Bonus has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400 ($20 per month)
- Availability: In branch only, all branches are in NJ & PA
- Direct deposit required: Yes, $2,000+ monthly (maybe no minimum?)
- Additional requirements: $200 minimum daily balance
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Account must be kept open for at least 20 months
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Parke Bank is offering a bonus of $20 per month for 20 months ($400 maximum) promotion when you open a new ParkeBank 20 for 20 Checking Account. To receive the bonus you need to do the following:
- Have a minimum daily balance of $200
- Establish direct deposit with a cumulative monthly total of $2,000 (according to this comment after initially depositing $2,000 the following direct deposits can be of any amount)
The Fine Print
- $20 bonus will be credited to the account each month, beginning after 90 days of direct deposit activation, for a maximum of 20 months as long as all of the eligibility requirements are satisfied at the time we seek to credit the bonus. Account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus.
- Self-employed individuals must complete a minimum of two (2) bill pays per month to obtain bonus. Bill Pay must be established within 90 days of account opening.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
As far as I can tell this account has no monthly fees to worry about.
Early Account Termination Fee
Account needs to be kept open for 40 months to get the full bonus.
Our Verdict
Obviously a massive bonus, but I hate ones that are broken up over so many months and have direct deposit requirements. I guess it’s still worth doing, especially if it’s easy to change your direct deposit/or you can split your payroll into multiple accounts or they aren’t strict on the requirements. We won’t be adding it to the best checking bonuses until we know more.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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
