Posted by William Charles on January 18, 2020
Bank Account Bonuses

Published on January 18th, 2020 | by William Charles

0

[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

The Offer

Direct link to offer

  • 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

Avoiding Fees

Monthly Fees

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

Our Verdict

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

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