[Expired] [IN, MI] 1st Source Bank $150 Mastercard Gift Card Checking Bonus

This bonus has expired, click here to view the best current checking bonuses.

Offer at a glance

• Maximum bonus amount: $150 Mastercard gift card
• Availability: Must live, work or study in Northwestern Indiana or Southwestern Michigan
• Direct deposit required: Yes, $250+
• Additional requirements: None
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown 
• Monthly fees: None
• Early account termination fee: None
• Household limit: One
• Expiration date: November 30th, 2017

The Offer

Direct link to offer

• 1st Source Bank is offering a $150 Mastercard gift card when you complete the following requirements:
  • Open a Cubs 1st Club, Easy Banking Club, 1st Checking or Portfolio Checking account with a minimum deposit of $50 by November 30, 2017
  • Within 65 days of account opening Set up and maintain a monthly ACH Direct Deposit of your paycheck, pension, Social Security or other government benefit of at least $250 per deposit

The Fine Print

• Requirements for gift card must be completed within 65 days of the account opening.
• Your gift card will be mailed to you at your address of record within 60 days of all requirements being met.
• We reserve the right to withdraw this offer at any time.
• Offer may not be combined with any other offer.
• One offer per household.
• Account is subject to approval.
• E-student and HSA accounts, as well as accounts titled as Irrevocable Trusts, Estate or Non-individual are not eligible.
• The $150 Mastercard® Gift Card will be treated as income earned and you may receive a 1099-MISC and be responsible for reporting this as income to the IRS.

Avoiding Fees

Easy Banking Club has no monthly fee to worry about. I wasn’t able to find any mention of any early account termination fee in the fee schedule.

Our Verdict

They had a $200 bonus recently but that required opening in branch. This bonus is obviously $150 less but at least you can open online (update, you actually have to still go in branch to open this account). We really need to know more before we can decide if it’s a good or bad bonus so please share your datapoints in the comments. For now it won’t be going in our best checking sign up promotion list.

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