Update 5/17/21: Household limit has been removed. Hat tip to reader JP
Update 2/20/21: Deal is back, but now $300 instead of $350.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Must be a resident of Pennsylvania or Ohio. Need to live close to a branch (possibly within 25 miles)
- Direct deposit required: None
- Additional requirements: eStatements & 10 debit card transactions
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $100
- Monthly fees: None
- Early account termination fee: Six months
- Household limit: None
- Expiration date:
March 31st, 2020 June 30th, 2020September 30th, 2020December 31, 2020March 31, 2021June 30, 2021
Contents
The Offer
- S&T Bank is offering a bonus of up to $300 when you open a checking account and complete the following requirements:
- Open with a minimum of $50 and maintain that until the bonus posts
- Set up a direct deposit of $500 OR make at least $500 in debit card purchases
The Fine Print
- This offer is not available to current S&T Bank checking customers or those who have closed an S&T Bank checking in the past 12 months.
- Offer applies to new consumer checking accounts (Preferred Banking, Select Banking, and Four Star Banking (also interest bearing for Preferred Banking and Four Star Banking)) opened from 3/2/20 – 3/31/20.
- New accounts will not be eligible for offer if any signer has signing authority on an existing S&T Bank consumer checking account.
- Signing authority will be defined by the customer name(s) and social security number(s) registered on the account.
- Offer cannot be combined with any other checking offer and is subject to change or termination without notice.
- One incentive payout per household.
- To qualify for the first $100 offer, the initial deposit of $50 must be made within 10 days of account opening and the following conditions also must be met by 4/24/20:
- (a) at least ten $10 S&T Bank Visa Debit card purchases (posted and cleared) must be made and
- (b) enroll in online statements.
- A $100 will be credited to the eligible account 5/8/20 for completing the 3 tasks listed above.
- If checking account is opened online, you will receive an additional $50 bonus to your S&T Bank checking account on 5/8/20.
- The additional $200 will be credited to the S&T account on or before 10/16/20 to signify the 6-month anniversary date of the account opening provided the account qualified for the debit card and online statement incentive.
- The max incentive you can receive during this time is $350.
- The account must not be overdrawn during the promotional period to receive any of incentives.
- Subject to 1099 reporting. All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Select checking account has no monthly fees to worry about. People are being charged a $3 fee if no bill pay is used (you can remove bill pay from your account and the fee is not charged).
Early Account Termination Fee
Account needs to be kept open for six months
Our Verdict
Previously the bonus was $200. This $350 bonus seems incredible, no direct deposit or monthly fee to worry about. It’s annoying that you don’t get the full bonus for six months, but still hard to complain. This will be added to our best bank account bonus page.
Hat tip to JL
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
Just a data point from my 2018 notes – “This bank sucks.” =P
My wife got the bonus for the 10 debit transactions through Amazon, but I did not for some reason… Same sign up time / spend and everything (back then.)
My account was opened sucessfully today. When I called them about the $300 promotion. They said people who received notification from USPS Mail can get the $300 bonus. This is a terrible bank!
I’m in Philadelphia PA.
So they helped me to close the account and will ship me a $50 check. Do you think I can file a complaint case with CFPB?
No, since you closed your account and didn’t meet requirements. You would have had a fighting chance if you kept it.
Thanks, @PK and @Alexander. I will pass on this one.
I just received a call from Bank stating that I need to receive the promotion mail to the home address. Rep said that they can’t honor bonus. Will cancel the account.
As I stated yesterday, my application was denied. They just gave me a call from an Indiana area code saying they could manually open the account, but without the bonus attached to it. Apparently this is only available for people who get the mailer.
The problem I see with this explanation is that when I click on the link above, it clearly says that I can get $300 for opening an S&T account. It is clearly stated for the world to see. If they are restricting it to a mailer, why is it publicly posted?
I did not have a good experience with this bank when doing the 2020 bonus. They silently placed a security freeze due to identity verification after I opened the account and didn’t tell me, causing my initial deposit to not go through. Took several attempts to remove the freeze. They assured me that this wouldn’t prevent the bonus and that I was still eligible, so I did all the requirements. In the end I got nada, nothing, $0. I followed up with them, and they said they would look into but I never heard back. Customer service was prompt and polite but in the end useless. Not recommended.
(I also had to deal with the BS $3 bill pay fee, but that shouldn’t have affected bonus eligibility.)
Is this a targeted promotion? Do you have to have received a physical mailer to be eligible for bonus? If anyone has any DP on this, it will be appreciated. Thanks.
Just my experience….applied and was denied. Got a call that I was denied due to a verification issue but they could set up my account on the phone. I said okay. The CSR then asked where I got the code I had used: “Was it from a mailer or did you find it on the internet?” he asked. I was truthful and he told me that it only is valid IF you received the mailer. I declined opening the account.
Application denied. I live within 25 miles of a branch.
Me too
I do not see household limit anymore. Probably the terms changed when they renewed the offer. If you have P2, P3, you should be good now 🙂
William Charles
To receive the incentive, open a new consumer checking account (excludes Smart Start Banking and Easy Banking) with an opening deposit balance of $50 (opening deposit must be made within 10 days of account opening) between April 1, 2021 and June 30, 2021. Within 90 days of opening, make at least two $500 qualifying direct deposits OR make at least $1,000 in debit card purchases (posted and cleared) with your new S&T debit card. Qualifying direct deposits include recurring electronic deposits of payroll, pension, or Social Security. Person-to-person, S&T Bank deposit account transfers or other electronic money transfers, such as those made through internet payment services, do not qualify. ATM withdrawals are not considered debit card purchases. This account must remain open and not be overdrawn to receive the incentive. This offer is available to new consumer checking customers only. All existing S&T Bank consumer checking customers, including those with any relationship to or signing authority on any other S&T consumer checking account or those who closed a checking account within the last 12 months, are not eligible. Signing authority will be defined by the customer name(s) and social security number(s) registered on the account. This offer cannot be used in combination with any other consumer checking offer. To qualify for the incentive, the promo code is required at account opening. The incentive will be deposited to your account on October 7, 2021 if all above requirements are met. Offers may vary by product and region, are not transferable and are reportable for tax purposes. S&T Bank reserves the right to limit an individual to one account-related gift incentive per rolling 12-month period across all deposit account relationships. Annual Percentage Yield (APY) for interest bearing accounts are variable and as follows: Preferred Banking with interest (0.03% APY), Four Star Banking with interest (0.01% APY) and Interest checking (0.01% APY) rate is accurate as of April 1, 2021. Rates may change at any time. Fees could reduce earnings.
Only Preferred, Four Star and Select Banking can be opened online. Visit your local branch or call the Solution Center at 800.325.2265 to open other eligible accounts. Promo code must be mentioned at account opening.
Promo code: STEAST2Q21
I’m in the process of receiving the $350 bonus (should be the remaining $200 within the next month) and was curious if my spouse can sign up for this $300 bonus. Anyone know if they strictly enforce the household limit?