Posted by William Charles on November 6, 2018
Bank Account Bonuses

Published on November 6th, 2018 | by William Charles

15

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.

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more info
more info

Nationwide available, no credit card funding and only a soft credit pull from the credit report (per conversation with agent via online chat)

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No credit card funding. Only ACH or check. Pass for me

more info
more info

$50 early termination fee for accounts (savings or checking) open for less than 6 months. So by my rough calculations a $25K deposit (plus some minimal deposit in the checking account held for at least 6 months would result in a 2.95% maximum APY – assuming the account was closed immediately after the 6th month.

Thinking of this as a 6 month CD that yields around 2.95% with more hassle than a CD would make me walk away, but others might find this interesting. Keeping in mind some of us are getting 2.50% at EBSB today and possibly higher in the next ~3 months.

Joe
Joe

Hmmmmm open, get bonus in 5 days, close??

Mike
Mike

Sounds good to me.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

You have to open a 6 month CD to get bonus.

Steve
Steve

Why do you say a CD is needed for the bonus? They do talk about Time Deposits in general on the same page, but the fine print for the bonus says “Earn $100.00 bonus by opening an eRelationship Savings account and an Advantage Checking account (eAdvantage Combo)” with no mention of a Time Deposit / CD.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Steve Just the way the combo is when you go to sign up. Also look at what Sara Logan said.

Sara Logan
Sara Logan

talked to live CSR – its CD + Savings + Checking – $25k total.
CD you can open it for as low as $5000.00 the e Relationship for $2500.00 to $100,000.00.

so it definitely needs opened for at least 6 months with the CD requirement.

taro
taro

if we can really close it after 5 days getting bonus with no ETF i might just do that. think that will work or the bank will pull some bs? i dont have 25k to float so would only do this to collect bonus quick and close if possible

Dan - Legal Bank Robber
Dan - Legal Bank Robber

You risk totally destroying your relationship with them. But if you 0 the balance and close I think it would work.

EDIT: You have to open a minimum 6 month CD. Don’t bother

taro
taro

lmao didnt realize 25k was the minimum deposit. guess i have to pass

john m
john m

$25,000=$100 bonus? I don’t think so. CHEEEEEEEEP.

Ron
Ron

Exactly !! what were they thinking? Some of these bankers really take us for granted it seems. This type of banks should be given a big thumbs down with no sign ups even if you have 25K to float around easily. Let’s all stay away May be then the message will reach their ears

Sara Logan
Sara Logan

i have a feeling basically nobody is goign to sign up for this. I guess if you have an extra 25k to park and have maxed out higher % accounts it might make sense for the $100 bonus.

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