[NJ] Blue Foundry Bank $1,000 Business Checking Bonus

Offer at a glance

• Maximum bonus amount: $1,000
• Availability: NJ
• Direct deposit required: None 
• Additional requirements: Deposit $35,000 and maintain for 7 months
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $5, avoidable
• Early account termination fee: None
• Household limit: None
• Expiration date: None listed

The Offer

Direct link to offer

• Blue Foundry Bank is offering a $1,000 bonus when you open a Blue Carbon Business Solutions Checking and maintain a balance of at least $35,000 at all times during a 7-month qualification period

The Fine Print

• Cash bonus is not available to existing Blue Foundry Bank Business Checking customers or businesses that have closed their checking account within the last 12 months.
• Only one Cash Bonus available per tax id. Bonus will be earned when account maintains a balance of at least $35,000 at all times during a 7-month (213 day) qualification period.
• Qualification period begins when account balance is $35,000, which must be within the first 30 days of account opening.
• Once the qualification period has concluded, your account will be credited the $1,000 cash bonus within 60 days.
• For tax purposes, bonus will be reported on form 1099.
• Blue Foundry Bank reserves the right to modify or discontinue the cash bonus 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

Avoid a $5 monthly statement fee by enrolling in eBanking and selecting eStatements

Early Account Termination Fee

I wasn’t able to find any EATF in the fee schedule.

Our Verdict

This account earns 0% APY, bonus works out to be 4.95% so not really worth doing as that’s in line with basic rates currently. There is also a personal bonus.

Hat tip to Tikky

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