Update 3/27/24: Extended until 7/31/24
Update 1/14/24: Extended until March 31, 2024
Update 7/4/23: Extended until December 31, 2023.
Offer at a glance
- Maximum bonus amount: $200
- Availability:Must be a resident of Illinois
- Direct deposit required: Yes, complete 2 or more direct deposits totaling $500 or more
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $3.95, waivable
- Early account termination fee: $25, 90 days
- Household limit: One
- Expiration date: Offer expires 6/30/2023
Contents
The Offer
- Old Second Bank is offering a $300 checking bonus when you open a new checking account and complete the following requirements:
- Get $50 when you – Open a new checking account online with promo code EM2 (or open in-branch and mention this ad), get a debit card, and enroll in eStatements.
- Get $100 when you meet the previous requirement and – Complete 2 or more direct deposits totaling $500 or more
- Get another $150 when you meet the requirements for the first $50 bonus, and – Open a Money Builder Savings account with a $1,000 minimum deposit and uild your savings by depositing funds; if your deposited funds total $5,000 on the 90th calendar day
The Fine Print
- An account is not eligible to receive a cash bonus under this offer if 1) the primary account holder currently has an existing personal checking account (Basic Checking, Convenience Checking, Interest Checking, Interest Plus Checking, Military Checking, Minimum Balance Checking, Premier Checking, O2 Checking, Premier Plus Checking, Convenience Plus Checking and Prime Time Checking (“existing personal checking account”) at Old Second National Bank, 2) has had an existing personal checking account open in the 12 months prior to the date of account opening, or 3) the primary account holder has received a personal checking account-related bonus in the twenty-four months prior to the date of account opening.
- The bonuses described in this ad are limited per primary account holder, regardless of the number of accounts opened.
- The new “personal checking account” (O2 Checking, Premier Plus Checking, Convenience Plus Checking, Military Checking, and Prime Time Checking) must be opened during the promotion period with the code and must have a positive balance on the 90th calendar day from the date the new personal checking account was opened in accordance with the bank’s procedures.
- Offers are only available on personal checking accounts and the Money Builder Savings account; business accounts, trusts accounts with EINs, Health Savings Accounts, employee accounts and estate accounts are excluded from this offer.
- To receive the first $50 cash bonus, 1) provide the offer code and open a new personal checking account, subject to approval, 2) apply for, be issued, and activate a debit card tied to the personal checking account within 90 calendar days of account opening and 3) enroll in e-Statements within 90 calendar days of account opening.
- To receive $100 cash bonus, 1) you must first meet the requirements of the first $50 cash bonus and 2) receive two or more direct deposits totaling at least $500 in the personal checking account within 90 calendar days of account opening.
- For purposes of this bonus offer, a direct deposit is defined as any payment made by a government agency, employer, or other third-party organization that is made via an electronic deposit. A direct deposit does not include teller, ATM, mobile, remote deposits, or transfers between accounts at Old Second National Bank.
- To receive the second $150 cash bonus, 1) you must first meet the requirements of the first $50 cash bonus; 2) open a Money Builder Savings account, which requires a minimum opening deposit of $1,000; 3) build your savings by depositing funds; if your deposited funds total $5,000 on the 90th calendar day from the date you opened the personal checking account and your account has a positive balance, you will receive any cash bonuses for which you qualified by the 100th calendar day following the date you opened the personal checking account.
- Offer expires 6/30/2023
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Money connection account has a $3.95 fee if you opt for paper statements, this is waived with paperless statements enabled.
Early Account Termination Fee
According to this comment there is an early account termination fee of $25 if closed within 90 days.
Our Verdict
Previously this was a $200 bonus, but without the savings requirements. This is an extra $100 but does require a deposit of $5,000. The savings requirement doesn’t seem to bad as you only need a $5,000 balance on the 90th day so no real deposit length requirement. We will add this to our list of the best bank account 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
offer’s been extended to 7/31/24
William Charles The promo code says it is invalid. I sent in a message to the bank so we will see if they will fix this or pull the promo page.
William Charles Chuck I was able to apply with promo code EM2.
https://www.oldsecond.com/personal-banking/checking-300-em/
I can also confirm the bonus disclosure form was included in the application.
Anyone having the same issue, it says Promo Code is either invalid or inactive on step, i was trying to copy, still didnt help
EK I was able to apply with promo code EM2. Looks like there was a second promo page on their website.
https://www.oldsecond.com/personal-banking/checking-300-em/
$150, $100, and $50 bonuses posted to Checking account today as “Bonus Program”. In-state, within footprint, and churned. Used real DD and made sure 5K was there at day 90. Time to pull it all back and close.
