Posted by William Charles on December 15, 2018
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Published on December 15th, 2018 | by William Charles

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[NY & NJ In branch Only] Investor Bank $250 Checking Bonus

Update 12/14/18: Deal is back and valid until 3/31/19. Hat tip to IS250

Deal is back, but it’s no longer being advertised online. Hat tip to reader Mark.

Offer at a glance

  • Maximum bonus amount: $250, $25 per month
  • Availability: In branch only [Branch locator]. All branches are in NJ & NY
  • Direct deposit required: Optional
  • Additional requirements: 10 debit card purchases or direct deposit of $500 each month
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown. Not sensitive
  • Credit card funding: None
  • Monthly fees: Unknown
  • Early account termination fee: Unknown
  • Household limit: None
  • Expiration date: May 31st, 2018 August 31st, 2018 September 30th, 2018 March 31st, 2019

The Offer

Direct link to offer

  • Investors Bank is offering a bonus of up to $250 when you open a new YourStyle checking account. You receive $25 per month for 10 months, you must complete the following requirements each month:
    • Receive a direct deposit of $500 OR more during your statement cycle or complete 10 point of sale transactions due your statement cycle
  • Account also comes with cell phone insurance and identity theft protection

 

 

The Fine Print

  • New Money is defined as money not on deposit at Investors Bank after 9/1/2017
  • Open a new YourStyle® Checking Account before 9/30/2018
  • Offer not available to any account owner with an existing personal checking account.
  • Bonus is up to $250, $25 per month for 10 months.
  • Reward payments will cease at the earlier of reaching $250 total or 11 consecutive cycles from the date you opened your account.
  • To be eligible to receive monthly bonus you must satisfy the following transaction activity requirements: have an ACH deposit to your account of $500 or more during your statement cycle; OR, complete 10 Point-of-Sale (POS) transactions during your statement cycle, using your YourStyle® Visa Debit Card linked to your account.
  • The bonus is considered interest and will be reported on IRS Form 1099-INT. Consult your Tax Advisor.

Avoiding Fees

YourStyle Checking

It isn’t clear what the monthly fee on this account is, but it can be waived if you do any of the following:

  • Receive a direct deposit of $500 or more each statement cycle
  • Maintain a monthly average balance of at least $1,000
  • Make at least 10 point-of-sale transactions with your Visa® Debit Card

Given that the direct deposit or debit card transactions are required for the bonus this shouldn’t be an issue for most people.

Early Account Termination Fee

I was unable to find any fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Really hate bank bonuses that are spread over multiple months like this. The upside is that you can do it without a direct deposit, but 10 point of sale transactions monthly is still a real pain. I guess self check out one item at a time is an option, but still annoying. I’ll be adding this to our  best checking bonus list but lower than it normally would be due to the 10 month requirements.

Big thanks to reader, Ilya Uts who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Pass

No hard pull, can’t confirm soft. Will check my Chex and see what’s reported. No CC funding, online purchases count as debit transactions, no ETF. IIRC the monthly fee is $5 but waived with the requirements you stated.

25/mo, (10 amazon reloads or $500DD )hmm probably no.

I just opened a Wells Fargo business checking account where I have to do 10 debit card purchases per month to keep it fee-free, and this is only a little worse. Don’t forget DoC’s guide to churning debit card purchases: https://www.doctorofcredit.com/bank-accounts/how-to-meet-minimum-debit-credit-transaction-requirements/

Applied at a branch in south Jersey with no issues. I have opened many new checking accounts recently.

In NY, account opened in branch without problem. +10 in 12 months. Took an hour though and with scheduled appointment.

Initial Funding: cash or check only, no debit or credit card
Instant dummy debit card: No
Instant checking account number: Yes
Chex System: Yes
ID: 2 pieces of ID required, driver license and other bank debit card
Pull: Soft
Fees: Monthly fee $10, waived if 1) $1000 min. 2) DD $500 3) 10 POS

For POS, try Amazon, Circle pay, BB, Serve, Venmo
Early account termination fee: Not mentioned in paper

As a bank account bonus chaser, all I can say is we are smarter and faster.

thank you,very clear

Thank you!

Does buying amazon gift cards count as POS, or can this only be done in store?

They did not accept my VA license. Wanted at least two bills with a NJ address to open an account for me… On the ladies desk was also a chexsystem notice saying that all new accounts are verified, so not sure how sensitive they are

Called to ask when the first month’s $25 bonus is added and the rep said the statement following previous month’s statement.

My experience says it is the statement of the same month – at least in the case of satisfying the requirements with $500 ACH.

When I opened my account, I went home and immediately set up ACH and it completed within first week. Statement came out in second week and included the $25 bonus.

Called to ask when $25 bonus gets credited and rep said it’s the statement following the prior month’s statement that shows 10 debit card transactions.

Data Point: Offer extended until 8/31/2018.
See terms in ‘Direct link to offer’ above.

Opened in branch in NYC. Very long process, the not Chex sensitive.

I opened an account in NJ today with PA id, no problem. However, my PA address is only 7 miles from the NJ branch. Still, it is out of state. I agree with Mark; long process, not Chex sensitive.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

It says “call” right on promo landing page I wonder if you can open over the phone hmmm… will update

EDIT: No such luck, well thats what I expected anyways… -_-

Opened an account in branch. Only took 20 minutes. Not Chex sensitive. Here is some more information since not a lot is posted:

1. 3 starter checks for free
2. Bonus 1099-INT will be split based on the amount of bonus posted for the tax year (so it won’t necessarily be $250 1099-INT at the end). In my case, I should expect a $100 1099 for the 2018 tax year and the rest the following year.
3. In terms of ACH deposit to waive monthly fee, I was told bank transfers don’t count but brokerage accounts should be fine.
4. External transfers to and from (ACH push / pull) is free.
5. Identity Theft and Cell Phone protection included with YourStyle checking account. The cell phone protection covers up $300 if you pay your monthly cell phone bill with this account.
6. If you don’t meet the qualifications for the bonus on a particular month, you will lose that $25 bonus for that month. But, you will be eligible for the next month and so on if you meet requirements.

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