Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- Availability: Must live, work or worship in:
- Washington, state wide
- Idaho: Boundary, Bonner, Kootenai, Benewah, Shoshone, Latah, Nez Perce, Lewis
- Montana: Missoula, Granite, Lake, Mineral, Powell, Ravalli, Sanders, Beaverhead, Broadwater, Deer Lodge, Gallatin, Jefferson, Lewis and Clark, Silver bow
- Direct deposit required: Yes, no minimum specified
- Additional requirements: 15 debit card transactions
- Hard/soft pull: Hard pull
- ChexSystems: Unknown
- Credit card funding: Up to $500
- Monthly fees: None listed
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Horizon Bank is offering a bonus of $400 when you complete the following requirements:
- Open a tether savings and checking account and keep them open for at least 90 days
- Complete 15 debit card transactions
- Set up a direct deposit
The Fine Print
- Here’s the scoop on how to qualify for the $400 – be sure to open both the Tether savings and checking accounts.
- Keep them open at least 90 days, complete 15 debit card transactions (that’s just 5 a month, you do that in a weekend, right?) and set up direct deposit (this ensures you get your paycheck as soon as possible anyway!).
- There are some restrictions and it’s on approved credit.
- New members will pay a $20 membership fee (to become part of the coolest coop around). Current Horizon checking members, sorry! You don’t qualify for this particular offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Membership Fee
There is a $20 membership fee, this is not avoidable
Monthly Fees
These accounts have no monthly fees to worry about.
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. The accounts do need to be kept open for at least 90 days though.
Our Verdict
Seems like a great bonus, unfortunately it seems like it’s a hard pull to open so might not be worth it for most readers. Although as credit card issuers make it harder to get approved for cards for other reasons hard pulls become less of an issue.
Hat tip to reader James P
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
Had to do the back and forth to get the bonus as mentioned in previous comments. Left the account open way too long but easy to close via SM
Has anybody closed this account after bonus yet? Been opened since 7/20.. TIA!
Did anyone get a 1099 for the bonus portion? I got a 1099 but it only mentions the interest I earned for keeping money in there and not the bonus. A family member did not get a 1099 and he only did it for the bonus.
I too got 1099 with just the interest portion. Can we skip reporting the bonus?
It’s up to you. As part of requirements to get the bonus you had to make debit transactions. You could consider the bonus as a discount/rebate on those transactions, thus not taxable.
Did you receive a 1099 by mail or another way? Still waiting for mine.
Update: I asked about receiving a 1099 and they said they did not issue one for my account. Seems that they only issue one for interest paid and not the bonus. My interest paid was less than $2.00.
Thanks, removed it
Did anyone closed this account. If yes did you close online or how
If you have a copy of the original offer can you please post what was the exact language for the estatement requirement, Apparently I missed it and they are refusing to honor the bonus now. Thanks in advance.
Adam – here’s a link to the PDF I saved, with messed up formatting:
https://smallpdf.com/shared#st=f2df2bb8-e072-4102-9181-b74dbe50c887&fn=horizon.pdf&ct=1607411817057&tl=share-document&rf=link
They’re telling me the promotion “wasn’t coded on my account” as well – giving me the runaround despite living in WA state. May take some nagging to get them to pay out it seems.
We used to do it, but we stopped because it meant readers were not taking responsibility for taking pdfs of their own applications and then blaming us for not updating our pdfs when offer terms changed. It’s way to much trouble and everybody should just do a pdf when applying so they have the terms they applied under.
Thanks Matt, really appreciate it.
My bonus finally posted today after much back and forth with customer service. They originally only were going to honor the promo for P2 but after I threatened a CFPB complaint and provided the original pdf of the offer they honored it for me too.
Finally posted after filing a CFPB complaint.
8/10 – Account Opened
8/19 – One employer DD
15 Various Debit Transactions (Comcast/Amazon Reloads)
11/12 – Bonus Paid
Update:
They originally told me that I did not complete the offer because I didn’t do monthly $50 savings transfers (not part of the requirements). I emailed them my saved pdf of the original offer. They emailed me back saying that they now will honor me completing the offer but they will only honor it for one person in my household. P2 completed this offer as well.
This is what she said: “You did do everything required for the bonus, however, the *restrictions apply* does come into play here. There can only be one per household.”
This restriction was not explicitly stated in the original offer. Has anyone else run into this issue? Anyone able to get 2 bonuses in one household?