Published on March 20th, 2018 | by William Charles90
[IN, MI] 1st Source Bank $300 Mastercard Checking Bonus
Offer at a glance
- Maximum bonus amount: $300
- Availability: Must live, work or study in Northwestern Indiana or Southwestern Michigan
- Direct deposit required: Yes, $250+
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $15, avoidable
- Early account termination fee: $25, 180 days
- Household limit: One
- Expiration date: December 31st, 2018
- 1st Source Bank is offering a $300 Mastercard gift card. Requirements for the bonus are as follows:
- Open a new Easy Banking Club Checking account or a Cubs 1st checking account (either in branch or online). Minimum openng balance of $50
- Set up and receive a direct deposit of at least $250 within 65 days of account opening
The Fine Print
- The $300 Gift Card bonus offer is available, at the eligible locations, for new 1st Source Bank Cubs 1st Club or Easy Banking Club personal checking accounts opened by December 31, 2018.
- Required for gift card is a minimum opening balance of $50; and the setup and initial deposit of an ACH direct deposit of at least $250, each within 65 days of the account opening.
- The gift card will be mailed to the client at the address of record within 60 days of all requirements being met. 1st Source reserves the right to withdraw or modify this offer at any time.
- Offer may not be combined with any other offer, one offer per household.
- Account is subject to approval. Accounts titled as Irrevocable Trusts, Estate, Non-individual and HSAs are not eligible.
- The $300 Gift Card will be treated as interest earned and you may receive a 1099-MISC and be responsible for reporting this as income to the IRS.
- Employees of 1st Source are not eligible. 1st Source Bank – Member FDIC, Equal Housing Lender.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Easy Banking Club has a $15 monthly fee, this is waived An ongoing, monthly ACH direct deposit in the amount of at least $250 (must be paycheck, pension, Social Security or other government benefit). There is a $25 early account termination fee if the account is closed within 180 days of opening.
It seems like the online account opening is still really in branch, I’d personally just open in branch directly as I think you will have a lot less issues that way. Overall a nice big bonus, although the monthly fee is annoying to avoid as it requires a direct deposit. I’ll add this to our list of the best checking bonuses once we can confirm it’s a soft pull.
Big thanks to reader, Credit Guy 1234 who let us know. Learn how to find bonuses and contribute to the site here.
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