Bonus has expired and is no longer being offered, best current checking bonuses can be found here.
Offer at a glance
- Maximum bonus amount:
- Availability: Personal account can be opened online, but you must reside in Texas. Business checking looks to be in branch only. Possibly only the Irving branch?
- Direct deposit required: Yes, for personal bonus. No minimum specified
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $1-10, avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Bank7 is offering a bonus of $500 when you open a new personal or business checking account. Promotions are as follows
Personal
- Open a new Bank7 online checking account and complete the following requirements:
- Deposit a total of $5,000 or more in new money within 10 business days of account opening, maintain that balance for at least 90 days from the date of deposit
- Receive a qualifying direct deposit to the account within 90 days of account opening
Business
- Open a new Business7 checking account and complete the following requirements:
- Deposit a total of $10,000 or more within 10 business days of account opening, maintain that balance for at least 90 days from the date of deposit
- Complete 5 qualifying transactions within 90 days of account opening. Qualifying transactions are: debit card purchases, ACH (Credits), wires (Credits and Debits)
The Fine Print
Personal:
- Open a new Bank7 online checking, which is subject to approval
- Deposit a total of $5,000 or more in new money into the new personal checking account within 10 business days of account opening
- Maintain at least a $5,000 daily balance for 90 days from the date of deposit. The new money cannot be funds held by Bank7.
- Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above personal checking requirements, we’ll deposit the bonus in your new account within 10 business days.
Business:
- Open a new Business7 checking account, which is subject to approval
- Deposit a total of $10,000 or more in new money into the new business checking account within 10 business days of account opening
- Maintain at least a $10,000 daily balance for 90 days from the date of deposit. The new money cannot be funds held by Bank7.
- Complete 5 qualifying transactions within 90 days—debit card purchases, ACH (Credits), wires (Credits and Debits). After you have completed all the above business checking requirements, we’ll deposit the bonus in your new account within 10 business days.
Both:
- You can receive only one new personal checking and one new business account opening related bonus each calendar year and only one bonus per account.
- Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- Checking offer is not available to existing Bank7 checking, Business7 checking customers. The offer is not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance.
Avoiding Fees
Monthly Fees
Bank7 (personal)
This account has a $1 monthly fee, this is waived with eStatements
Business7 (business)
This account has a $10 monthly fee, this is waived with eStatements
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is an early account termination fee or not.
Our Verdict
Assuming these accounts are a soft pull to open, then I think both bonuses are worth doing. $500 is definitely on the very high end for bank account bonuses and the requirements aren’t that difficult to meet assuming you have $5,000/$10,000 in liquid funds. The personal account does require a direct deposit and we don’t have any datapoints on what works as of yet. If anybody decides to go for either bonus then share your experiences in the comments below. These won’t be added to the best bonuses until we know more.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Anyone closed the account yet? Did you close by phone or email?
Need to call in to close.
-Betelgeuse
I received the 1099 int today for the 500$.
The bonus was paid in Jan 2019 but 1099 says it’s for 2018?
I received the 1099 int for the 500, but I did NOT even received the bonus!!
Any suggestions on what I should do?
I’d contact the bank’s accounting department.
so, DO NOT file a return and include the $500 for 2018 unless you want to file an amended return after you get the correction.
total cluster-f with this bank between the late 1099 and the wrong posting year.
@mjs Thank you!
Thanks! If only I would have read it before. Received corrected 1099 for P2 and myself yesterday. Now will have to file an amended return. Pain.
DP for the Personal bonus:
10/02/18: Account opened
10/11/18: Opening deposit of $5k posted
10/15/18: ~$100 from Dosh posted
11/19/18: ~$100 ACH push from Fidelity brokerage acc posted
01/28/19: $500 bonus posted automatically. No intervention/communication required
Not sure which deposit qualified for DD (if not both); I did two just to be on the safe side.
Got the bonus on Jan 2nd, transferred 5k out and left $600+ in account, got statement with $1 service charge today. It shows “TOTAL CHARGE FOR Consumer Paper Stmts”, but I set up estatement from the very beginning. Seems I have to close the account.
Did anyone try closing it yet? Any experiences with closing?
I signed up on 10/2 and did not receive the bonus yet. Is anyone else in the same boat?
Opened 10/2/18, received bonus 1/2/19. Excellent and painless!
+1 received mine on 1/8.
P2 and myself opened it on Oct 2 just before it stopped working. Got our bonuses today.
I applied yesterday morning & was given an account number, but never could access online banking. Called today & was told they “didn’t proceed” with the application because of too many new bank accounts.
Chexed again 🙁
Brutal
Went to the bank and opened a personal account in my wife’s name and a business account for myself. The lady was very professional and nice and explained in depth what needs to be completed in order to get the bonus printed out the bonus details and signed/dated it as well. It is a very small bank but they offer a very competitive interest on their money market account as well (2.09%). I somehow feel they will honor it but only time will tell. They are mostly interested in local customers and not necessarily nationwide online customers.