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Offer at a glance
- Maximum bonus amount:Â $550 personal and $200 business
- Availability:Â VA & NC, In branch only [Branch locations]
- Direct deposit required:Â Yes, no minimum mentioned
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â $3, avoidable
- Early account termination fee:Â Unknown
- Household limit: None
- Expiration date:Â December 31st, 2019
Contents
The 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
- $100 incentive when you enroll in Business Online Banking or Southern BusinessPro
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
Personal
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.
Business
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
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- 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
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- 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?
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