Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $450
- Availability: IN, IL, WI
- Direct deposit required: Yes, $500+
- 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: December 31, 2021
Contents
The Offer
- CIBM Bank is offering a bonus of $450 when you open a new High Performance Checking with the promo code GIMME4504HP and complete the following requirements:
- Maintain a $1,000 minimum monthly balance for 6 months.
- Use your account.
- Direct Deposit(s) of $500 or more monthly.
- Complete debit transaction (month 1 – one, month 2 – two, month3 – three, month 4 – four, month 5 – five, and month 6 – six).
- Your bonus will be deposited into your new account in $75 increments, for 6 months for a maximum of $450
The Fine Print
- Offer available on new High Performance Checking accounts opened between 6/15/21 and 12/31/2021 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 GIMME4504HP must be used at time of account opening.
- In each of the six (6) calendar months following the month of account opening, customer shall be eligible to receive a $75.00 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 $450.00.
- In each calendar month, “Qualifying Activities” are: (i) the account must maintain a minimum monthly balance of $1,000.00 (as determined by CIBM Bank; see “Truth in Savings Disclosure”); (ii) the account must receive one or more Qualifying Direct Deposits with a cumulative total of $500.00 or more; and (iii) one or more Qualifying Debits must be posted to the account as follows: Month 1- one Qualifying Debit; Month 2 – two Qualifying Debits; Month 3 – three Qualifying Debits; Month 4 – four Qualifying Debits; Month 5 – five Qualifying Debits; and Month 6 – six Qualifying Debits. “Qualifying Direct Deposits” are electronic deposits of your paycheck, pension, 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 6/15/21. Balances of $0.00-$4,999.99 (0.02% APY) and $5,000.00 and up (0.05% 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 monthly service fee if minimum monthly balance of $1,000.00 is not maintained. 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
There is 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
Previously the bonus was $250, but with lower requirements and an easier account to keep free. Still I think most people will prefer this bonus as it’s significantly more. We will be adding this to our list of the best bank account bonuses.
Hat tip to reader Steve D
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
This is showing on the “Best Bank Account” list still under state specific. May want to remove it since the deal expired.
FYI you can auto close the account just by bringing the balance to $0. Customer service rep confirmed it had been closed already before I had called in. In online banking there is a status line and it will say “Closed” in red font.
Did anyone get a 1099 from these guys?
Nope. Do we need to report it?
I contacted them too and they said that no interest was generated in 2021 so no 1099-INT.
Should you report it? Yes. Will I? Likely not.
Applied in-branch and approved with Chex at LOL level. The banker noted that I have a lot of inquiries and would normally be automatically declined, but they overrode the system since I was there in-person.
Also opened for P2 at the same time and they overrode the Chex system for them as well.
The banker didn’t seem phased at all.
Update: We received two hand-written thank you cards in the mail from the banker at the branch (one for me and one for P2) thanking us for opening accounts and welcoming us to the CIBM family.
Sorry CIBM, but that personal touch doesn’t mean much to me. Besides, your banking interface is straight up garbage.
Opened account in July. Did the requirements for August and still no $75
Opened in July and just got first $75 in Oct. Was worried that I’d miss the debit card txn requirements, since it took almost a month to receive my debit card due to their confusing processes/documentation
Declined after initial application was pending. The notice said unable to open account “as your account history does not meet our minimum requirements” based on Chex. Lol, I’ve only opened 3 accounts in the last year or so.
Application process is tedious. Website User interface is old and needs major upgrade. Communications are sent via Postal (wet signature), email (by local branch agent) and also via docusign for signing docs. Clickswitch subscription not mandatory to get bonus if you setup DD from employer (confirmed by agents).
Not sure what Clickswitch was, and opted to not include it. Though I haven’t found out how to log back into my application for verification of ACH amounts, their email is of no help
Finally got fully approved. The application/approval process was cumbersome, lengthy, and unintuitive. They send information in email attachments and don’t fully explain what’s necessary to get approved.
Tried to open in branch as OOS resident but was told you have to reside within their footprint to be a customer.
Was declined after applying likely for Chex. Although I applied for several accounts last year this was the first for 2021. They are likely pretty Chex sensitive.