[IN, IL, WI] CIBM Bank $250 Checking Bonus, Direct Deposit Not Required

Update 7/22/23: Deal is back and good through Dec 31, 2023. This time only the $250 bonus is available.

Offer at a glance

• Maximum bonus amount: $600
• Availability: IN, IL, WI
• Direct deposit required: Yes for $600 bonus
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown (sensitive)
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: Six months, $25
• Household limit: None listed
• Expiration date: 6/30/23

The Offer

Direct link to offer | $600 bonus & $250 bonus

• CIBM Bank is offering two bonuses, one for $250 and the other for $600. Bonuses are as follows:
  • Get $600 ($50 per month for 12 months) when you open open a new High Performance Checking with the promo code IWANT6004HP and complete the following requirements:
    • Maintain a $2,500 minimum monthly balance for 6 months.
    • Receive Direct Deposit(s) of $1,000 or greater each month
    • Use your account.  Complete 4 qualified debits of $25 or greater per month
  • Get $250 when you open a new checking account and complete the following requirements:
    • Enter promo code GET2502023 during account opening
    • Complete 10 debit card transactions per month for the first two full calendar months

The Fine Print

$600 bonus:

• Offer available on new High Performance Checking accounts opened between 1/1/23 and 6/30/23 and limited to one per customer.
• Offer not available for existing CIBM Bank personal checking account holders or those who have closed a CIBM Bank personal checking account within the past 12 months.
• Promo code IWANT6004HP must be used at time of account opening.
• In each of the twelve (12) calendar months following the month of account opening, customer shall be eligible to receive a $50.00 bonus payment upon completing all required Qualifying Activities.
• Each month’s Qualifying Activities shall be reviewed, and any such related bonus payments made, independently of other months.
• Maximum total bonus per account is $600.00. In each calendar month, “Qualifying Activities” are: (i) the account must maintain a minimum balance of $2,500.00; (ii) the account must receive one or more Qualifying Direct Deposits with a cumulative total of $1,000.00 or more; and (iii) four or more Qualifying Debits of $25.00 or greater must be posted to the account. “Qualifying Direct Deposits” are electronic deposits of your paycheck, retirement, or government benefits (such as Social Security) from your employer or the government. “Qualifying Debits” are debit card purchase transactions, checks, or ACH debit transactions. Bonus payments will be made to the account no later than 5 business days following the end of the calendar month in which they are earned. Account must be open and in good standing in order to receive any bonus payment. Cash bonus considered interest and reportable on IRS Form 1099-INT. Minimum opening deposit of $100.00 required. Accounts closed within 6 months of opening date, subject to a $25.00 early closing fee. Annual Percentage Yield (APY) accurate as of 12/31/22. Balances of $0.00-$4,999.99 (0.03% APY) and $5,000.00 and up (0.07% APY). Variable rate account and interest rate is subject to change. Account remains subject to all terms and conditions as outlined in the “Terms and Conditions of Your Account” and all account disclosures, including $7.00 monthly service fee if minimum monthly balance of $500.00 or average daily balance of $1,000.00 is not maintained. We reserve the right to amend or cancel any part of this offer at any time.

$250 bonus:

• Offer available on new accounts opened between 1/1/23 and 6/30/2023 and limited to one per customer.
• Offer not available for existing CIBM Bank personal checking account holders or those who have closed a CIBM Bank personal checking account within the past 6 months.
• Promo code GET2502023 must be used at time of account opening.
• To qualify for the bonus, the new account holder must complete 10 debit card transactions per month in each of the first two full calendar months following the month of account opening.
• Transactions may take one or more business days from the date transaction was made to post and clear the account.
• The bonus will be paid within 120 days of account opening provided debit card transaction requirements have been met.
• Account must be open and have a balance greater than zero when the bonus is paid.
• Maximum bonus per account $250.
• Cash bonus considered interest/ income and reportable on IRS Form 1099-INT or 1099-MISC. Minimum opening deposit of $100 required.
• Accounts closed within 6 months of opening date subject to a $25.00 early closing fee.
• We reserve the right to amend or cancel any part of this offer at any time.

 

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The High Performance Checking has a $7 monthly fee that is waived with a $1,000 minimum balance.

Early Account Termination Fee

$25 fee if closed within six months.

Our Verdict

This is better than the $450 bonus previously available. Some people will prefer the $250 bonus as you don’t need to worry about meeting the requirements for 12 months and no direct deposit is required. We will add this to the best bank bonuses.

Hat tip to reader Daniel

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