Posted by William Charles on January 10, 2018
Bank Account Bonuses

Published on January 10th, 2018 | by William Charles


[Expired] [WA, CA, OR, ID, HI] HomeStreet Bank $300 Checking Bonus

This bonus has expired and is no longer available. View more bank bonuses by clicking here.

Bonus is back, this time with no expiry. Thanks to reader Michael. 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:
  • Availability: Branches are in WA, CA, OR, ID, HI. Not sure if this online bonus is open to more states or not. Seems like you also need to be within a certain distance to a branch as well
  • Direct deposit required: Yes, $500+ for the first five full calendar months
  • 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: None listed

The Offer

Direct link to offer

  • HomeStreet Bank is offering a bonus of $300 To receive the bonus you need to open a new checking account and complete the following requirements:
    • Must open a new Choice, Select, SelectPlus or Premium Select Checking account with a $100 minimum opening deposit
    • Receive $500 or more more in qualifying direct deposits to this account each month, which must post to the account by the last business day of the month for the first five full calendar months following the month in which the account is opened
    • Make at least 7 debit card transactions each month for the first five full calendar months. Minimum of $5 per transactions
    • Enroll in online banking, mobile bank and eStatements  within 30 days of account opening


The Fine Print

  • You must open a new Choice, Select, SelectPlus or Premium Select Checking account with a $100 minimum opening deposit.
  • 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 your new account in each of the first five full calendar months immediately following the 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.
  • 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 five full calendar months immediately following the month in which your new account was opened. Each purchase must be $5 or more. ATM transactions are excluded.
  • You must enroll in Online Banking and sign up for eStatements within 30 days of account opening.
  • You must sign up for Mobile Banking within 30 days of account opening.
  • This account must remain open for at least 180 days. The Bonus will be deposited into your new account within 90 days after completing all six of the requirements stated above. Your new account must remain open at least 180 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 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.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Select checking does not come with any monthly fees, 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

This is the biggest bonus they have offered before, normally it’s $100 or $200 but we recently saw the same $300 offer in Eastern WA. This bonus does have a lot of requirements and direct deposit for five months does suck, but it is a $300 bonus so it’s hard to complain too much. I’ll definitely be adding this to the best checking bonuses. As always please share your experiences and data points with this bonus and bank in the comments below.

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

Useful posts regarding bank bonuses:

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The terms now state you can’t do an ACH from another account or P2P transfers for the DD requirement on this bonus. The last bonus was just 1 DD of $500+ and ACH’s worked. Maybe they’ve clamped down now? I’d hate to ACH for 5 months and put $35+/MO on their debit card only to not qualify! May need to change my employer DD. To those who’ve had this – is the account any good??

>>This offer is only available to new HomeStreet Bank consumer checking account customers.

I had a HomeStreet checking account like 5 – 6 years ago.. and closed it. I wonder with this language, whether I am eligible for this one too?

I’d love to hear people’s experiences with opening online. I’m an Oregon resident, but I’m overseas until March, 2018. Thanks!

I hope that ACH will count as direct deposit with this bank. Years ago they didn’t require DD.

These two bullet points kind of contradict each other:

* 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.

I think as long as your account has been closed for more than 12 months, you can open a new account and get the bonus. That is how I am reading this.

7 debit transactions for $5 bucks each for 5 months straight. 🙁

Yeah… I had second though reading that too. 5 DD is manageable, but 7x$5 each month on debit card seems to be a lot of extra work.
I guess I could do 7 utility payment, but having to do this every month is a pain.

I did HomeStreet Bank’s Black Friday offer last year. Not a great experience. Opening the account was easy, but once I met the requirements they tried to fight me on the bonus citing something in the requirements that I was sure wasn’t there originally. At the time the promotion page had been taken down so I had no proof. We went back and forth several times before they finally gave me the bonus. Basically screenshot and document the offer and T&Cs.

Thanks for sharing your experience.

May I ask what additional/new requirements they tried to add that you had to contend?

And what ACH sources you used to qualify as DD?


can confirm exactly this same experience.

had to fight HARD to get them to honor the terms of the promo, and threatened to report them to the CFPB over it. They eventually caved, but do beware of this bank…they left a very bad taste in my mouth

I did have PDF printouts of everything, and they came in handy, so yes absolutely document everything.

I’m assuming this can be opened in branch too right?

how’s ‘a-to-z’ reloads with this bank?

curious as i seem to remember about a bank, not sure if this one or maybe it was Mainstreet(?), clearly saying that a-to-z reloads or the likes are ‘irregular’ debit transactions thus doesn’t qualify.

hopefully someone remembers and/or even give a link. thanks in advance!

