Posted by William Charles on January 19, 2020
Bank Account Bonuses

Published on January 19th, 2020 | by William Charles

132

[Expired] [IL, WI only] The State Bank Group $200 Checking Bonus – Direct Deposit Not Required

Deal has expired, looks like some accounts are being shut down now.

Confirmed as a soft pull, can also fund up to $5,000 with a credit card.

Offer at a glance

The Offer

Direct link to offer

  • The State Bank Group is offering a bonus of $250 when you open a new account and complete the following requirements within 60 days of account opening:
    • Pay at least three bills using TSBG
    • Make $500 or more of qualifying ACH direct deposits
    • Enroll in eStatements

The Fine Print

  • Limit one bonus payment per customer, regardless of number of accounts opened.
  • Your new account must be open, in the same product, and have a balance greater than zero to receive the bonus payment.
  • The $250 bonus payment is subject to 1099-INT reporting and may be considered income for tax purposes for the tax year in which the bonus was paid.
  • Please consult your tax advisor about your specific situation. ³
  • Bonus qualifications:\ (i) open new Achieve Personal Checking account online between January 1, 2020 – March 1, 2020 with new money. (ii) enroll in online banking (iii) have a monthly occurring “direct deposit” of $500 or more made to your new account within two consecutive calendar months, after the calendar month your new account is open (iii) pay at least three bills using TSBG online bill pay within two consecutive calendar months, after the calendar month your new account is open. (iv) enroll in eStatements within two consecutive calendar months, after the calendar month your new account is open.
  • $250 bonus will be credited to the eligible account within 120 days after the promotional period has ended, if all qualifications have been met.
  • Account must be open and active to be eligible for the offer. Accounts who do not meet qualifications within qualification period will forfeit the bonus.
  • This is a Limited Time Offer and expires March 1, 2020.
  • Bonus credit will be identified as “250PROMO” on your monthly statement. New checking account will not be eligible for bonus, if applicant has closed a TSBG account within the past 90 days.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Achieve checking account has a $10 monthly fee, this is waived if you have a $2,500 average balance

Early Account Termination Fee

There is an early account termination fee of $30 if the account is closed within 90 days.

Our Verdict

Definitely worth doing with the large amount of credit card funding and the fact no direct deposit is required. Will add this to our best bank account bonuses.

Useful posts regarding bank bonuses:



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RAM

Front pages says:
Please confirm that you live in one of the counties below:
Illinois: Lake, McHenry, Boone, Winnebago, Ogle, DeKalb, Kane, Dupage and Cook
Wisconsin: Walworth, Kenosha, Racine, Rock, Green and Lafayette

I am confirming that my primary residence is located in one of the above counties. If you reside outside of The State Bank Group’s market area, your application will not be complete until a representative of the bank contacts you directly.

TD
TD

I live in walworth county wisconsin and the bonus was added to my account. The fine print allows a few wisconsin counties as well. This is county specific to northern illinois and southern wisconsin it seems.

Also: as of right now, no hard pull.

Brendan
Brendan

Up to $5k via Visa, Mastercard, Discover, or American Express accepted.

$5k via Discover it coded as purchase for me.

Duke I.
Duke I.

The message on the application page seems to imply it’s possible to open an account if you live outside of the targeted area after speaking with a representative to complete the application.

“I am confirming that my primary residence is located in one of the above counties. If you reside outside of The State Bank Group’s market area, your application will not be complete until a representative of the bank contacts you directly”

desert rat
desert rat

I filled out app all the way up to last page w/an out of state address. Got a message that a banker would contact me in 2 biz days (if I clicked “confirm,” which I didnt do). So at least they let you fill out the app even tho not in their area. Just need to find out about hard/soft pull.

TD
TD

Was not a hard pull. $5000 fund on CSP pending as a purchase

desert rat
desert rat

Thank you – I think I’ll continue to fill out my app and see if they will approve out-of-state. The CC funding is very tempting and if no hard pull, there’s no risk in trying.

Jim
Jim

Thanks, please do keep us posted, as an out of stater 🙂

Only downside is an extra Chex inquiry

Duke I.
Duke I.

