[Expired] [IL, IN MN & WI only] Associated Bank $400 Checking & Savings Bonus

Deal has expired, but there is now a $500 bonus available.

Update 3/27/20: Reposting as it also works in Indiana as well. Hat tip to reader Hoops

Offer at a glance

• Maximum bonus amount: $400
• Availability: IL, IN, MN & WI only 
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $1,200, no American Express cards.
• Monthly fees:
• Early account termination fee: Bonus forfeit if closed within 12 months
• Household limit: None listed
• Expiration date: June 30th, 2020

The Offer

Direct link to offer

• Associated Bank is offering a bonus of $400 when you meet the following requirements:
  • Open an Associated Forward Checking account with a minimum deposit of $100 and make three payments using Associated Bank Online Bill Pay OR have at least one direct deposit of $300 or more within 45 days of account opening AND
  • Open an Associated Relationship Savings account with a minimum deposit of $25,000 AND
  • Maintain a minimum combined balance in the accounts of $25,000 for 90 days and receive your $400 within 120 days of opening

The Fine Print

• Offer limited to Associated Forward Checking and Associated Relationship Savings opened through June 30, 2020.
• Minimum deposit required to open is $100 for Associated Forward Checking and $25,000 for Associated Relationship Savings. Deposits from existing accounts do not qualify; funds must be from outside of Associated Bank.
• Customer must open an Associated Forward Checking account and complete a minimum of three payments using online bill pay OR have one direct deposit of $300 or more to their account within 45 days of account opening AND must open an Associated Relationship Savings and maintain a minimum combined balance of $25,000 and at least such amount must remain on deposit for 90 days to receive the bonus.
• All accounts must be opened with the same primary accountholder within 10 days.
• If multiple Associated Relationship Savings accounts are opened in the 10 day timeframe, all accounts will be used to calculate the combined balance requirement.
• $400 bonus will be deposited into the Associated Forward 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.
• Primary owner on the account must be 18 years or older to qualify.
• Offer not available to customers who already have or have had a checking account or Associated Relationship Savings account at Associated Bank within the last six months. Associated Bank colleagues are not eligible.
• Person to Person payments and transfers to external accounts do not qualify for the required transactions to receive the monetary bonus. Exclusions apply.
• Offer limited to one per customer, cannot be combined with other offers and is subject to change (at Associated Bank’s discretion) at any time without notice.
• For tax reporting purposes, a 1099 may be issued at year-end for the year in which the bonus is given.

Avoiding Fees

Checking Account

There is a $11 monthly maintenance fee which is waived if you meet any of the following requirements:

• $1,000 minimum daily balance
• $2,500 in combined deposits
• Direct deposits combining $500 or more per month
• Under the age of 24 and enrolled in paperless statements.

Savings Account

This account has a $5 monthly fee, this is waived with any of the following:

• $300 minimum daily balance OR
• $25 or more per month in recurring automatic deposits, such as Automated Clearing House (ACH), online banking transfers from another account or direct deposit OR
• Be under the age of 18

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, I’m not sure if that is the case with this bonus or not. Because of this I’d kindly ask you not to share your referrals in the comments for now.

Our Verdict

Previous bonuses would let you get a bonus of $175 for opening the checking account and another $100 for opening a savings account with a minimum balance of $10,000. This is an extra $125 but you do need to deposit and maintain a balance of $25,000 for 90 days. For a lot of people they won’t have that much in liquid funds. If you do, this bonus will be better than having it in a high yield savings account. I’ll be adding this to our list of the best checking/savings bonuses.

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