Offer at a glance
- Maximum bonus amount: $250
- Availability: New York only
- Direct deposit required: Optional, direct deposit of $250 or more per month for three months
- Additional requirements: Optional, three online bill payments of $25 or more for three months
- Hard/soft pull: Soft, chex systems
- Credit card funding: UnknownÂ
- Monthly fees: Yes, unknown amount and waivable
- Early account termination fee: Unknown
- Expiration date: September 1st, 2014
The Offer
- Receive a $250 bonus from Astoria Bank when you open a Simple+ or Select checking account, maintain the required balance and do one of the following for three consecutive months:
- Receive direct deposits of $250 or more
- Make three online bill payments of $25 or more
The Fine Print
- Minimum balance requirements are as follows:
- Simple+: Average monthly balance of $2,500 or more in the account or a $10,000 minimum balance in any combination of Astoria Bank deposit accounts
- Select: Minimum balance of $25,000 in any combination of Astoria Bank deposit accounts
- Limit of one per customer
- Only available to new Astoria Bank checking customers
- $250 bonus will be credited within 30 business days of requirements being met
- Account must be opened when bonus is credited
- Valid until September 1st, 2014
- Only available to those living in New York
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The simple+ account comes with a monthly fee of an unspecified amount, this is waived if you keep an average monthly balance of $2,500 which is required for the bonus anyway. There is no mention of any early account termination fee but we were unable to find their fee disclosure page.
Our Verdict
Astoria Bank used to be known as Astoria Federal. This deal seems pretty easy to complete, unfortunately I don’t live within New York otherwise I’d complete this offer. Here is how:
- Open a new Simple+ account, using a credit card with the cash advance limit set to zero if they allow credit card funding
- Add a total of $2,725 in funds to meet the minimum balance requirements, this would also keep the account fee free and give me enough money to do the three bill pays per month for three months
- Complete three bill pays per month for three consecutive months, making sure they are all at least $25 each (you could just make small payments on your credit card or other bill) (+$250)
- Wait six months to avoid any possible early account termination fee
- Withdraw all funds including bonus to regular checking account
- Close account
We only have one data point on whether it is a hard or soft pull and that is from back in 2010. We think it should still be a soft pull, but keep it in mind. If you decide to complete this offer please let us know if you can fund with a credit card and if so how much can be funded with a credit card. We’ve added this bonus to our list of checking account promotions. Due to the geographical restrictions we haven’t added it to our best of page.
Hat tip to Tuppins of Flyertalk