I did a previous bonus with them last year (had no problems with them or getting the bonus) and would do this one but my first real direct deposit wouldn’t be able to happen until Jan 2. Since the first direct deposit has to start the first full month after opening the account, the deposit would have to occur by Dec 31.

Unfortunately the new wording makes it unlikely that any ACH transfer would count as a direct deposit as the previous promotion did (you had 90 days to do only one direct deposit so there was time to experiment with what worked as a direct deposit).

As David says above, since you have to make five direct deposits, you won’t know what works or not until the five months are up. I’ll have to pass on this one.

Interesting data point here: I opened an account with them yesterday, but this morning it was closed. I called to ask why, and they said it was a “footprint” issue: my address isn’t close enough to a local branch. I live in Northern Idaho, and the closest HomeStreet branch is over 2 hrs away in Eastern WA. So I’m guessing eligibility for this bonus has more to do with geographic proximity to a branch and not necessarily residence in particular states.

Had this exact experience today when I was unable to login to my account. I live in the Sacramento area, where there are branches, but apparently living 22 miles away from one of them is too far for them.

They said they sent me a letter and will return my check that I wrote to open the account.

opened yesterday, account was closed today. called the csr, said I am not close to their footprint, the closest bank is just 6 miles away.

Jesse E Bainard

Hey, just out of curiosity…I live in Cd’A and there’s a branch at Riverfront Park in Spokane. Is this the closest branch to you, or was it opened after you applied? I know this comment is about a year old now…lol

Applied and approved online today. Branch in my same town. Only option for deposit was to mail in a check.

Oh, forgot to mention the bit about funding in my DP above. It was the same for me: the only option for funding was mailing in a check.

According to this DP a transfer of the same amount is sufficient, no need to mail a check.

Thanks, good to know.

Still going to wait past the weekend.

Opened the account yesterday, signed into online banking today and my account now shows as closed. Called them up and they said it was declined for some reason that wasn’t specified and I’ll get a letter in the mail with more details. Ugh, glad I didn’t mail the check already…

Okay, waiting to mail the check for a few days to see if my approval lasts.


the wife was considering applying for this one, but she definitely churns accounts and this makes it seem like they might close it on her later

a major bait and switch scam if it happens, as they’re renegging on an advertised and approved promo because they decide they don’t like you as a customer.

I’m not sure $300 is worth it, considering the 5 months of likely legit DD’s required, plus the overhead of making 7 $5 legit debits combined with having to likely fight them to honor the terms coupled with what seems like a bait and switch promotion model

Same, this also happened to me, I have strong churn patterns, bit annoyed at the bait and switch. I doubt we will end up getting the promo.

Do you mean you opened account and the account was closed by them after one or two days?

For me it was closed the very next day. Couldn’t sign in, called up and the CSR said yup it’s been closed but can’t see why, you’ll get a letter in the mail.


Anyone who opened say 5+ accounts with other banks this year got this one approved?


I’ve got six other checking accounts opened in the past calendar year and was approved for the Select Checking account with HomeStreet (and it shows up as active and not closed in my Online Banking). I’m in the Seattle metro area and there are several branches within a 10-mile radius of my address.

Is it ok to assume that they won’t demand the first direct deposit by the end of the month if you apply on the 27th?

Nevermind. Just re-read the fineprint.

“the first five full calendar months **immediately following the month** in which your new account was opened.”

Just had to call in to get assistance with account number and login id. Rep said everything looks good. Proceeded to log in for the first time and I see my account is closed, like a few of you have mentioned above.

I am at 12 accounts this year.

What a mess. I called in and they said my account had been marked inactive, they reactivated and I was able to log in. Alas, still marked as closed. Sent them a message and they said that made it inactive again and I would get the dreaded letter in the mail.

So much for HomeStreet Bank.

yeah. this is like a store deciding that you might not be a profitable customer because you’re using a coupon they issued, kicking you out, and then banning u from the store.

its blatant false advertising and/or bait-and-switch. both illegal.

Wifey denied – 5-6 new accounts opened in the last 6 months, so perhaps sensitive to # of new accounts.There’s a branch across the street too, 50 steps from home, making it THE most convenient bank around. Was gonna do a real direct deposit too. MEH – one app with intentions of actually starting a relationship and bam – DENIAL!

their loss, especially since you’d probably use them due to proximity. stupid bank

Got denied too. Lotsa new accounts in the last year for me, probably CHEX sensitive. Congrats for those that got it!

PS. Thx DoC, love seeing the site grow.

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