You don’t need a 5K balance at day 90, you need a cumulative of 5K in deposits within 90 days. So you can deposit 5K and withdraw it the next day. So long as your savings has a penny balance on day 90 they will confirm your deposits totaled 5K and by day 100 credit your bonus
Angel Where are you getting that info? That is NOT what the terms and conditions state.
“ To receive the second $150 cash bonus, 1) you must first meet the requirements of the first $50 cash bonus; 2) open a Money Builder Savings account, which requires a minimum opening deposit of $1,000; 3) build your savings by depositing funds; if your *deposited funds total $5,000 on the 90th calendar day from the date you opened the personal checking account and your account has a positive balance*, you will receive any cash bonuses for which you qualified by the 100th calendar day following the date you opened the personal checking account.”
See 3) above. Deposited funds does not mean balance
Hmmm, that’s not how I interpret the terms but I can see your point. I’d be glad to be proven wrong. Are you trying that method?
Signed up and was approved a week later – I have a large body count on my Chex report, so I was a bit surprised. Going to try to fulfill the requirements with real DD and will report back.
Anyone found any clarity on this language that appears to disqualify most of us?
“An account is not eligible to receive a cash bonus under this offer if 1) the primary account holder currently has an existing personal checking account (Basic Checking, Convenience Checking, Interest Checking, Interest Plus Checking, Military Checking, Minimum Balance Checking, Premier Checking, O2 Checking, Premier Plus Checking, Convenience Plus Checking, Employee Now and Prime Time Checking (“existing personal checking account”) at Old Second National Bank, 2) has had an existing personal checking account open in the 12 months prior to the date of account opening, or 3) the primary account holder has received a personal checking account-related bonus in the twenty-four months prior to the date of account opening.”
It’s not written very well but seems that it would disqualify most of us from getting the bonus.
I’ve applied with quite a few recent inquiries on Chex, so we’ll see if I have the opportunity to find out myself…
Bill L What exactly are you seeing that would disqualify most of us? Statement #2 is referring only to accounts with Old Second, not with all banks. Same with statement #3.
It’s actually unclear as written.
#1 specifies account holders at O2, but #2 and #3 do not – a literal reading of the sentence as structured could just as easily conclude an expansive view of the exclusions. This seems unlikely given that it would be a departure from industry practice.
My guess is it’s just sloppy legal writing so I’m choosing to interpret it in a way that assumes we get paid, but wanted to see if anyone had actually had this conversation with the bank after meeting the other conditions. 🙂
Bill L Nearly every bank writes their terms and conditions this way. It is implied that they are referring to their own banking products and bonuses.
Right, that’s why I’m asking – other banks’ terms don’t imply they’re referring to their own bonuses, they state it explicitly. This bank’s terms do not state it explicitly and it’s phrased in such a way that either outcome is plausible, though the expansive interpretation is more consistent with a straight, black-and-white reading.
Here’s a random selection of similar terms from other banks:
“You are not eligible for this offer if you have received a bonus for opening a Wells Fargo Premier Checking account within the past 12 months”
“Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years, or received other U.S. Bank bonus offers within the past two years.”
“New account will not be eligible for offer if you or any signer on the new account has an existing PNC Bank consumer checking account or has closed an account within the past 90 days, or has been paid a PNC promotional premium in the past 24 months.”
Note that it’s very clear what promotions are exclusionary in these sentences. Every other bank I’ve signed up with is similarly clear.
I’ve noticed that smaller banks are more likely to have vague terms, so I’m curious if it’s due to having a smaller budget for lawyers’ proofreading or if they design them like that intentionally. Legal terms that aren’t explicit could be used to weasel out of payment.
Have you received a bonus from O2? If yes, did they hassle you about accounts or bonuses at other banks? If you received a bonus from O2 and were not hassled, then that answers my question!
My point is they do not interpret the terms in the way you are thinking… no bank does. If you’re really that worried about it, go ahead and contact them and ask but that might alert them to the fact that you’re only after the bonus.
I’m not worried, just looking for a DP given the unusually-constructed terms. I’ve already applied and will leave one if I get that far (I likely won’t due to Chex – have quite a few inquiries and am moving out of state in a few months, so I’ve applied on the off-chance I’ll be able to take advantage of it).
If/when I get rejected, I may call one of their locations to get their input.
Denied with Chex 😑
How many inquiries in the last 12/24 months?
I haven’t check that yet. Got called from a banker
chex sensitive IIRC. Tried applying twice in the past with no luck
Applied, pending.