Published on October 21st, 2019 | by William Charles32
[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
- 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- This offer is subject to change and may be withdrawn without notice.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
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
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:
- 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
- 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
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times