Posted by William Charles on July 29, 2019
Bank Account Bonuses

Published on July 29th, 2019 | by William Charles


[Expired] [VA & NC, In Branch only] Southern Bank $550 Personal Bonus & $200 Business

Deal has expired, view more bank account bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $550 personal and $200 business
  • Availability: VA & NC, In branch only [Branch locations]
  • Direct deposit required: Yes, no minimum mentioned
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $3, avoidable
  • Early account termination fee: Unknown
  • Household limit: None
  • Expiration date: December 31st, 2019

The Offer

Direct link to offer

  • Southern Bank is offering a personal bonus of $550, broken down as follows:
    • $200 when you establish a direct deposit
    • $100 when you complete any of the following 3 items:
      • Sign up for Online Banking
      • Sign up for e-statements
      • Sign up for mobile banking (download and install)
    • $250 for bringing an additional $50,000 or greater in deposits to Southern Bank
  • Southern Bank is offering a business bonus of up to $800 (but $600 of it requires loans)
    • $100 incentive when you enroll in Business Online Banking or Southern BusinessPro
      $100 incentive when you open any business line of credit
      $100 incentive when you enroll in the Southern Business Mobile App
      $500 incentive to any new business relationship customer that opens a business loan of at least $20,000

The Fine Print

  • We will credit your checking account within 30 days of completion of the actions listed.
  • Actions must be completed within 120 days of account opening.
  • Qualifying customers must visit any Southern Bank branch to confirm qualifications before receiving incentive credit.
  • Offer good until 12/31/2019 or until further notice, whichever comes first. O
  • ffer available only for new checking account customers not already affiliated with Southern Bank beginning 6/3/2019.
  • Limit one $550 bonus per personal and one $800 per business customer.
  • Bonus offer is voided if account closes within 180 days after opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees


eChecking is the easiest account to keep fee free. It has a $3 monthly fee that is waived with an average balance of $500 or one direct deposit per statement.


Unsure what the business monthly fees are.

Early Account Termination Fee

I was unable to find a fee schedule so I don’t know if there is any early account termination fee or not

Our Verdict

Doesn’t look like there is any minimum deposit length for the $50,000 deposit portion of the bonus, might just be a case of them forgetting to include it as it looks like you need to open in branch anyway. Good potentially be a great bonus, but we need to know more about it first. If anybody goes for this bonus then please share your experiences in the comments below.

Hat tip to reader Gadget

Useful posts regarding bank bonuses:

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Gadget 🕵️

Applied in branch, denied for Chex. Got the “adverse action” letter of shame, so 100% positive they pull Chex. No HP. I have more things to say about my experience, but not tonight. Some of it was rather comical, well, in the eyes of a bank bonus miner.

I do find it funny they put the checking offer on an entirely different webpage, and no fliers are present in branch (at mine, anyway). It’s like they don’t want current customers they are offering deals.

Seems like a very hush hush, stuffy, old money bank. And if you do get signed up, you have to take your report card in to the banker to get the bonus? Very surprised it wasn’t a hard pull.


When you get the adverse action letter, does the banker get suspicious or anything? Just curious since I’m sure this will happen to me sooner or later so I want to be prepared lol.

Gadget 🕵️

Not really suspicious, but they start talking to you a little different…. like they can’t help you, but the people at Chex might. “Unfortunately I cannot open an account, but here are some things you can do”…


You are the best! Very informative and willing to share information among the community.


I’ve been wondering where in VA you live. Now I think I can narrow it down to the Tidewater area. Thanks for all your Virginia data points. They’ve proved super helpful (and lucrative) over the years.

Gadget 🕵️

LOL… What’s Tidewater? Everyone I know calls it Hampton Roads. 🙂

In local bank news… City National Bank WV sold their one branch in Va Beach to some NC bank I never heard of.

Union Bank and Trust… who took over Xenith in the area… who had taken over Bank of Hampton Roads… now became Atlantic Union Bank.

In sad news, First Tenn AKA Capital Bank is disowning all of VA except the western tip. News at eleven.

You can click my name if you want to contact me directly… takes you to my website. Then you can stalk me properly! 🙂

Gadget 🕵️

William Charles Two possible corrections for the article:

– I don’t believe there is a household limit. One per person, or per business, is all I see mentioned.

