Deal has ended, view more bank account bonuses by clicking here.
Update 9/19/20: Deal is back and you can choose between a cooler and $200. Direct deposit still required but no minimum mentioned (before it was two direct deposits of $500+). Thanks to all the readers who sent this in.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â IN, WI, IL only
- Direct deposit required:Â Yes, no minimum mentioned
- Additional requirements:Â None
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown (sensitive)
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Six months, $25
- Household limit:Â None listed
- Expiration date:Â
September 20th, 2019November 6, 2020
Contents
The Offer
- CIBM Bank (also known as marine bank) is offering a bonus of $200 or a Yeti cooler when you open a new checking account and complete the following requirements:
- Use ClickSWITCH to Move Your Direct Deposit at Account Opening
The Fine Print
- Offer available on new accounts opened between 8/5/2019 and 9/20/2019 and limited to one per customer.
- Offer not available for existing CIBM Bank personal checking customers or those who have closed a CIBM Bank personal checking account within the past 12 months (including signers on joint accounts).
- To qualify for the bonus, within 90 days of opening, the new account must receive one or more qualifying direct deposits with a cumulative total of at least $500 each calendar month for two consecutive months.
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension, or government benefits (such as Social Security) from your employer or the government.
- Minimum opening deposit of $100 is required for CIBM Bank Classic Checking, Acceleration CheckingSM, Personal NOW Checking and Alternative Checking Accounts and $2,500 is required for the CIBM Bank High Performance Checking Account.
- Account must be open and have a balance greater than zero when the bonus is paid to the account, within 150 days after opening.
- Accounts closed within 6 months of opening date are subject to our standard early closing fee as published in the bank’s schedule of fees.
- Cash bonus considered interest/income and reportable on IRS Form 1099-INT or 1099-MISC.
- 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
This account has no monthly fees to worry about.
Early Account Termination Fee
Accounts closed within 6 months of opening date are subject to a $25.00 closing fee
Our Verdict
Account also offers 2% APY, this is not attractive as there are better high yield accounts available. We also recently saw a bonus of $250 with basically the same requirements, because of that I would hold off on this bonus for now and hope that bigger offer returns. I won’t be adding this to our list of the best checking bonuses.
Hat tip to DDG
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
