Posted by William Charles on March 27, 2020
Bank Account Bonuses

Published on March 27th, 2020 | by William Charles

56

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

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:



56
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Ferris
Ferris

A maximum of 6.4% APY excluding transit time. It looks like the Associated Relationship Savings earns 0.1%, which could make it 6.5% APY.

keshav singhal
keshav singhal

Could you elaborate on 6.4% APY

Ferris
Ferris

Math. Earnings/money x amount of time

MikeTheCreator
MikeTheCreator

Damn i did the 175$ bonus months ago, wish i would’ve waited lol.

Gadget 🕵️

I really don’t see the attraction to this $400 bonus, when there are better to be had at other banks. I just opened the Associated $175 and got paid the bonus in about a week. Unless this $400, or the $300 bonus, pays out the same way, I don’t see the value. Plus the claw-back terms scare me, so you have to maintain these accounts for a whole year, even if you downgrade them, the terms & APR kinda suck.

MikeTheCreator
MikeTheCreator

TRUE

keshav singhal
keshav singhal

Hi Gadget, by other options, do you refer to savings account with online banks like Discover, Amex etc which give 1.7-2% interest?? Just wanted to know as I am new to this. Thanks!

Gadget - Bank Bonus Geek 🕵️

No, more like other better bonus offers exist are available that require large sums of cash. Citi 15K for $500, WF was offering $500 for 25K, etc. Essentially what is $225 for 25K isn’t the best deal available.

Associated does pay out fairly quickly, and you may be able to downgrade the account, so they aren’t horrible. I went for the $175 bonus, then the $100 MM bonus for $10K as a joint account, then P2 did the $175 once she had online access thru the shared account. P2 wouldn’t have the ability to get an account without me creating the joint account. The checking accounts were downgraded to Access checking (no min bal) as soon as payout occurred, about a month after opening, and the MM has a $1k minimum bal after payout.

AllwaysLearning22
AllwaysLearning22

If you have a 4% rewards checking like TAB, the 25K bring $250 in interest for 3 months, which is actually more than the $225 bonus

keshav singhal
keshav singhal

yeah I checked TAB. I am ok for 1 ACH per month but not sure about 15 debit card transactions. Do you use it? If yes are you able to maintain it well?

keshav singhal
keshav singhal

Understood. Thanks! I alrady have account in WF and Citi looks good for future.

Celia
Celia

Gadget 🕵️ Does the $275 (175 checking, 100 MM) bonus have to be done at the same time? Or can I do one and then before the 6/30 expiration, do the MM?

Gadget - Bank Bonus Geek 🕵️

I did my checking and MM account openings a few days apart and both paid out. I think it would work to do them separately at anytime during the promo period, but if you have doubts, you could call or SM. Then again, usually it’s a good idea to do promos sooner rather than later.

Harry
Harry

Can a previous resident of IL, with IL Drivers License can open account online or at a branch?

Gadget 🕵️

At branch, yes. But, they are probably question why you haven’t updated your license. So be prepared to figure that out… have an utility bill or whatever.

Online – it screens you by your address. Unless you had a prior account and still have a login – pro-tip.

Meghan
Meghan

If anyone has a referral link please send it to me at meghanflores1888@gmail.com
Thank you! Also does anyone know if you can fund an associated bank account with a Discover It credit card and not get charged a cash advance fee?

Skor
Skor

Referral sent.
You can fund with Discover / any non-Amex card if opening online. No cash advance fees, posts as purchase.

keshav singhal
keshav singhal

Did 50$ referral work along with 400$ bonus? If yes please send me the link to kaks88@gmail.com. Thanks!

MH
MH

Can anyone send me a referral to “mikehenry13579@gmail.com” Thank you!

Skor
Skor

Referral sent

keshav singhal
keshav singhal

Did 50$ referral work along with 400$ bonus? If yes please send me the link to kaks88@gmail.com. Thanks!

Skor
Skor

Need your First Name and Last Name. Will send you the referral.

keshav singhal
keshav singhal

Keshav Singhal

Skor
Skor

Sent you the referral.
Make sure you register at ReferLive using the link you should be receiving with the SAME EMAIL ADDRESS. Don’t open the account using the referral link – just your registration on ReferLive.
Then you open the Associated Bank account using the link mentioned in this article AND USING THE SAME EMAIL ADDRESS.
The email address is what links the referral and account opening.

keshav singhal
keshav singhal

Hi I have not received it yet in my email.. can you please resend?
my email is kaks88@gmail.com
First Name: Keshav
Singhal: Singhal

Skor
Skor

Sent you an email again.

