According to SaveBetter this bonus is no longer being offered.
Offer at a glance
- Maximum bonus amount:Â $150
- Availability:Â Nationwide
- Direct deposit required:Â None
- Additional requirements:Â No
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: Unknown
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â February 28, 2021
Contents
The Offer
- Ponce Bank via Save Better is offering a bonus of up to $150 when you open a new checking account. The bonus you receive depends on the amount you deposit (deposit must be maintained for 90 days):
- Receive a $50 bonus when you deposit $25,000+
- Receive a $100 bonus when you deposit $50,000+
- Receive a $150 bonus when you deposit $75,000+
The Fine Print
- New customers are eligible to receive a discretionary $50USD cash bonus when they make a deposit of $25000.00USD or more, $100USD with a deposit of $50000USD or more, and $150USD with a deposit of $75000USD or more in a Ponce Bank high-yield savings account through SaveBetter.com.
- Each customer is eligible to receive a maximum of $150USD of bonus cash.
- Customer must maintain the minimum daily deposit amount for each level of bonus for a period of at least 90 days (e.g., a minimum balance of $25000USD daily to be eligible for a $50USD bonus cash).
- Bonus cash to be deposited by SaveBetter LLC into customer’s Customer Account within 30 days after customer qualifies for the offer.
- Offer valid from 01/21/21 to 02/28/21.
- US customers only.
- Not open to SaveBetter or Deposit Solutions employees.
- SaveBetter reserves the right to terminate this offer at any time and to deny Customer bonus cash for any reason.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Unsure if this account has any monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule
Our Verdict
Account earns 0.5% APY, that’s actually competitive with other basic savings rates. Funds must be maintained for 90 days, that works out to be an additional ~0.8% APY for a total 1.3%. That’s good for a basic rate, but nothing special as a savings bonus.
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
A warning: I did the promotion requiring deposits to stay for 30 days in late February. They would have 30 days after fulfilling of requirements to pay out (so it should be paying out in early May if counting all the delays). However, this didn’t happen and they are saying the payout of the bonus will be in June. I would not recommend doing it given all the hassles
My question is with account open with savebetter rather than ponce bank, is there the same FDIC protection should things go wrong?
William Charles
The link still works but the offer has been changed (still expires 2/28). Now it’s a $25 bonus for $5000 deposit, plus $5 more for each additional $5k deposit. You only have to maintain the deposit for 30 days, so if you deposit $5k you’re looking at a 6% APR. It’s better than the previous offer, but still a small bonus so might be worth holding out to see if they offer something better in the future.
Thanks
got excited about the Nationwide bonus and a seemingly quick way to get $150
then i saw the requirements needed and started dying on the floor laughing 🤣
Came here to say that lol. Plus, you have to keep it there for 90 days.
Seems like they’re missing zeros on these bonuses. $500, $1000, & $1500 would be more like it. Even then the offers are laughable.
Savings bonuses typically suck
$25k for 90 days to receive $50. Really? That’s less than 1%. No thanks. I’d rather have the liquidity than get 1.3% total.
$50 for 90 days? I’ve made more money shakin’ a turd loose watching the stock market.
Ponce: 25K for 90 days and a 50 dollar sign up bonus.
Marcus: 10K for 90 days and a 100 dollar sign up bonus.
Schwab (via referral) 1000-24999 deposit for 45 days and a 100 dollar sign up bonus.
Usually I jump on any offer with a SUB whether big or small, but this Ponce offer is just so sad.
Ponce is trying to find the Fountain of Youth with our money. This pursuit will also fail.
This is one bank bonus / offer that isn’t going to be pulled early due to unanticipated demand. Take your time and think it over as you’ll have for sure until the end of February.
“$50 for depositing $25,000 for 90 days”
https://www.youtube.com/watch?v=BwSts2s4ba4&ab_channel=AdeliciousGeneve
Agreed 😮