– The Our Verdict paragraph, it should be $50,000 in deposits, not $20K in savings. Savings makes it sound like you have to open yet another account.

I wasn’t approved, and no other information was present in branch to confirm these info bits.

El Cheapo
El Cheapo

Correction as per website:

$100 when you complete any 2 of the following 3 items:

I’ll go see how Chex sensitive they are in a few weeks. I’ll be at about 12 new accounts in the past year at that point.


Denied opening online. Probably because of being out of their footprint. This is what they said in the email about an hour and a half after I submitted my application:
Thank you for considering HomeTrust Bank to serve your financial needs. We received your application online, but are unable to process your request to open an account at this time.

If you would still like to open an account, please visit any of our branch locations, and our representatives there will be happy to assist.


Wrong thread bud…this isn’t a deal for HomeTrust bank, it’s for Southern Bank.


Oops, thanks for the heads up. I’ll post this over there.

Gadget 🕵️

HTB got footprint sensitive right after I applied about 6 months ago. I tried to get SO in just weeks later, and they denied her for footprint. Which is silly, because they approved me at same address, so they started QA’ing/looking for that at some point.


“Qualifying customers must visit any Southern Bank branch to confirm qualifications before receiving incentive credit.”

Does this mean you need to go into the branch to open the account, and go into branch AGAIN to receive the bonus?

El Cheapo
El Cheapo

Here are questions that I asked Southern Bank via email and their respective answers:

1. In the fine print there is the following statement:
“Qualifying customers must visit any Southern Bank branch to confirm qualifications before receiving incentive credit.” Does this mean that there is a requirement for a 2nd branch visit after the terms are met before the bonus can be applied, or can the qualifications be confirmed upon account opening at a branch?

Answer: You will only have to visit the branch to open the account. We can confirm that the conditions will be met once you open the account and we preform analysis on the account after opening. Only the visit to open the account is required to receive the bonus.

2. Can new money be added to a money market, CD, or savings accounts in order to count toward the bonuses or does it have to all be deposited in a checking account?

Answer: The bonus only applies to the checking account so the $50,000 or greater must be deposited into the checking account within 120 days of account opening.

3. Is there a required length that the money has to be deposited for the bonuses?

Answer: The requirements must be completed within 120 days of account opening. The money must be deposited in the account until the 180th day. Essentially you can deposit the $50,000 on the 119th day and take it out on the 181st day and receive the bonus offer.

4. Are there termination fees if accounts are closed after 180 days?

Answer: There are no termination fees after 180 days.

The representative also sent me their interest rate schedule..All of their checking accounts pay .04% interest, and their savings/CD rates are really low.

El Cheapo
El Cheapo

I don’t know why the rep offered the day 119/day 181 info, voluntarily.

Gadget 🕵️

El Cheapo Maybe if you get approved you get some additional terms/details, and the banker was quoting it? Also, what is odd about that wording is… if you deposit $50K at opening, and keep it there for 4 months, 2x as long, it wouldn’t count, based on that explanation. Most deposit bonuses aren’t phrased that way – it’s normally either on calendar dates, or day count.

The one question you didn’t ask is about the direct deposit, if there was a required $ size or frequency, or now I would wonder if it’s timeline based like the $50K.

I am hoping you or someone with many accounts under their belt applies…. and gets in, and maybe then I will send SO in to see what happens.

I got jerked around… but I won’t list all the details, but they did say I was like the only one ever who didn’t getting approved for an account just due to inquiries… and not owing money/derogatory Chex entries. (The branch manager said to me I had EVERY bank in the world, except one she mentioned by name, on my report) If denials are truly that rare, you may not have the issue I did. Or they were just blowing smoke, and we are talking a fairly small bank so they don’t get the same number of yahoos to compare.

Gadget 🕵️

Svy, going to try this one? I dare you! 🙂


At much as I like a dare, I am in NoVA. So this is out of my range.

Gadget 🕵️

OK, I knew you were VA or NC. IS250 and Yet Another Redditor are in NoVA. I’m near Va Beach.


Regarding early closure terms say, “Bonus offer is voided if account closes within 180 days after opening.”

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