Posted by William Charles on July 2, 2019
Bank Account Bonuses

Published on July 2nd, 2019 | by William Charles

193

[AL, AR, FL, GA, LA, TN] IBERIABANK $250-$400 Checking Account Bonus

Update 7/2/19: Deal has been increased to $250/$400, up from $200/$350. Also extended until September 20th, 2019.

Update 6/17/19: Deal is back and valid until 07/31/19. Doesn’t look like it’s targeted anymore as it says nothing about having to have received a mail piece. Hat tip to reader Iron_Tampa

Update 2/13/19: Deal is back again and valid until March 29th, 2019. I’ve removed TX as an available state as people always seem to have issues from there. Hat tip to reader Jeff.

Update 08/19: Offer is back again and valid until September 30th, 2018. Hat tip to reader Lisa.

Update 07/26/18: Deal is back and valid until August 30th, 2018.Hat tip to reader Jonflow

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: AL, AR, FL, GA, LA, TN. Must live within 60 miles of a branch to open online, otherwise you need go to in branch to open.
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below 
  • Hard/soft pull: Soft pull 
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees:
  • Early account termination fee: Six months, bonus forfeit
  • Household limit: One
  • Expiration date:August 30th, 2018 September 30th, 2018 March 29th, 2019 July 31st, 2019 September 20th, 2019

The Offer

Direct link to offer

  • Iberia Bank is currently offering two checking bonuses:
    • $250 bonus:
      • Open a new Freedom checking account  ($50 minimum opening balance) with promo code EARN250
      • Receive $500 or more of combined direct deposit per statement cycle within 60 days of account opening
    • $400 bonus:
      • Open a new high interest checking account ($100 minimum opening balance) with promo code EARN400
      • Maintain a daily minimum balance of $5,000 or more
      • Receive $500 or more of combined direct deposit per statement cycle within 60 days of account opening

 

 

The Fine Print

  • All products and services are subject to approval, including credit approval.
  • Offers end 06/15/18 and are only available to the recipients of the mail piece, and are not available to clients or households who have previously had an account at IBERIABANK
  • Offer may not be used in conjunction with any other personal deposit offer.
  • When applying for these offers online, the promo codes must be used to qualify for the cash bonus.
  • Cash bonuses will be credited to the new checking account within 90 days from account opening if all checking requirements have been completed.
  • Limit one cash bonus per household.
  • New accounts must have a positive balance up to and including the day of the cash bonus payout.
  • If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing.
  • Direct deposit is defined as an electronic deposit of a paycheck, pension, or government benefits (such as Social Security) from an employer or the government.
  • Monthly service charges may apply; review account terms for details. Trust or Fiduciary relationship checking accounts are not eligible for this offer.
  • To qualify for $200 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new Freedom Checking account with a minimum $50 deposit balance with new money not currently held by IBERIABANK; AND 2) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening.
  • To qualify for $350 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new High Interest Checking account with a minimum $100 deposit balance with new money not currently held by IBERIABANK; 2) Maintains a daily minimum balance of $5,000 or more; AND 3) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Early Account Termination Fee

Money market needs to be kept open for six months to avoid any fees as far as I can see there is no minimum requirement for the checking account.

Freedom Checking $8/$10 ($250 Bonus)

The monthly fee on this account is waived if you do any of the following:

  • Maintain a minimum daily balance of $1,000 or more
  • Or, combined monthly direct deposits of $500 or more
  • Or, you are a student with e-statements*
  • Or, you are a small business owner* and have an IBERIABANK small business checking account

The monthly fee is $8 with eStatements or $10 with paper statements.

High Interest Checking $20 Monthly Fee ($400 Bonus)

The $20 monthly fee on this account is waived if you do any of the following:

  • Maintain an average monthly balance of $5,000 or more
  • Or, combined monthly average collected balance of $25,000 in any personal deposit account;
  • Or, an outstanding principal balance of $25,000 in any personal loan accounts;
  • Or, you are a small business owner and have an IBERIABANK small business checking account*

Our Verdict

I seem to remember that the targeted language hasn’t been enforced in the past, but I can’t actually find anything in our old posts to back that up so I think I might be mistaken. It’s also worth remembering that they used to offer up to $400 with the same requirements for the $350 bonus as well. More recently they dropped it to $300 though, so this is an improvement on that but still not the best bonus they have offered. Given the targeted language I wouldn’t recommend going for this one, because of that I won’t be adding it to the best checking bonuses.

Big thanks to reader, Jason G who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Duke I.
Duke I.