Im doing the same. The $100 cash back from citi double cash is very tempting. I wonder if a saving could be open with $5k, too.

maddogdouggie
maddogdouggie

Were you able to get your account opened being out of the targeted area?

desert rat
desert rat

Was just denied due to chex report – @ 20 inquiries last year. They didnt say anything about being out of state.

Charles Mann
Charles Mann

Hard pull? Soft pull? Chex? Anybody have more info?

TD
TD

Soft pull. Unsure of chex or EWS, but i was approved with roughly 6 accounts opened in last 60.

Chris
Chris

Wondering this as well

whodidntante
whodidntante

“have a monthly occurring “direct deposit” of $500 or more made to your new account within two consecutive calendar months” I’m not sure how Will is getting that no direct deposit is needed. Direct deposit is always ACH, so nothing special there. Still worth doing, I think.

Duke I.
Duke I.

It doesn’t say DD from employer, government or outside agency like other bonuses. It says ACH, so Will is correct. No DD is required.

TD
TD

So funded $5,000 from CSP, codes as purchase right now.

No hard pull.

Approved.

das1996
das1996

What do they define as the “promotional period”? The 2-3 months following account opening? If so, 120 days beyond that is 6 months after account opening. Keep $2500 in there for 6 months (from time acct is opened) to avoid feed? Still, not too terrible of a deal.

desert rat
desert rat

fine print says: “open new … account online between 1/1/20-3/1/20.” I think that’s prolly the promo period.

BlueBuffalo
BlueBuffalo

$30 fee is canceled within 90 days: https://www.thestatebankgroup.com/Service-Fees

das1996
das1996

Good find. We need to keep the acct open over 90 days just to meet the promo terms, so won’t really apply.

EO
EO

Just opened account successfully and instantaneously (from Lake county). Was able to charge $5000 on initial deposit to credit card. I know it said Visa, MasterCard, and it might have also allowed Amex. I just don’t remember. Def not hard pull. And if they pull Chex, they are not sensitive.

Chris
Chris

Nice! coded as a purchase?

EO
EO

Yes, on citi double cash.

das1996
das1996

What’s the bank have to gain by taking the 1-3% loss on such a transaction?

Once deposited, you let it sit a few days then pull out?

EO
EO

In this case, I will keep $2500 in to keep account fee free. But in other cases, yes, just pull out.

carl
carl

We’re you able to set your cash advance limit to zero beforehand? If so, did you phone or secure message?

EO
EO

Didn’t bother with cash advance settings.

Jim
Jim

As Duke I. notes below, the application notes eligible residents of specific counties, not just Illinois but Wisconsin, too:

Illinois: Lake, McHenry, Boone, Winnebago, Ogle, DeKalb, Kane, Dupage and Cook
Wisconsin: Walworth, Kenosha, Racine, Rock, Green and Lafayette

https://forms.fivision.com/thestatebankgroup/oa/Default.aspx

launchd
launchd

I’m located in Cook County and was able to open instantly online and fund via CSR. Amex was an option, but I wasn’t willing to risk it not coding as a purchase.

You can find your account number in the DocuSign signature page and enroll in online banking with that immediately, no need to wait for the account number to show up in the mail or whatever.

Good deal!

das1996
das1996

Their online banking enrollment sure asks lots of questions, name, address, dob, ssn, etc… Did you provide all this to create the online login? Seems odd that they’re asking these questions.

DP719
DP719

Am in Illinois and just signed up with Citi Double setting cash advance limit to zero. An easy extra $100 with the $5000 Citi deposit. Did not unfreeze credit reports. Thanks, DoC!

whodidntante
whodidntante

Did anyone find the routing number for this bank? The one I found was not accepted by Chase.

TD
TD

Yea 071924872

Whodidntante
Whodidntante

Thanks

rekha dedhia

account approved. funded with citi premier $5000. showing as purchase. is bank transfer from chase or bank of America will count as ACH deposit?

roger
roger

Hi Rekha , are you from out of state?

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