Published on January 18th, 2020 | by William Charles0
[Southern CA] OneWest $300 Premium Money Market Account Bonus
Offer at a glance
- Maximum bonus amount: $300
- Availability: Usually southern CA only
- Direct deposit required: No
- Deposit required: $10,000-$250,000+
- APY: 1% APY
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Unknown
- Monthly fees: $10, avoidable
- Early account termination fee: 150 days, bonus forfeit
- Household limit: None
- Expiration date: None
- OneWest Bank is offering a bonus of up to $300 when you open a new premium money market account. The bonus you receive is based on the average balance during the first 90 days after account funding:
- $100 bonus with a balance of $10,000-$99,999.99
- $200 bonus with a balance of $100,000-$249,999.99
- $300 bonus with an average balance of $250,000-$5,000,000
The Fine Print
- A Cash Bonus may be earned on PMMAs opened under this offer. The Bonus will be based on the average balance during the first 90 days following account funding: $100 bonus if the average balance is $10,000 – $99,999.99; $200 bonus if the average balance is $100,000 – $249,999.99; or $300 bonus if the average balance is $250,000 – $5,000,000.
- Bonus will be paid as a statement credit to the PMMA within 60 days after the average balance requirement above is met within the specified time frames.
- PMMA must remain open to receive the bonus.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has a $10 monthly fee, this is waived with an average balance of $10,000+
Early Account Termination Fee
Account needs to be kept open for 150 days
Only one really worth considering is the $100 bonus, that works out to be 5% APY during the 90 day period. But then you have another 60 days waiting for the bonus where you need to keep $10,000 in there to keep it fee free. That brings it down to ~3.4% APY, so really not much better than a high yield savings account. The $200 and $300 options are even worse and not worth considering at all. I won’t be adding this to the best savings account bonuses.
Hat tip to reader Erik
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