Posted by William Charles on July 6, 2017
Bank Account Bonuses

Published on July 6th, 2017 | by William Charles

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[Expired] [WI only] Home Savings Bank $120 Checking Bonus

This checking bonus has expired and is no longer available. Click here for a list of the best checking bonuses.

Offer at a glance

The Offer

Direct link to offer

  • Open a new Home Savings Bank checking account and receive a bonus of $120 when you complete the following requirements:
    • Must be Preferred or Premier
    • Establish at least one qualifying direct deposit into the account within 60 days of account opening

The Fine Print

  • In order to receive the cash bonus you must open a new Preferred or Premier checking account, and establish at least one qualifying direct deposit into the account.
  • Preferred and Premier checking accounts are variable rate interest-bearing accounts. As of January 16, 2017, the APY (annual percentage yield) is 0.03%. The interest rate and APY may change at any time, at our discretion.
  • There is no monthly maintenance charge with a qualifying direct deposit, but other fees could reduce the earnings on the account.
  • The first direct deposit must occur within 60 days of account opening.
  • Minimum amount to open the account and earn the APY is $25.00.
  • If you meet the terms of the offer, the $120.00 cash bonus will be deposited into your new account within 60 days after the account opening.
  • The account must be open and in good standing on the payment date to receive the cash bonus.
  • The account must remain open for at least 6 months or you forfeit the $120.00 bonus.
  • The cash bonus will be reported to the IRS for tax purposes.
  • You are responsible for any applicable taxes.
  • Offer expires 12/31/17. Available to new
  • Home Savings Bank customers and existing customers who do not have a checking account.

Avoiding Fees

Preferred – $8 Monthly Fee

This is the easiest eligible account to keep fee free. The $8 monthly fee is waived with a direct deposit of your pay check/government benefits or pension.

Early Account Termination Fee

If the account is closed within six months you will forfeit the bonus

Our Verdict

It’s annoying the account requires a direct deposit to keep fee free and you need to keep it open for six months to keep the bonus. It also looks like you can only open in branch, because of that I don’t think it really makes sense to open unless you can easily change your direct deposit and it’s a soft pull. If you have any experiences please share them in the comments below. You can view the best checking bonuses here.

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I am in the process of doing this one – opened the account around 20 May, employer direct deposit of $25 on 1 June, bonus has not yet posted. I was told after the bonus posts, that I could downgrade my Preferred account to an Essential account to avoid the monthly fee without a direct deposit (but you need to go in-branch and fill out a form to do this). I was told there also is an inactivity fee if there is nothing going on for six months, so you’ll want to close the account shortly after open date + six months to avoid the bonus clawback and any inactivity fees.

No credit card funding. Not Chex Sensitive. I don’t know how to determine whether it was a hard or soft pull.

(Also you get to create a debit card with whatever goofy image you want! That was fun, at least.)

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