[Expired] [IA, IL, IN, KS, MI, MN, MO, OH and WI only] Associated Bank $400 Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 3/3/22: This is available in more states now, terms now state ‘IA, IL, IN, KS, MI, MN, MO, OH and WI.’ Hat tip to reader Michelle B

Update 11/3/21: Deal is back, but sadly only $400 instead of $500. In addition the terms state you can’t have received a bonus in the last 24 months or had a checking account in the last 12 months.

Offer at a glance

• Maximum bonus amount: $500
• Availability: IL, IN, MN & WI only 
• Direct deposit required: Yes, $500+
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: Up to $300, no American Express cards.
• Monthly fees: None
• Early account termination fee: Bonus forfeit if closed within 12 months
• Household limit: None listed
• Expiration date: May 31st, 2021 June 30, 2021 March 31, 2022

The Offer

Direct link to offer

• Associated Bank  is offering a bonus of up to $400 when you open a new checking account and complete the following requirements:
  • Receive recurring direct deposits totaling $500 or more within 90 days of account opening
  • Bonus you receive depends on your average daily balance (days 31-90):
    • Total average daily balances of $1,000-$4,999.99 will earn $200,
    • $5,000-$9,999.99 will earn $300,
    • over $10,000 will earn $400.

The Fine Print

• Offer limited to a new personal Associated Bank checking account opened and funded through May 31, 2021.
• Receive up to $500 bonus with required minimum opening deposit (Associated Access Checking: $25, Associated Balanced or Choice Checking: $100; deposits from existing accounts do not qualify) and direct deposits totaling $500 or more within 90 days of account opening.
• Determining your bonus: 90 days (or the previous business day), after opening your checking account, we will calculate the sum of the average daily balance for all your open Associated Bank deposit accounts for days 31-90. Total average daily balances of $1,000-$4,999.99 will earn $200, $5,000-$9,999.99 will earn $300, over $10,000 will earn $500.
• All personal Associated Bank checking, savings, money market, IRA and/or CD account balances are included in the calculation to determine your total average deposit balance. Accounts must be titled with the same primary account holder to qualify for the bonus. Deposit balances from business, HSA, investment, minor or private banking accounts are ineligible.
• The bonus will be deposited into the new Associated Bank checking account within 120 days of account opening.
• Account must be open at the time the bonus is paid and must remain open for a minimum of 12 months.
• If the account is closed within 12 months, Associated Bank reserves the right to deduct the monetary bonus from the account prior to closing.
• Offer limited to one per customer and cannot be combined with other offers.
• Offer not available for customers who already have or have had an Associated Bank checking account within the last six months.
• Associated Bank colleagues are not eligible.
• Primary owner on the account must be 18 years or older to qualify.
• Person to Person payments and transfers from external accounts do not qualify for the required direct deposit transactions to receive the monetary bonus.
• For tax reporting purposes, the bonus will be reported to the IRS on Form 1099-INT.
• The offer is subject to change, at Associated Bank’s discretion, at any time without notice and other exclusions may apply.

Avoiding Fees

Monthly Fees

Associated access checking account has no monthly fees to worry about. You do need to opt into eStatements otherwise you’ll be charged $4.

Early Account Termination Fee

There is no early account termination fee, but the account needs to be open  for 12 months or the bonus is forfeit.

$50 Referral Bonus

You can also refer friends if you visit here. Previously you’ve been able to get referred and also get the bonus, it looks like that will stack as well because the brewers referlive page specifically mentions the $500 bonus. In addition person signing up for the account can get a Christian Yelich bobblehead (these are going for $20-$50 on eBay, but I imagine price will come down). Please do not ask for or share your referrals in the comments. Instead you can use this dedicated page.

Our Verdict

We’ve seen previous bonuses of $175 + $100 and $400. This new offer is for more money and you don’t need to open a savings account (but you do need a high average daily balance for 30 days, but still less than the previous $400 offer). The other offers had direct deposit optional though. I still think this is the best offer by far and will be adding it to the best bank bonus page.

Hat tip to reader Arthur D

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