Published on April 6th, 2018 | by William Charles8
OneWest Bank $600 Business Bonus [CA, In Branch only]
Offer at a glance
- Maximum bonus amount: $600
- Availability: Any OneWest bank [branch locator]. All are in CA
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $15, avoidable
- Early account termination fee: None mentioned
- Household limit: None
- Expiration date:
October 31st, 2018December 31st, 2018
- OneWest Bank is offering a bonus of up to $600 for new business customers. Bonus is broken down as follows:
- $200 for opening OneBusiness Interest checking account with at least $1,500 and maintaining a daily minimum balance of $1,500 for 90 days
- $200 for opening a OneBusiness Money Market Savings account with at least $10,000 and maintaining a daily minimum balance of $10,000 for 90 days
- $200 for opening a new merchant services account with annual card processing volume of $100,000
The Fine Print
- A $200 bonus offer applies to new OneBusiness Interest Checking accounts and new OneBusiness Money Market Savings accounts opened between March 19, 2018 and October 31, 2018.
- To be eligible for a bonus, the OneBusiness Interest Checking account must be opened with an initial deposit of at least $1,500 and requires that a minimum daily balance of $1,500 be maintained for at least 90 days from the date of account funding.
- The OneBusiness Money Market Savings account must be opened with an initial deposit of at least $10,000 and requires that a minimum daily balance of $10,000 be maintained for at least 90 days from the date of account funding.
- Funds used to open these accounts must be new money not on deposit or held at OneWest Bank or BankonCIT.com (CIT) at the time of account opening.
- Funds withdrawn from OneWest Bank or CIT within 90 days of account opening are also restricted.
- Bonuses will be paid in the form of a statement credit to the subject account within 30 days of completion of all of the aforementioned requirements.
- Account must be in good standing at the time of bonus payment.
- Limit one Checking account bonus and one Savings account bonus per customer.
- Merchants who commit to a minimum annual credit card processing volume of $100,000 and process at least $20.01 with Visa or MasterCard within 30 days of establishing their new Merchant Services account will qualify for a $200 bonus, paid in the form of an account credit approximately 90 days after account activation.
- Applies to Merchant Services accounts opened between March 19, 2018 and October 31, 2018.
- Merchant Services are provided by First Data Merchant Services. Monthly and other fees apply. Offer subject to change. Terms and conditions apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
There is no mention of any early account termination fee in the fee schedule. Both the savings and checking accounts have a $15 monthly fee, this is waived with an average monthly balance of $10,000 and a daily balance of at least $5,000 in the subject account.
Even though the checking account only requires a deposit of $1,500, you’ll actually need to deposit $10,000 to keep it fee free. Checking account with earn 0.10% APY and savings will earn 0.15% APY with a balance of $10,000. You’d need to keep that money in there for ~120 days (90 days to trigger the bonus and then another 30 for it to post). If we put $10,000 into a high interest account over the same period we’d earn:
This bonus is basically paying you slightly above 6% APY for the 120 days. That’s a pretty good deal, but it’s still a shame such a high deposit is required. The merchant services bonus isn’t worth it in my opinion as most readers won’t have $100,000 in card transactions annually and even if you do you should be doing that based on the best rates rather than a $200 bonus. We will add this bonus to our list of the best business checking & savings bonuses.
Hat tip to hiima
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