Offer at a glance
- Maximum bonus amount: $100
- Availability: WV, VA, KY, OH
- Direct deposit required: Yes, $200+
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $25, 180 days
- Household limit: One
- Expiration date: None listed
Contents
The Offer
- City National Bank is offering a $100 teen checking bonus when you open a new checking account and establish a qualified recurring direct deposit of $200+
The Fine Print
- Limited time offer.
- To earn the $100 direct deposit bonus, you must establish a qualified recurring direct deposit of at least $200 or more into the account.
- Bonus will be deposited into the new account 91 days after payroll or other qualified payment has been electronically deposited into the account.
- Limitations: The bonus cannot be used as the opening deposit.
- Bonus may be reported on 1099.
- $25 minimum deposit required to open account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees.
Early Account Termination Fee
Unsure if there is any EATF
Our Verdict
Unusual to see an account designed for teens require a direct deposit for the bonus. Never too young to learn how to fake that though. In all seriousness this is designed as a joint account with the parents so I assume they think they will direct deposit $200 in there. Not sure how being a joint owner would affect your own chances of getting the $200 ‘adult’ bonus.
Hat tip to reader snailrock
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
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- 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?
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