[Shutting Down] Neobank Spiral $50 + $200 Checking Bonus

Update 10/6/22: Spiral is shutting down by the end of year. More details here.

Update 5/5/22: Extended until May 31, 2022 for the $50 referral bonus, $200 bonus no longer being offered.

Update 4/2/22: Extended until April 30, 2022.

Update 3/1/22: Deal has been extended until 3/31/22. 10 Debit card purchases totaling $500+ now required.

Update 1/24/22: Deal has been extended until 2/28.

Update 1/1/22: Deal has been extended until 1/31/22.

Update 11/22/21: Deal has been extended until December 31, 2021.

Update 11/11/21: You can now access Spiral on the Spiral website rather than it being iOS only. All the sign up links are still to the app store, but you can click login and then ‘I Don’t Have An Account’. I assume this will work for the bonuses as well, but needs to be confirmed. Hat tip to JesC

Update 10/21/21: There is now an additional $200 bonus when you set up a direct deposit. I assume it can be stacked with the $50 offer as well. Hat tip to reader JesC

Offer at a glance

• Maximum bonus amount: $50 + $200
• Availability: Nationwide
• Direct deposit required: Yes $1,500+ for two months
• Additional requirements: Deposit $100+ or $200+
• Hard/soft pull: Soft pull
• ChexSystems: No
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: November 30, 2021

The Offer

Direct link to offer

• Neobank Spiral is offering a bonus of up to $50 when you open a new checking account. The bonus depends on your deposit:
  • Make a single deposit $100+ and get $25 bonus
  • Make a single deposit $200+ and get $50
• Get $200 when you set up recurring direct deposits of at least $1,500 each month for two consecutive months within 60 days of the end of the promotion and make 10 purchases totaling $500 or more using your Spiral VisaⓇ Debit Card

The Fine Print

• Offer valid from September 20, 2021, through November 30, 2021, and is available when you have an existing Spiral consumer checking account and have never made a deposit or had a credit to the checking account before September 20, 2021 or for any new customer who opens a checking account on or after September 20, 2021.
• Offer is not available to customers who have previously made a deposit to their Spiral checking account (excluding micro-deposits to verify external accounts), customers who made a deposit to their checking account in any amount but currently have a zero or negative balance, or customers who received a bonus on a previous checking account at any time.
• To qualify for the $25 checking bonus, checking customers must have an unfunded Spiral checking account (that is, no deposits or credits have been made to the checking account, except for micro-deposits to verify an external account) and make a single $100 deposit on or before November 30, 2021 (cumulative deposits totaling $100 will not qualify for the $25 bonus).
• To qualify for the $50 personal checking bonus, checking customers must have an unfunded Spiral checking account (that is, no deposits or credits have been made to the checking account, except for micro-deposits to verify an external account) and make a single $200 or more deposit on or before November 30, 2021.
• The $25 and $50 offers are not combined if you make a deposit of $200 or more. (cumulative deposits totaling $200 will not qualify for the $25 bonus).
• Once the offer criterion is met, the bonus will be credited to your checking account within 90 days from the date of deposit.
• Checking account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If the checking account is closed by Spiral, Spiral may deduct the bonus amount from the checking account before the checking account is closed. Spiral may issue you an IRS Form 1099-MISC or other appropriate forms reporting the value of the bonus.
• Offer may be withdrawn at any time and is subject to change. Spiral and nbkc bank employees are not eligible.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about. As long as you make a deposit or withdrawal at least every 90 days. Spiral will charge your account $7 per month (up to 6 months) if you do not make a deposit or withdrawal every 90 days. Interest posting is not considered a deposit for purposes of this fee.

Early Account Termination Fee

Wasn’t able to find the fee schedule so unsure if there is any early account termination fee.

Our Verdict

Spiral has raised $14m, so this seems legit. The $50 bonus is easy to trigger and the $200 direct deposit is generous.  Spiral will also match up to $150 donations per year, how much they will match depends on how much you direct deposit into your account (table here). As this is a soft pull we will add this to our list of the best bank account bonuses.

Hat tip to reader Candice W

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