You might remember seeing this deal before, that’s because we’ve posted about it in the past. Unfortunately Nationwide changed the rules significantly half way through the promotion, those who had signed up before will still get the old rules but those signing up now will get these new rules. We thought it best to create a new post to avoid too much confusion. Click here to view the old post.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $200+
- Additional requirements: None
- Hard/soft pull: Soft, make sure you don’t opt in for overdraft protection otherwise it will be a hard pull
- Credit card funding: No
- Monthly fees: $8, waivable
- Early account termination fee: $25 if closed within six months. Bonus will also be taken back if closed within 90 daysÂ
- Expiration date:Â June 30th, 2015Â
The Offer
- Receive a $200 new customer bonus from Nationwide checking when you open an eChecking account using the promotional code “03110473″, funding it with at least $100. You’ll also need to set up direct deposits of at least $200+ per month (some customer service represenatives have stated that this must be set up on a recurring basis. E.g once per month at least until the bonus posts)
The Fine Print
- Direct deposit of at least $200 must be received within 60 days of account opening
- Direct deposits must be ACH credits made by an employer or outside agency (such as pension or government benefit payments)
- Bonus will post within two weeks after the 90 day minimum requirement
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is a monthly fee of $8. To avoid this you need to do the following:
- Sign up for at least one direct deposit of $25 per month AND make at least 8 debit card transactions per statement period OR
- Maintain a combined average daily balance among your Nationwide Bank deposit accounts of at least $10,000 (excludes CD account balances)
Early Account Termination Fee
If you close your account within 90 days of opening you will forfeit the $200 bonus. If you close it within 180 days you’ll have to pay a fee of $25
Our Verdict
This bonus isn’t as good as it was in the past, as it’s now more difficult to keep the account fee free (in the past you only had to make at least 8 debit card transactions). I signed up for this offer already (with the previous terms) but if I hadn’t I’d still go for this deal. Yes it’s more difficult to keep the account fee free and it looks like they are cracking down on what counts as a direct deposit (I got my employer to change part of my payroll) but it’s still a good deal. Here’s how I’d complete this deal:
- Open eChecking account with promotional code 03110473, making sure I don’t opt in for overdraft protection to ensure that a hard credit inquiry is not done.
- Fund the account with at least $50 from an external bank account
- Get my employer to change $200 of my payroll per month over to this new account (usually I’d just do an ACH transfer, but it looks like they are trying to cut down on this – so it’s not worth the risk for my mind). This will trigger the $200 bonus and also help to keep the account fee free.
- Purchase 8 $0.5 amazon gift cards per month to fullfill the debit card requirement. Here are some other techniques for fulfilling this requirement
- Wait for my bonus to post
- Wait six months after the account was opened to avoid the early account termination fee
- Withdraw funds to my regular checking account
- Close the eChecking account
It’s a bit more of a hassle than some other checking accounts bonuses, but I think the $200 bonus makes it worth it – which is why I’ve also added it to the list of best new checking sign up bonuses.
