Published on January 19th, 2020 | by William Charles134
[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
- Maximum bonus amount: $250
- Availability: Must live in one of the following counties:
- Illinois: Lake, McHenry, Boone, Winnebago, Ogle, DeKalb, Kane, Dupage and Cook
- Wisconsin: Walworth, Kenosha, Racine, Rock, Green and Lafayette
- Direct deposit required: No, any ACH deposit will work
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Can fund up to $5,000 with a Visa, Mastercard, Discover or American Express
- Monthly fees: $10,a voidable
- Early account termination fee: $30, 90 days
- Household limit: None listed
- Expiration date: March 1st, 2020
- 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
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.
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:
- 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