Posted by William Charles on November 17, 2019
Bank Account Bonuses

Published on November 17th, 2019 | by William Charles

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[WA, CA, OR, ID, HI] HomeStreet Bank $350 Checking Bonus – Available Online

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: WA, CA, OR, ID, HI
  • Direct deposit required: Yes, $2,500+
  • Additional requirements: None
  • Hard/soft pull: Soft
  • ChexSystems: Yessensitive
  • Credit card funding: None
  • Monthly fees: $10, waivable
  • Early account termination fee:  Account must be open when bonus posts
  • Household limit: One
  • Expiration date: December 2nd, 2019

The Offer

Direct link to offer

  • HomeStreet Bank is offering a bonus of $350 when you open a new Premium Select Checking account and complete the following requirements:
    • Receive qualifying direct deposits that total $3,000 or more within the first 90 calendar days

The Fine Print

    1. Open a new Premium Select Checking account in branch or online between November 16, 2019 and December 2, 2019.
    2. Receive qualifying direct deposits that total $3,000.00 or more within the first 90 calendar days of account opening. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Federal income and state income tax refunds do not qualify. Person-to-person, bank transfers or other electronic money transfers such as those made through internet payment services (for example, Zelle, Venmo, Amazon Payment, PayPal, etc.) do not qualify. Deposits made via a branch, ATM, online transfer or through mobile banking do not qualify.
    3. Account must remain open for at least 180 calendar days.

     

  • If you have met all the bonus requirements, the bonus will be deposited directly into your new personal checking account within 240 calendar days of account opening. Your new account must remain open until the bonus is processed to receive the bonus. The bonus is considered 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.

     

  • HomeStreet Bank reserves the right to deduct the bonus from the account at closing, if the account is closed by the customer or bank within 365 calendar days after account opening.

     

  • For further account terms and conditions about HomeStreet Bank’s personal checking accounts, please refer to the Terms and Conditions for Personal Accounts.
  • Offer expires December 2, 2019.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Premium Select Checking comes with a $10 monthly fee; maintain a $2,500 balance to avoid monthly fee.

Early Account Termination Fee

Bonus will be posted within 240 days of account opening, account must be open when the bonus posts.

Our Verdict

We just saw a $300 bonus, this has the exact same requirements but is for an extra $50. Unfortunately most readers won’t be eligible as HomeStreet bank is chexsystems sensitive. Still worth doing if you don’t have many new accounts recently opened, otherwise not worth doing as you won’t be approved. I’ll be adding this to our list of the best checking account bonuses.

Hat tip to reader Yao

Useful posts regarding bank bonuses:



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Jay
Jay

I wasn’t interested in doing this one earlier, but that extra $350 has me leaning towards giving it a go. Not too keen on potentially having to keep the account open for a full calender year in order to keep the bonus, though. Would they really deduct it if you keep it open for 240+ days but less than 365 days? Has anybody had experience with this?

Dubya
Dubya

If they have a rule about keeping the account open for a year why would they not enforce it?
Also you are not going to the data point you are looking for. If someone waited 240 days to get the bonus why would they risk losing it by closing between 241 and 365.

Steve

Extra $50 you mean.

Josh in San Diego
Josh in San Diego

Chex/early warning sensitive. They wouldn’t let me open an account, when I tried, a few months ago.

Glenn
Glenn

How many accounts have you opened recently?

K.M.
K.M.

Hello. I just recently received my free chexsystems report and I’ve opened a few savings and checking accounts this year yet saw that only citi (I did the $400 checking /savings bonus) was reported but citi showed up 4 times. I’ll attempt to open this account when I have time and post again in here, hopefully I’ll be safe to open.

K.M.
K.M.

sorry, deleted.

K.M.
K.M.

nvm, cant open the account as of now because the only way to fund it online is by writing a personal check which I dont have any of. hopefully i can apply in person and just deposit cash.

K.M.
K.M.

–HI data point–
Okay was finally able to open the account in branch. Only hit on chexsystems in the past was citi (the other account bonuses I’ve done are for high yield savings accounts and the t mobile money and simple accounts, all that didn’t appear on my chexsystems report) so I was in the clear. My dad had a home Street bank account and I was a joint account holder when I was a child but that was closed a while ago. Never had my own account. Deposited some cash, I have to deposit more cash later. Took roughly 20 minutes to open.

nopez
nopez

It says up to 240 days to get the bonus? That seems awfully long

K.M.
K.M.

hey there, before the requirement was the same 240 days but the payout was $300. that promotion literally ended yesterday. this deal is obviously better so although i wasnt considering the previous deal due to the length (and having to leave $2500 to keep the account fee-free) i will attempt to open this one.

