in Florida last year according to them they are zip code dependent. Zip codes where located near Naples area only
Are you saying we have to live in one of the zip codes near Naples to qualify? Reason I ask is cause I’m headed through that area and if they don’t accept outside zip codes, I don’t want to waste my time.
Yes that’s what I was told by the manager. When I went through there. She stated you address has to be in zip codes 341…
Call the actual branch before hand.
Thank you
does this remain the case? I am in FL but my zip doesnt start w 34..
Call the Naples Florida branch and ask them they told me it was based on zip codes and the zip codes were surrounding Naples.
I frequently visit family in Chicago area near branches but live OOS and have OOS address/ drivers license.
Would I be able to open in branch?
Since it’s a business checking, any chance if we’ve had an existing Wintrust personal checking in the past that we could still qualify for this one? I am thinking no since the terms seem to say “This Business Community Checking account bonus offer is not available to existing or closed checking account customers ” so it makes it sound like if you’ve had any type of checking acocunt with them ever then you don’t qualify..but I know some banks consider personal vs. business as separate.
I did a Wintrust personal $300 checking bonus like 3 years ago so I’ve never been able to churn their personal offer. Hoping there’s some chance this could be a new opportunity since it’s business
Looks like this is starting up again after Sept 29, 2023. Looks like it has to be opened in branch, but I’m hoping this works for Town Bank
https://www.wintrust.com/business-solutions/business/banking/small-business.html
10. Business Community Checking Bonus Qualifications. (i) Open a new Business Community Checking account; (ii) mention this offer during in-branch account opening; (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 (‘Qualification Period’); (iv) complete 10 qualifying transactions, defined as ACH debit, ACH credit, wire transfer and debit card transactions, within the Qualification Period; and (v) enroll in business online banking and activate e-statements within the Qualification Period. After you have completed all the above bonus qualifications, we will deposit the bonus payment into your new account within 30 calendar days after the Qualification Period.
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.