Bonus has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide
- Direct deposit required: Yes, $750 per month for two months
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: None listed
Contents
The Offer
- Magnifi Financial is offering a $500 bonus when you open a new checking account and complete the following requirements:
- Use promo code CHECKING500TC
- $200 bonus when you open a new checking account and receive a debit card or credit card
- Earn $150 bonus per month for two months when you:
- Set up direct deposit totaling $750 or more
- Make at least 8 qualifying purchases using a Magnifi debit or credit card
The Fine Print
- Does not apply to existing accounts.
- New personal checking account members only; cannot have had a checking account with Magnifi in the past 24 months of account opening.
- Must be 16 years or older. One offer per Social Security number.
- Debit or credit card required to receive bonus.
- Total bonus earnings up to $500.00.
- $200 bonus will be deposited at account opening.
- To earn the $150 first and second month deposit bonuses, members must meet the following criteria: receive a monthly ACH deposit (min. $750), have a debit or credit card linked to the checking account, make 8 qualifying debit or credit card purchase transactions monthly to maintain “active checking” status (does not include ATM transactions), and remain in good standing (no negative balance on any Share account or loan throughout the month).
- Members can earn up to two monthly deposit bonuses totaling $300.00.
- If any requirements of this offer are not met,
- Magnifi reserves the right to reclaim any bonuses received.
- Must use promo code “CHECKING500TC” at account opening.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free checking account has no monthly fees to worry about.
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
Nice that you can get $200 of the bonus with no direct deposit requirement. I can definitely see this being pulled early so I’d recommend signing up ASAP. I also wouldn’t be surprised if there ends up being issues with this bonus based on how popular it’ll be. We will add it to our best bank account bonus page.
Hat tip to reader Pkort
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- 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
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- 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?
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