Offer at a glance
- Maximum bonus amount:Â $2,000
- Availability:Â IL
- Direct deposit required:Â None
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems:Â Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Republic Bank is offering a business checking bonus of up to $2,000. Bonus you receive depends on the average monthly balance in your third month:
- $10,000 to receive $250 bonus;
- $25,000 to receive $500 bonus;
- $50,000 to receive $1,000 bonus;
- $100,000 to receive $2,000 bonus
The Fine Print
- Offer not available to existing Republic Bank of Chicago checking clients.
- Offer limited to one per client regardless of number of accounts opened.
- Offer may be withdrawn at any time without notice.
- In the third month following account opening, maintain an average monthly balance of $10,000 to receive $250 bonus; $25,000 to receive $500 bonus; $50,000 to receive $1,000 bonus; $100,000 to receive $2,000 bonus. Bonus will be received as a deposit to your checking account within 30 days of the promotional time period. The bonus is considered interest and may be reportable for tax purposes.
- If account is closed within 6 months of opening, bonus will be deducted before account closing.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business basic checking account has no monthly fees to worry about.
Early Account Termination Fee
Bonus is forfeit if closed within six months of account opening
Our Verdict
Looks like you only need to tie up funds for one month to trigger the bonus if that’s true then this is a very good return and worth doing. APYs are:
- $10,000: 25.29%
- All other tiers: 19.82%
Assuming a 40 day hold period. We will add this to our list of the best bank account bonuses.
Hat tip to reader Gabe R
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
