[Expired] [Spokane, WA] HomeStreet Bank $200 Business Checking & $300 Personal Checking Bonus

This deal has expired and is no longer available, view more great checking bonuses by going here.

Keep in mind it seems very common for an account to be opened and then for them to close it a few days later. Not sure if this is due to people having too many recent accounts opened or not living close enough to a branch. Based on this I’d say it’s because of too many new accounts, but might be other reasons.

Offer at a glance

• Maximum bonus amount: $200 business checking & $300 personal checking
• Availability: Spokane, WA branch only
• Direct deposit required: Yes, $500+ for the first five full calendar months for personal bonus
• Additional requirements: See below
• Hard/soft pull:  Soft
• ChexSystems: Unknown
• Credit card funding:  None
• Monthly fees: None
• Early account termination fee: $15 if closed within 90 days
• Household limit: One per mailing address
• Expiration date: April 30th, 2018

The Offer

Direct link to offer

• HomeStreet bank is offering two bonuses in celebration of opening a Spokane Branch.
  • $300 bonus for opening a personal checking account. Requirements are as follows:
    • Choice, Select, Premium Select, or SelectPlus Checking account with a $100 minimum opening deposit
    • Make $500 or more in qualifying direct deposits each month for the first four calendar months
    • Use your debit card to make 7 or more debit card purchases of $5 or more each month for the first four calendar months after the month the account was opened
    • Enroll in online banking, eStatements and mobile banking within 30 days of account opening
  • $200 bonus for opening a business checking account. Requirements are as follows:
    • Doesn’t seem to be any requirements outside of opening the account

The Fine Print

• $300 Personal Checking Bonus:
  • 1. You must open a new Choice, Select, Premium Select, or SelectPlus Checking account with a $100 minimum opening deposit.
  • 2. You must make $500 or more in total qualifying Direct Deposits to this account each month, each of which must post to this account by the last business day of the month. Qualifying direct deposits totaling $500 or more must be deposited into our new account in each of the first four full calendar months following the second month in which your new account was opened. A qualifying direct deposit includes an electronic deposit from your employer, or from the Social Security Administration, or from a retirement benefits administrator or from any other federal or state government agency. However, federal income tax refunds, or any state income tax refunds, are not considered qualifying direct deposits. Person-to-Person and bank transfers between your HomeStreet Bank accounts or accounts you have at other financial institutions or brokerages also do not qualify.
  • 3. You must use your HomeStreet Bank debit card to make seven or more debit card purchases each month, all of which must post to this account by the last business day of the month for each of the first four full calendar months following the second month in which your new account was opened. Each purchase must be $5 or more. ATM transactions are excluded. 4. You must enroll in Online Banking and sign up for eStatements within 30 calendar days of account opening. 5. You must sign up for Mobile Banking within 30 calendar days of account opening. 6. This account must remain open for at least 180 calendar days. The Bonus will be deposited into your new account within 90 business days after completing all six of the requirements stated above. Your new account must remain open at least 180 calendar days prior to receiving any Bonus. Your new account must remain open until the Bonus is processed in order to receive the Bonus. The Bonus is considered a deposit of interest and will be reported on IRS Form 1099-INT. This offer is only available to new HomeStreet Bank consumer checking account customers. This offer is not available to existing HomeStreet Bank consumer checking customers (either as the primary or secondary account holder) or individuals who have had a HomeStreet Bank consumer checking account in the last 12 months. Bank employees and members of their household are not eligible for this promotion. Limit of one new consumer checking account. Bonus per individual and per mailing address. If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from HomeStreet Bank within the last 12 months prior to this account opening then no one at the address is eligible. Offer is subject to change without notice, can be withdrawn at any time and cannot be combined with any other personal checking account offer. The new account is available only to individuals and is not available to businesses, non-profits, or for use as a personal retirement account. See HomeStreet Bank’s Terms and Conditions for Personal Accounts and the Schedule of Fees for terms and fees that may apply. Terms and fees are subject to change. Account opening is subject to approval.
• $200 Business Checking Bonus:
  • Offer is only available to new HomeStreet Bank business checking account customers.
  • To be eligible for this offer, you must not currently be nor have been a signer on or owner of any business checking accounts with HomeStreet Bank.
  • Limit of one offer per business owner and/or business entity.
  • Public Fund accounts are not eligible for this promotion.
  • Offer is subject to change without notice, can be withdrawn at any time and cannot be combined with any other business checking account offer.
  • $200 bonus will be deposited into your new business checking account within 90 business days of account opening.
  • Account must remain open until the bonus is processed in order to receive the bonus.
  • The bonus is considered a deposit of interest and will be reported on IRS Form 1099-INT.
  • All accounts are subject to approval and HomeStreet Bank’s customary fees for stop payments, insufficient funds, returned items, automatic transfer, other miscellaneous services and account fees. A complete list of account fees can be found in the Schedule of Fees. Fees are subject to change upon notice as may be required by law.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Select Checking – Personal Bonus

Select checking does not come with any monthly fees.

Free Business Checking – Business Bonus

This account does not have any monthly fees to worry about

Early Account Termination Fee

There is an early account termination fee of $15 if the account is closed within 90 days of account opening. You also need to keep the account open for 180 days to avoid having the bonus clawed back.

Our Verdict

$300 bonus on the personal account is fairly common, don’t think we’ve ever seen a bonus on the business account before. I wonder if people will have issues with the account being opened and then closed on the business account like they do on the personal account or not. As always please share your data points in the comments below.

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