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Offer at a glance
- Maximum bonus amount: $400
- Availability: Nationwide
- Deposit required: $10,000/$20,000
- Deposit length: until 5/31/20
- APY: 1.75% APY in the protected goals account
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: Must open by 3/15/20
Contents
The Offer
- Simple Bank is offering a bonus of up to $400 when you open a new Simple account. The bonus you receive depends on your deposit:
- Receive a bonus of $200 when you deposit $10,000 within 15 days of opening and maintain a balance of at least $10,000 until 5/31/2020 4:59 PM PT
- Receive a bonus of $400 when you deposit $20,000 within 15 days of opening and maintain a balance of at least $20,000 until 5/31/2020 4:59 PM PT
The Fine Print
- Customers with any Simple Account opened before 2/29/2020 4:00 PM PT do not qualify.
- Balances in Shared Accounts and Shared Protected Goals Accounts are excluded from the combined balance calculation.
- Qualifying customers will receive the bonus credit to their Simple Account by 6/15/2020 4:59 PM PT.
- Balances in your Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account to earn up to 1.75% APY and keep it safe from spending. Then we’ll use the combined balance between your Simple Account and Protected Goals Account to calculate your eligibility for the bonus.
- Balances in Shared Accounts and Shared Protected Goals Accounts are excluded from the combined balance calculation.
- Balances in all Simple accounts are FDIC insured up to the legal limits.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.
Avoiding Fees
Monthly Fees
These accounts have no monthly fees to worry about
Early Account Termination Fee
According to the fee schedule there is no early account termination fee.
Our Verdict
They offered $250/$500 in the past with the same deposit requirement, might be worth holding off and seeing if that comes back. This offer is still overall a good deal given that they offer a competitive interest rate by opening their Protected Goals account and keeping the money there (which is fine to do for bonus purposes), so you aren’t losing out by keeping your money there. We might add this to our list of the best savings bonuses.
Hat tip to travelinpoints
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
