My eBanc $100 Checking/Savings Bonus – No Requirements (Account Needs $25,000 To Keep Fee Free But Earns 2.15-2.25% APY)

Update: Looks like you also need to open a six month CD, making this deal even worse.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Direct deposit required: None 
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding:None
• Monthly fees: $15, avoidable
• Early account termination fee: $50, six months
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• My eBanc  is offering a bonus of $100 when you open a new eRelationship savings account and an Advantage checking account.

The Fine Print

• Earn $100.00 bonus by opening an eRelationship Savings account and an Advantage Checking account (eAdvantage Combo).
• BAC Florida Bank will deposit $100 into your Advantage Checking account within 5 days after it has been opened.
• BAC Florida Bank reserves the right to end the eCombo Solutions offer at any time.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

eRelationship Savings Account $15

This account has a $15 monthly fee. This is waived if you have an average daily balance of more than $25,000 during the statement cycle.

Advantage Checking account $15

This account has a below minimum balance fee of $15. If you have an average daily balance of less than $5,000 during the statement cycle you will be charged a $15 fee. BUT if the primary account holder has aggregate deposits of $5,000 or more (e.g in the eRelationship savings account) it will also be waived. Long story short, having $5,000 in the savings account also keeps the checking account fee free.

Early Account Termination Fee

Account needs to be kept open for six months otherwise a $50 fee is charged.

Our Verdict

It looks like this is available nationwide, but my eBanc is a division of BAC Florida so it might be Florida only. The best thing to do would be to open the account and put in $25,000 in funds. That would earn you the $100 bonus, keep the account fee free and you’d also get a 2.15% APY rate on the account as well. There are savings accounts that offer a higher APY but let’s be conservative and say you need to keep this new account open for six months. Over that six month period this account would earn:

• $100 bonus + ~$268.75 in interest = $368.75

Over the same six month period a 2.3% APY account would earn:

• ~$287.5 in interest

You come out about $81.25 ahead. Personally I think it’s probably just too much effort involved for such a small bonus, especially when you consider you’re tying up $25,000 for such a long period as well and there is no promise rates will stay the same. As always if anybody goes for this, share your experiences in the comments. For now we won’t be adding it to the best checking/savings bonus page.

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