[Expired] [MN & IA only] Home Federal Savings Bank $200 Bonus ($100 Checking & $100 Money Market)

This checking bonus has expired and is no longer available. Click here for a list of the best checking bonuses.

Offer at a glance

• Maximum bonus amount: $200
• Availability: Seems to be in branch only, most branches are in MN but there is one in IA as well [Branch locations]
• Direct deposit required: Yes, no minimum specified
• 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 listed
• Expiration date: October 31st, 2017 December 31st, 2017

The Offer

Direct link to offer

• Home Federal Savings Bank is offering a bonus of up to $200 for new and existing account holders. The qualifications are different for new and existing account holders, so lets break down the bonus for both
• New account holders:
  • Open any checking account with direct deposit and receive $50
  • Add a debit card with CardValet and earn $25
  • Add eStatements and earn $25
  • Add a relationship money market account with $10,000 or more and earn $100
• Current account holders:
  • Refer a friend and earn $25
  • You can also get the eStatements, CardValet and money market bonuses described above if you don’t already have those add ons.

The Fine Print

New accounts:

• $50 direct deposit bonus: Health Savings Accounts are not eligible for the $50 reward. Must not have been a HF checking account client in the last 12 months. Checking account minimum opening balance is $25. $50 reward will be credited to the account within 60 days of meeting the $100 direct deposit qualification. Qualifications must be met by 10/31/17. $50 reward will be reported as interest on IRS Form 1099-INT. $75 early closing fee will be charged by the bank if the account closes within the first 6 months. This offer is subject to change and may be withdrawn without notice. Member FDIC
• $25 debit card bonus: Checking account linked to new debit card must not have had a debit card in the last 12 months. Account ownership styling and transaction authority may disqualify eligibility to receive the $25 reward. $25 reward will be credited to the account within 60 days of meeting the installation of the CardValet Application requirement. CardValet requires the Debit Card be activated. Qualifications must be met by 10/31/2017. $25 reward will be reported as interest on IRS Form 1099-INT. This offer is subject to change and may be withdrawn without notice. Member FDIC
• $25 eStatements: $25 reward will be credited to the main account within 60 days of meeting the Online Banking enrollment requirement. One $25 reward will be given per client, not per account enrolled. Qualifications must be met by 10/31/2017. Clients with existing active online banking will qualify for the $25 reward. Account ownership styling and transaction authority may disqualify eligibility to receive the $25 reward. $25 reward will be reported as interest on IRS Form 1099-INT. This offer is subject to change and may be withdrawn without notice. Member FDIC
• $100 money market: A product type change from an existing money market will not qualify to receive the $100 reward. Money Market account requires a $10,000 minimum balance to open and to avoid a monthly fee. Rates shown are effective 10/31/2017. This is a tiered rate account and subject to change after the account is opened. If your daily balance is less than $9,999.99, the interest rate paid on your balance will be 0.05% with an APY (Annual Percentage Yield) of 0.05%. If your daily balance is between $10,000-$24,999.99 the interest rate paid on your balance will be 0.10% with an APY of 0.10%. If your daily balance is between $25,000-$49,999.99 the interest rate paid on your balance will be 0.20% with an APY of 0.20%. If your daily balance is between $50,000-$99,999.99 the interest rate paid on your balance will be 0.30% with an APY of 0.30%. If your daily balance is between $100,000-$249,999.99 the interest rate paid on your balance will be 0.40% with an APY of 0.40%. If your daily balance is $250,000 or greater the interest rate paid on your entire account balance will be 0.40% with an annual percentage yield of 0.40%. Fees could reduce earnings. Qualifications must be met by 10/31/2017. $100 reward will be credited to the account within 60 days of meeting the account requirements. $100 reward will be reported as interest on IRS Form 1099-INT. $75 early closing fee will be charged by the bank if the account closes within the first 6 months. This offer is subject to change and may be withdrawn without notice. Member FDIC
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The advantage checking account has no monthly fees to worry about.  I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee charged or not.

Our Verdict

Basically a $100 checking & $100 money market bonus and there are quite a few requirements for the checking bonus. Probably not worth it for most people especially considering you need to open in branch and that likely means no credit card funding. Could be worth it if you’ve done the bigger checking bonuses though and it’s a soft pull. If anybody goes for it then please share your experiences in the comments below.

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• 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
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