Offer at a glance
- Maximum bonus amount: $2050
- Availability: Normally NJ, NY & PA, but both branches are NJ so maybe NJ only?
- Direct deposit required: Yes, $500+ per month
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown, sensitive (might not be sensitive in branch)
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date: None listed
The Offer
Direct link to offer: Perth Amboy or New Brunswick Neilson Street (can open both online)
- OceanFirst Bank is offering a bonus of up to $2,050 when you open a new community business checking account.
- $50 for opening account
- Maintain a balance for three months and earn an additional bonus:
- $200 with $10,000+ balance
- $2,000 with $100,000+
The Fine Print
- Offer subject to change at any time.
- Proof of offer must be presented for in-branch account openings.
- Community Business Checking requires $100 minimum to open
- . Commercial Checking requires $5,000 minimum to open.
- Eligibility for the $50 bonus requires the following condition is met: a Community Business Checking or Commercial Checking account is opened online, or in-branch (New Brunswick or Perth Amboy OceanFirst Branches only).
- Eligibility for the additional $200.00 bonus (maximum $250.00) requires the following condition is met: The account maintains an average balance of $10,000.00 – $99,999.99 for a 3-month statement cycle. Eligibility for the additional $2,000.00 bonus (maximum $2,050.00) requires the following condition is met: The account maintains an average balance of $100,000.00+ for a 3-month statement cycle.
- Bonus applies to new qualifying business checking customers with new funds and will be credited to the business checking account on the last business day of the month following the 90-day average balance qualification period, once all requirements are met.
- Customers cannot earn both average balance bonus amounts.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Community business checking has a $15 monthly fee waived with $5,000 minimum balance
Early Account Termination Fee
No EATF mentioned in the terms.
Our Verdict
Neither of the accounts earn interest so you need to compare this to interest bearing accounts. If you put the funds into a 5% APY earning account for three months you’d earn:
- $10,000 deposit: $125
- $100,000 deposit: $1,250
So this is better than that and worth considering. Both of these bonuses work out to be 8% annualized return if you have funds in there for exactly three months.
Hat tip to reader Bockrr
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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 Calculate And Share Your ChexSystems Datapoints
- 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
