OneWest Bank $100 Referral Checking Bonus For Both Parties [CA]

Offer at a glance

• Maximum bonus amount: $100 for both parties
• Availability: Any OneWest bank [branch locator]
• Direct deposit required: No. Direct deposit OR ACH deposit of $650 per month for at least six months is required.
• Additional requirements: Yes, eStatements for six months
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Unknown 
• Monthly fees: $5, waivable
• Early account termination fee: Six months, bonus forfeit
• Household limit:
• Expiration date: April 10th, 2017

The Offer

No direct link

• Refer a friend to open a qualifying OneWest checking account and you will both receive $100 after all qualifications below are met. Here’s how it works. Have your friend:
  1. OPEN a Premium Checking or OneAccount Checking account using the unique referral code: at a local branch.
  2. SIGN UP for eStatements on new checking account within 30 days of opening and remain enrolled for at least 6 months.
  3. RECEIVE recurring ACH or Direct Deposits to their new checking account totaling $650 or more per month within 60 days of opening for at least 6 months.

Share Your Referrals

Feel free to share your referral codes in the comments below. Reader lingua sent this through and their code is CRP1290045. 

The Fine Print

• Limited time offer. Referred person must be a new customer aged 18 years or older who successfully opens a new OneWest Bank, a division of CIT Bank, N.A. (“OneWest Bank”) Premium Checking or OneAccount Checking account no later than April 10, 2017 and thereafter satisfies all the following “Eligibility Criteria”:
  • a) Signs up for eStatements on the new checking account within 30 days of account opening and remains enrolled for at least 6 months;
  • b) Sets up and receives recurring direct deposits or ACH deposits totaling $650 or more per month for at least six consecutive months to the new checking account, starting within 60 days of account opening.
• A “new customer” is defined as a natural person who has not had an existing deposit account at OneWest Bank within the past 90 days. Funds used to open the checking account must be new money not on deposit or held at OneWest Bank or BankOnCIT.com (“CIT”) at, or within 90 days prior to, the time of account opening. Referring person must have an existing personal checking or savings account with OneWest Bank. $100 bonus reward will be paid to the checking account of the referred customer and the account of the person who made the referral within 15 business days after referred account holder satisfies all Eligibility Criteria.
• Accounts must remain open and in good standing at the time of bonus payment.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

You need to keep the account open for six months otherwise you will forfeit the bonus. The easiest account to keep fee free is the OneAccount personal checking account, this has a $5 monthly fee and this is waived if you meet any of the following requirements:

• Maintain $1,000 monthly balance
• Elect to receive eStatements (this is required for bonus anyway)
• Account holder is senior (at least 55 years of age)
• One of the account holders is a minor (less than 18 years of age)

You need to keep the account open for six months to get the bonus.

Our Verdict

Not nearly as good as the $200 bonus previously offered (requirements of 2 months instead of 6 months and you get the full $200 bonus rather than splitting it with your referral). Because of this I wouldn’t really recommend this bonus unless you know the person referring you and they will give you their $100 as well. We won’t be adding it to our best checking sign up bonus page.

Update: One advantage over the old bonus is that this one isn’t restricted to Pasadena/San Marino

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

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