Posted by William Charles on October 21, 2019
Bank Account Bonuses

Published on October 21st, 2019 | by William Charles

32

[MN & IA only] Home Federal Savings Bank $400 Bonus ($200 Checking & $200 Money Market)

Update 10/21/19: Deal is back and valid until December 31st, 2019. Hat tip to reader EW

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: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: Qualifications must be met by June 30th, 2019

The Offer

Direct link to offer

  • Home Federal Savings Bank is offering a bonus of up to $400 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 $100
    • Add a debit card with CardValet and earn $50
    • Add eStatements and earn $50
    • Add a relationship money market account with $10,000 or more and earn $200
  • 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 account owners must not have been a Home Federal checking account client in the last 12 months.
  • Checking account minimum opening balance is $25.
  • $100 reward will be credited to the account within 60 days of meeting the direct deposit qualification.
  • Qualifications must be met by 06/30/19 (direct deposit must clear by 08/31/2019).
  • CardValet requires the Debit Card be activated.
  • Clients with existing active online banking will qualify for the $50 reward
  • Reward will be reported as interest on IRS Form 1099-INT.
  • A $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  • This offer is subject to change and may be withdrawn without notice.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Advantage Checking – None

The advantage checking account has no monthly fees to worry about.

Money Market Account – $25

This account has a $25 monthly fee, this is waived with a $10,000 minimum balance.

Early Account Termination Fee

There is an early account termination fee of $75 if the account is closed within 6 months

Our Verdict

Previous best deal was $200, requirements are exactly the same but everything has been doubled. We still need to know if this is a soft or hard pull, if it’s a soft pull then I definitely think it’s worth doing. The money market bonus is a bit difficult because you need to keep the $10,000 deposited to avoid the monthly fee/early account termination fee.

Big thanks to reader, TJ who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Emporio
Emporio

I’ll be a DoC Guinea pig for this offer by visiting a branch next week to open the accounts and then report back on the Hard inquiry and Chex inqury open questions.

Peek

It does say “Call or stop by any Home Federal branch.” Makes me wonder if this can be opened over the phone.

LC
LC

this. someone try

Peek

I have emailed them. No response yet. If I get no reply I’ll try calling.

Joe
Joe

I won’t be able to go in until May. Unfortunately, no option for opening online.

Jeff
Jeff

Do I have to live in MN or IA to do this bonus? They allow out of state apps? Live in MI but travel frequently to Twin Cities and could open in branch at their Egan location..

LC
LC

ill call and see if i can apply over email. I will post an update.

Robert
Robert

LC
What was the result?

Adam
Adam

It looks like the only requirement for the $200 money market bonus is simply opening the account with a $10k deposit, and the bonus is paid within 60 days. It may possible to just downgrade the money market account after the bonus posts. It looks like they have a no-fee money market account called “Summit Money Market”, but I could not find a fee schedule or any other account terms online.

The only snag I can see is if the bank tries claiming that the 60 day payout timer for the money market begins when the direct deposit posts on the checking account, but it looks like the money market bonus may pay out independently. If anybody learns anything about this or about the option to downgrade the money market, let us know.

Also note there is a $25 bonus described on the offer page for existing customers that refer new customers.

John
John

Any downside in simply calling and asking if it is a hard pull or soft pull? Feel like that is a reasonable sticking point for nearly all customers.

MikeTheCreator
MikeTheCreator

its not a hard pull i applied in branch it very easy and simple.

MikeTheCreator
MikeTheCreator

and btw after getting approved they asked why i had like 12 inquiries on my chex in the past 12 months lol so they are chex sensitive.

Mat Sturgill
Mat Sturgill

MikeTheCreator what do you respond with when they ask about your frequent inquiries?

MikeTheCreator
MikeTheCreator

I just tell them i have some savings, money market accounts, and brokerage accounts that i opened up LOL, it was really awkward when she asked about it because she thought i wasn’t aware about it as if somebody else opening these accounts.

Shes like do i have accounts at all these banks and im like no not all of them L O L.

MikeTheCreator
MikeTheCreator

The bonus posts for this really slow its not instant, looks like will have to wait 30-60 days for the bonus

B2
B2

Visited a branch and opened account the other day. They printed and showed me my Chex (12 inq.) but still opened the account. Here’s what I learned:
– Seems to be soft pull
– The DDs have to be $100+
– Make sure you ask for the account without fees, they assume you want the other one (which offers 2% interest on up to $5k)

So far so good with the requirements, for awhile the CardValet app was broken and I couldn’t enroll but I talked to Fiserv and it seems to be working now (enrolled).
The rest was pretty self explanatory, now we just have to wait.

wilsonhammer
wilsonhammer

“A $75 early closing fee will be charged by the bank if the account closes within the first 6 months.”

Opened in branch. Live in MN tho, so no DP on out of state. Lol/24 so go nuts on other accounts. Soft pull. Had trouble with their card valet app but I got it working.

Mike
Mike

Opened in branch 2/14 with $25 opening deposit to checking, $10,000 to money market. They printed my debit card in branch while I was there. Enrolled debit card in Card Valet same day, 2/14. Enrolled in online statements on 3/8 (forgot to do this until the paper one came in the mail).

$100 real DD on 2/28, 3/15, 3/29, 4/15.

$400 bonus shows pending in checking account on 4/16.

Mike
Mike

Seeing this back on the front page reminds me: I closed my accounts in branch on 9/24. No questions asked. I was probably in the bank for 10-15 minutes. All in all a pretty easy $400 bonus.

EW
EW

Offer has been extended to 12/31/19

David
David

Looks like it is possible, but a pain in the butt, to open an account via email or phone, as they told me they would need me to sign documents in front of a notary and then mail them back. Much easier to go in branch if you’re able to!

Brian C

Can you elaborate on the email option?

I have a notary in my office so i am very interested in this route.

David
David

Just give them a call and let them know you cannot make it in during their business hours. They’ll probably give you the email of one of their bankers to go through the account opening process. I ended up just going in branch, so I don’t know what the actually opening process would be like otherwise, but I’m assuming they’d fax/email/mail you the forms, you’d need to get them notarized, and then you’d send them back.

Brian C

Can those who received the bonus clarify, after opening the MM with $10k, did you leave the money there until the bonus posted, pulled the money out and paid the fees, or did you downgrade to an easier option to keep fee free?

Mike
Mike

I left the $10k in the account until I was outside of the early termination period.

Brian C 🐕

DP:
No chance of opening account out of market with this bank. Tried via email and in-person and confirmed you need a home address “in-market”.

So don’t waste your time out-of-staters….

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