Freeway fighter
Freeway fighter

I just opened an account for $300 bonus offer two weeks ago. Would they increase it to a new offering if I call them?

Dubya
Dubya

According to this DP the bank is Chex sensitive to the extreme. 5 new accounts and 3 accounts got someone rejected
https://www.doctorofcredit.com/wa-ca-or-id-hi-homestreet-bank-300-checking-bonus-available-online/#comment-833879

Jay
Jay

They opened an account for me right away, and I’ve had quite a few new bank accts opened this year, so not sure why others are being denied. Also, I’m asking them if they will upgrade me to the $350 from the $300 offer I originally qualified for.

Kapil Dev Tejwani
Kapil Dev Tejwani

yes pls let us know, even I will try the same

Kapil Dev Tejwani
Kapil Dev Tejwani

Tried sending them a message for match but they are unable to match

David
David

Anyone know if you can fund the account from a credit card?

Andy
Andy

I opened in 5 minutes but the only option for me is to mail in a check for initial deposit

ChurnBoi
ChurnBoi

So to be clear, it’s just $2500 in direct deposits total? Don’t mind leaving $2,500 in there for a 350 bonus.

playwithcards
playwithcards

Is it true that chex sensitive is only for applying online? I never get any problem opening in branch, even though LOL/24.

Knight
Knight

Thanks. Was going to do it online, but maybe I’ll stop by today and do it in person.

Knight
Knight

Opened in branch, LOL/24. Did not try online. Could not set up pushes online, error said to call in.

playwithcards
playwithcards

Just read another post saying they may close in a few days if too many recent account. Hope that is only for opening online as well.

Nopers
Nopers

Good idea! Let me know what ends up happening, i.e. if it ends up getting closed later on or what. I tried to open online but was denied due to Chex. I’d be willing to go in to give it a try.

Jim
Jim

Mind sharing any updates on how your account is holding up?

Jim
Jim

Curious about this myself

Pretty lucrative bonus, even if it needs a branch visit

djdon
djdon

Some info from my online application:

1) The only way to initially fund is by sending a personal check.
2) On receiving the check, they’ll send you a signature card back, which you sign and send back. Only then your account is active.
3) You can do both #1 and #2 in branch and speed up the process.
4) No CC funding even in branch as the OP says.
5) You can’t add external accounts for transferring funds for upto 60 days – according to the 2 reps I talked to, haven’t tried personally yet. ACH of course is fine.

777
777

i was told ach push is fine, no need for check. Not chex senstive for me.

Jonny
Jonny

Secure message with CSR said that the first month’s monthly fee is waived. Still, that’s not much of a cushion as the date opened online is the start date. Will cost a couple weeks for receiving and sending in a signature card/check.

I also learned from the CSR that doing this bonus will disqualify one from the $100 Select Plus bonus (https://www.homestreet.com/personal/workplace-benefits/affinity—product-pages/iep-selectplus), even though there are no specific terms on the Select Plus bonus disqualifying receivers of previous or to-be bonus, unlike this Premium Select offer. Also DoC, might be useful to post the Select Plus offer?

Also, my family member was denied @ 3/24. I suspect they strongly consider the other Chex score criteria (or simply the score itself), such as records of property and asset ownership, time at current address, etc.

Please update the post if helpful.

DA
DA

Opened 11/25/19 – 5 minutes no issues. Sent check via Chase online and now will wait.

Daria
Daria

Any current info on what counts as DD? I’m self employed and don’t want to spend time applying if alternative methods to trigger bonus aren’t effective. Specifically, the fine print disallows PayPal, yet the data points on this site state PayPal works, however, the last info was posted in 2016.

Greg
Greg

Denied due to Chex. For the curious, I’ve opened 16 accounts in the past 8 months (with 3 in the past 3 months). My credit score is ~800, but my Chexsystems score was 576

Freeway fighter
Freeway fighter

Got charged $10 fee for the first partial month before account was fully funded. Not a big fan of this bank . Let’s see if they post bonus on time

Jim
Jim

Try requesting a waiver? Curious how long you were under the $2500 requirement?

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