Posted by William Charles on September 2, 2019
Bank Account Bonuses

Published on September 2nd, 2019 | by William Charles

103

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

Update 9/2/19: Looks like the bonus has been extended, but there is now no end date listed.

Update 8/25/19: Deal has been extended through September 1, 2019.

Update 4/5/19: Deal is back and extended until June 30th, 2019.

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: $10, avoidable
  • Early account termination fee: Unknown
  • Household limit: None
  • Expiration date: May 31st, 2018 August 31st, 2018 September 30th, 2018 March 31st, 2019 June 30th, 2019 September 1, 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

This has a $10 monthly fee, 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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Thojas
Thojas

Pass

Klobb
Klobb

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.

H
H

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

Gerald
Gerald

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/

Dan
Dan

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

JASON
JASON

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.

vivian
vivian

thank you,very clear

T
T

Thank you!

sherrie
sherrie

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

James
James

Amazon reloads and venmo work towards the 10

Bhanna
Bhanna

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

Dan
Dan

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

MJ
MJ

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.

Dan
Dan

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.

Andrew
Andrew

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

Mark
Mark

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

Mrs. Gee
Mrs. Gee

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… -_-

Jay
Jay

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.

Richard Berg
Richard Berg

DP: the $500 DD is cumulative, not a single deposit. I get paid twice a month, so I tried setting the deduction to $300 to see whether every 2nd paycheck would qualify for the $25 bonus, or whether I’d need to up it to $500/ea. Good news: the 2nd $300 triggered it.

As others have said, the account opening process is lengthy, bordering on invasive. Not only did the banker want to know how many transactions of each type (cash deposit, check debit, etc) I expected per month, she wanted dollar figures for each, and then *added them up* to scold me when the figures I was making up on the fly resulted in an unbalanced budget.

Then again, compared to past bankers (hello Popular Direct) quizzing me about Chex records, this was no big deal. Smile & nod. My churn history (10+/yr) was never mentioned.

fr33b13
fr33b13

https://www.yourstylechecking.com/cellphone-protection.html

Fee is $10 a month if you don’t meet one of the criteria.

Does anyone have Guide To Benefit to provide details of the cell phone insurance? I’m trying to find out if there is a deductible.
I need to repair a broken iPhone 6s+ screen and paying $100+ doesn’t seem worth it for such an old phone.

Patti
Patti

Still way cheaper than $800-1000 for a new one. 😉

IS250
IS250

$50 deductible per claim. $300 per claim maximum benefit. Two claims per 12 month period. Wireless bill must be paid with Investors Bank debit card. Applies to primary line and up to two secondary lines.

What is not covered: a bunch of exclusions and limits listed, one of which states, “Cosmetic damage to the Cellular Wireless Telephone or damage that does not impact the Cellular Wireless Telephone’s ability to make or receive phone calls.”

Aka this cell phone insurance is shit. Don’t rely on it.

fr33b13
fr33b13

Thanks IS250! That answers my question very well.

IS250
IS250

Edit: Does not have to be specifically paid by debit card. Just says paid with your eligible account. .

Flea
Flea

Clearly the ruling passion is strong with that one, lol… nice of her to want to make sure you don’t spend more than you make!

Mihir Patel
Mihir Patel

I had opened account few months ago and setup $500 DD for paycheck. No issues with bonus posting. Account opening was very smooth and friendly. No issues.

Patti
Patti

I found the page on their website that gives details. It doesn’t specifically say DD but does state “an ACH deposit”. I found this under Personal > Checking accounts

https://www.myinvestorsbank.com/pages/Yourstyle-Checking-250

IS250
IS250

DP – Bluebird reloads count as debit card purchases. It takes a few days (4 business days for me) for debit purchases to settle and that’s the date they count as a purchase, not the initial day you made the purchase. So make the purchases well in advance of the statement close date so the charge doesn’t settle outside your statement cycle.

Also, statement cycle runs the 15th of every month. So the $25 monthly bonus will post on the 14th of every month.

IS250
IS250

Correction – The bonus will only post on the preceding business day if the 15th of the month falls on a weekend or holiday. Otherwise the bonus will post on the 15th itself.

MJ
MJ

“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.”

We have a local branch nearby and I opened my account in person a few months back. It is very simple to avoid the direct deposit and the 10 POS transactions. One ACH deposit of $500 satisfies the requirements.

I have a recurring $500 pull from my primary bank set up for the week before my statement close date. After the pull takes place, I stop by the ATM when I’m driving by the branch and withdraw the cash, then stop at my primary bank just down the road and deposit all the cash into their ATM. Takes about 5 minutes of effort each month. Been getting the monthly $25 without any issues.

Lastly, I like this offer because you immediately begin getting the $25. I set up my $500 monthly pull the moment the account was opened. My statement date was just 2 weeks later. The pull completed before the statement date and I was already getting the bonus only a couple weeks in.

Rewards Question
Rewards Question

Shall I sign up for Uchoose Rewards linked to the debit card?

https://www.myinvestorsbank.com/Personal/Banking/Checking

SP
SP

DP:

Fidelity is triggering the bonus and waiving the monthly fee.

Jon
Jon

I called the investors branch near me and was told by a teller that this bonus will run until the end of the year but as always YMMV.

IS250
IS250

DP
Schwab brokerage counts as DD to get the monthly bonus.

IS250
IS250
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