[NJ & NY, In Branch only] Investors Bank $350 Checking Bonus

Offer at a glance

• Maximum bonus amount: $350, $35 per month
• Availability: In branch only [Branch locator]. All branches are in NJ & NY
• Direct deposit required: Optional
• Additional requirements: 10 debit card purchases or direct deposit of $1,000 each month
• Hard/soft pull: Soft pull
• ChexSystems: Unknown. Not sensitive
• Credit card funding: None
• Monthly fees: $20, avoidable
• Early account termination fee: Unknown
• Household limit: None
• Expiration date: None listed

The Offer

Direct link to offer

• Investors Bank is offering a bonus of up to $350 when you open a YourStyle® Plus Checking. You’ll receive a bonus of $35 per month for up to ten months when you meet one of following requirements:
  • Have an ACH deposit to your account of $1000 or more during your statement cycle OR
  • complete 15 point of sale transactions during your statement cycle

The Fine Print

• Requires $25,000 new money. New Money is defined as money not on deposit with Investors Bank within six months prior to the date of account opening.
• Bonus is up to $350, $35 per month for 10 months.
• Reward payments will cease at the earlier of reaching $350 total or 10 consecutive cycles from the date you opened your account.
• To be eligible to receive monthly bonus you must satisfy the following transaction activity requirements: have an ACH deposit to your account of $1000 or more during your statement cycle; OR, complete 15 Point-of-Sale (POS) transactions during your statement cycle, using your YourStyle®Plus Visa Debit Card linked to your account.
• Offer not available to any account owner with an existing personal checking account.
• The bonus is considered interest and will be reported on IRS Form 1099-INT. Consult your Tax Advisor.
• This offer may be withdrawn at anytime without notice.
• 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 a $20 monthly fee. To avoid a Monthly Maintenance Service Fee of $20, you must maintain $20,000 average Monthly Balance with YourStyle Plus Checking and a YourStyle®Plus Money Market account or High Yield Savings account AND have a Direct Deposit of $1000 deposit to your account during your statement cycle OR, complete at least 15 Point-of-Sale (POS) transactions during your statement cycle OR eligible Investors Financial customer. First Month after account opening the Service Fee is Waived.

Our Verdict

Looks like you need $20,000 in the account to keep it fee free. Better to just put that money into a high interest savings account instead (e.g $20,000 in a 2.5% account earns $41+ per month). Keep in mind Investor Bank also has a $250 checking bonus with much easier requirements to meet. Because of this we won’t be adding this bonus to our list of the best checking account bonuses.

Hat tip to reader IS250

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