Harry
Harry

Can anyone please sent referral link to “harshak.mb06@gmail.com”

Skor
Skor

Need your First Name and Last Name. Will send you the referral.

Ace
Ace

Can anyone send me a referral, please? Email is acpn89@gmail.com
Thanks in advance!

Skor
Skor

Need your First Name and Last Name. Will send you the referral.

Ace
Ace

Is there a way I can DM you that info?

Skor
Skor
Ace
Ace

Thanks! Sent you an email with the details.

JT
JT

Can I message you for a referral link?

JC
JC

Feel free to message me at: jcarhaus82@gmail.com

Skor
Skor
JT
JT

William Charles

Looks like maybe this page will require an update. Do you still see forward checking? From what I can tell, it’s unavailable. Need Choice checking with a $10k deposit required to waive the fee instead of the old $1k. Tips it to make the deal not worth it imo.

TG
TG

DP for Checking Acct. DD bonus
2/21/20 – Opened
2/26/20 – Push $300 from PNC bank
Coded: P2P
3/4/20 – $175 New Account Bonus posted

Hoops
Hoops

Available in Indiana as well

Dan
Dan

worse than their regular offer. screw tying 25 grand for 90 days.

Gadget 🕵️ Bank Bonus Geek

Yeah, the $175 normal offer, + Money market $100 for 30 days of $10K was/is a better deal.

Torg
Torg

That offer still seems to be available. Click the link but click the $275 tab instead of the $400.

das1996
das1996

Where do you see $10K for 30 days? I see $10K for 90 days under the $275 tab of this link – https://www.associatedbank.com/packers .

Gadget 🕵️ Bank Bonus Geek

Yeah, my mistake. I signed up back in October.

Open 10/10/19
Funded full 10K 10/17/19
Paid out 1/9/20 (just under 90… which leads me to believe they go off the open date, not the full 10k funding date)

I primarily did that account in order to do a Joint account, then P2 did a separate checking for the $175 once she had a login. Worked beautifully.

das1996
das1996

I just don’t know if the $10K/90 is worth doing it. I have an account earning 2.25% apy (through end of Q2/2020). So I’d earn an additional $45 for by going this route. 4% vs 2.25% for 90 days. BUT,

Then there’s the added hassle of keeping both accounts open for a year so they don’t claw back the bonus. The money market account has a min balance of $1K to avoid fees.

Are you keeping $1K in the monkey market account to avoid fees?

Gadget 🕵️ Bank Bonus Geek

Currently, yes, I left $1K in there. I plan to call them and either downgrade to something else like a savings with a $300 minimum, or, if not possible, zero it and close. I really don’t think they will retract the bonus if it’s closed early, and technically there is nothing to retract if the balance is zero. Obviously I am not going to point that out so they do, and yes, in some strange universe they could bill us. Highly unlikely. Or, I might just leave the $1K in there. The best I can do for the interest rate on my overflow accounts is less than 2% because I don’t play the rewards checking game. So, I am ok with floating $20 of lost interest to a bank that paid my family $175 x 2, plus the$100, plus $50 referral VGC’s x 2. Oh, and a baseball player bobblehead that will make a great gag gift.

Plus, I mostly did this that MM account, so I could make a joint account. P2 wouldn’t have had access to get an acct, as we are both out of footprint and I am having to find ways to keep it alive. And, with the $15K that didn’t go into Associated, it was repurposed for Citi $500 bonus, and later this month, the Chase $600 bonus.

Oh, and speaking of closing, because we had 4 months of no activity on SO’s checking, they sent her a card in the mail saying at month 6 they turn over the money to the abandoned acct state dept and close the account. So, it appears they aren’t a fan of inactive accounts, which means they probably auto-close $0 balances on the no min fee checking. (card said any withdrawal or deposit would keep it active & reset the clock)

JT
JT

This article is incorrect. There is no forward checking account. To get this bonus, you must open the “Choice checking” and it has a $25 monthly fee that can be waived with a $10k balance.

Irie

This bank offers multiple similar offers.

If you click the middle option:
You can do DD $300 or bill pay as well as $100 in savings to get $175. That is a 43.75% return on your money. Assuming it takes the maximum amount of time to get the bonus (120 days), it is an annualized return of 202%.

Compare this to the current posted Choice Checking and Savings with $25k needed, (right most option) you only get a 1.57% return on your money and 4.87% annualized return.

jan
jan

Have anyone received the 1099 int for 2019 from them? Thank you!

Back to Top ↑