Posted by William Charles on March 30, 2018
Bank Account Bonuses

Published on March 30th, 2018 | by William Charles

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[Expired] [IL only] Liberty Bank For Savings – Up To $1,000 Checking Bonus

Deal has expired, view the best current checking bonuses by clicking here.

Offer at a glance

The Offer

Direct link to offer

  • Liberty Bank for Savings is offering a bonus of up to $1,000 when you open a checking account. You basically get to spin a wheel with 18 slots with bonus amounts ranging from $50 to $1,000 when you complete the following requirements:
    1. Stop by a branch and give the banker the promo code you received via email;
    2.  Open a new checking account by 6/30/2018. Initial checking funds must be new to the bank;
    3. Spin the wheel to determine the amount of the bonus
    4. Receive 3 monthly ACH electronic funds transfer credits of $100+ to this account (1 each month for 3 months) within 120 days after account opening.

The Fine Print

  • Each branch has a wheel with 18-slots with bonus amounts ranging from $50 to $1,000.
  • The actual bonus amount the customer receives will depend on which slot the ticker lands when the wheel stops spinning.
  • Bonus is applicable to any Liberty Bank checking account opened.
  • Bonus will be credited to the customer’s new Liberty checking account within five business days after they fulfill the following requirements: 1) Stop by a branch and give the banker the promo code you received via email; 2) Open a new checking account by 6/30/2018. Initial checking funds must be new to the bank; 3) Spin the wheel to determine the amount of the bonus; 4) Receive 3 monthly ACH electronic funds transfer credits of $100+ to this account (1 each month for 3 months) within 120 days after account opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There are no monthly fees on this account, bu there is an early account termination fee of $50 if you cancel the account within 90 days of account opening

Our Verdict

Previously they have offered a flat bonus of $100. It’s hard to know how to value this current deal as we don’t know what is in each of the 18 slots, I think it’s safe to say there will be one $1,000 slot and multiple $50 slots but we still can’t work out the expected value and there is a level of gambling involved as well. Because of that I won’t be adding this to the best checking account bonuses until we know more.

Hat tip to reader zero_x3

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Frank
Frank

Typo: you said 0 monthly fees but the overview says $50

Steve
Steve

Pass. I despise these gimmicks! And the bankers will act so happy if I land in the $50 slot. Screw them and their donut hips.

tribesman55
tribesman55

Haha

Dan
Dan

It would be nice if we could spin the wheel BEFORE starting the sign up process… land on $50 => walk out.

adam d
adam d

time to grease the spinners pockets and split it 50/50 with a fixed $1000

e0
e0

Banker informed me the spin is done after 90 days. Got a look at the wheel and, yes, only 1 $1000 slot. The rest are $50 with a few $100, $200, and $300. I walked out.

Mike M.
Mike M.

I understand expected value but is it really a useful metric when you only get one spin of the wheel?

Ryan
Ryan

Bank is inquiry sensitive- tried to explain the dozens of chex inquiries to no avail.

Don’t bother unless you only have a few chex inquiries.

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