I just closed a bunch of checking accounts that I opened in early October and waited until April to close to avoid early account closure fee. Now that most of my funds are back in my main savings account I’ll go for this $350 bonus.

gli
gli

Just remember the garbage that they pulled Fall 2017 for this promotion: So they require a balance of $5,000 daily to get the bonus but only allow you to fund up to $500 at the account opening via debit card…. So there is no way that I can start off at $5,000 min balance to meet the bonus requirements and we all auto fail to meet the bonus requirements…. super slick wording by Iberia….

There is no way to meet 2) Maintains a daily minimum balance of $5,000 or more right off of the bat…

gli
gli

CS reps said that because folks normally open in bank account – the daily $5,000 balance is not an issue. but since they offer opening online and no way to instantly fund $5,000 as of the first day of account opening… it is impossible to meet their $350 bonus requirement via online opening and funding – at least as of last Fall 2017.

Duke I.
Duke I.

I’ll just ACH $5000 from savings rather than funding with credit card. Thanks for the DP.

Jax
Jax

did this method work for you and for getting the bonus? i’m thinking to try doing it this way too

Jan B
Jan B

It is clear that the $5K need be in hand at time of opening. I had it ready.

That daily balance is no joke with them. If one needs $20 on the fly one time from the atm and cannot put it back by COB, the monthly fee is for real, folks. And, an appeal is not likely, IMHO.

gli
gli

These clowns only offered debit card funding up to $500. Denied the debit card funding upon opening the account online and said that I have to deposit $5,000 in branch of transfer in 5 days from account opening (today) or else I am not eligible for the promotion.

No way that I can ach $5,000 in 5 days so… there goes that – it is not in their terms anywhere.

Lisa
Lisa

So you received the mail piece?

payyoutuesday
payyoutuesday

When I did this bonus I had to go in-branch to close the account.

David
David

Is it true that we need to visit a branch to close account?

Ben
Ben

Was true for me in 2016

Jax
Jax

I wonder if it’s still true??

Daniel
Daniel

Not true in 2017 (as long as there wasn’t any money in the account).

Mimi
Mimi

Still enforced as of Feb 2019 when banker told mom the only way to close account was in-branch, no ifs or buts. She had zero balance but she wanted her account officially closed so she wouldn’t incur maintenance fees.

Ben
Ben

Any idea if churnable since terms indicate not?

Lisa J
Lisa J

Do you get the account number right away?

Lisa J
Lisa J

I think last year they let you email the code to yourself. This time you can’t so they could be enforcing the targeted requirement

Moe
Moe

Any data points on meeting direct deposit by ACH?

Duke I.

When you say targeted do you mean only those in the states listed can apply or those in the states listed in addition to receiving promo invitation?

Lisa J
Lisa J

Their website says only those who received the mail piece.

newbie
newbie

just called local bank, offer is available in-branch as well. will report later once i opened and get more info

LBP
LBP

Please let us know about opening in the branch if it’s feasible,I’m in Alabama they are asking for the flyer to open the account and receive the bonus….

spobi
spobi

I made a mistake applying online. Account was opened and i received email stating my address is not on the mail list of targeted offer so the bonus is not going to be there. Any suggestions/recommendations

Johnny K
Johnny K

I funded $500 with a credit card and keep getting secured messages that since I didn’t get the mail piece I’m not eligible… oh well I’m going to my local branch to withdrawal the $500 and still collect the $150 min spend bonus for playing wit Iberia bank this time… no big loss.

Lisa
Lisa

Did you end up getting the bonus?

Golden
Golden

Any data point on whether bank will enforce the ‘one bonus per lifetime’ clause? Had the account closed in 2016 and wondering if I can open another one and get the bonus.

Thanks

Matt B
Matt B

This bonus is available for all first responders online.

https://www.iberiabank.com/landing-pages/first-responders/

Robert Brown
Robert Brown

I know it’s late for this, but a DP for future readers. I called the bank recently to ask about this promotion, and the person I talked to mentioned that this promotion does require the mailer, even if you open it in-branch.

This was a TX branch

ZacharyI
ZacharyI

Looks like this offer is public now, 350/200 offers are on their web page to all see. I DFW so may give this a try with the ACH from savings and skip the 500/CC funding

Jax
Jax

Do you have a link to the public offer? I don’t see it on their web site

Matt K

Is this only available if also opening a HELOC? Here’s the public link but its under a HELOC offer and sounds like the HELOC has to be opened too. Not a bad HELOC offer by the way but might not work if only doing the checking….. https://www.iberiabank.com/landing-pages/heloc-offer/

William
William

I’d be curious to know too. I have never opened a checking account with Iberia before. I missed all the previous bonuses. If I can get a 350/250 bonus without a HELOC it would be great. Maybe William Charles knows

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