[WI, IL, IA, MN only] AnchorBank $100 Checking Promotion

Offer at a glance

• Maximum bonus amount: $100
• Availability: Checking products are limited to residents of Wisconsin, Illinois, Iowa and Minnesota
• Direct deposit required: $500+ recurring
• Additional requirements: None
• Hard/soft pull: Soft
• Credit card funding: Unknown 
• Monthly fees: $5-$20, waive-able
• Early account termination fee: 6 months, bonus clawed back
• Expiration date: April 30th, 2016

The Offer

Direct link to offer

• Receive a sign up bonus of $100 when you open a new AnchorBank checking account with direct deposit of $500+

The Fine Print

• Within 60 days of opening the account you must have your first direct deposit post to the account to qualify for the $100. Direct deposit includes payroll, pension, Social Security or other government benefits, and monthly direct deposits must total $500 or more
• The $100 will be automatically deposited into your new account six to eight weeks after the completion of the direct deposit.
• Offer valid for new household personal checking accounts only.
• Offer is not available to existing AnchorBank personal checking customers or to anyone who has closed an AnchorBank personal checking within the last six months.
• $100 required to open account.
• Account must remain open for six months or any incentive received must be repaid.
• Offer expires April 30, 2016

Avoiding Fees

Essential Checking $4.95 Monthly Fee Non Waive-able

This is $6.95 if you don’t enroll in eStatements. There is no way to waive the monthly fee on this account and as such we wouldn’t recommend opening this (remember the account has to be kept open for six months which would cost you at least $29.7)

Choice Checking $9.95 Monthly Fee Waive-Able

This account has a $9.95 monthly fee ($11.95 with paper statements) but there are multiple ways to keep it fee free, doing any one of the following will do so:

• Have $750 minimum monthly balance over your statement cycle OR
• Have $2,500 minimum combined deposit balance on your statement date OR
• Make 10 debit card purchases per statement cycle OR
• Direct deposit $500 or more, either single deposit or multiple OR

Reward Checking $14.95 Monthly Fee Waive-Able

This card earns 5¢ for every debit card transaction you have. I wouldn’t recommend this account as it’s much harder to keep fee free than the choice account, plus Discover offers 10¢ for every debit card transaction. You need to complete all of the following requirements to keep it fee free:

• Make 20 debit card purchases per statement cycle, and
• A total relationship of a minimum of $5,000 in any combination
  of personal deposits or outstanding loan balances, including
  outstanding first mortgage balances

You can find more rewards earning debit cards by clicking here.

If you’re a student and under 24 years of age there is also the student account which is fee free. There is also the advantage checking account which a $19.95 fee and much harder requirements to keep it fee free which I wouldn’t recommend.

Early Account Termination Fee – 6 Months

The fine print states that you must keep your account open for a minimum of six months, I imagine if you close it before this time they’ll report a negative balance with ChexSystems.

Our Verdict

I don’t think this bonus is worth considering they have offered bonuses of $250 in the past, I’d wait for them to offer a better bonus before considering signing up. In the mean time check out some of the best checking bonuses currently offered.