Update 9/9/23: Deal is back until December 31, 2023. Hat tip to reader EW
Offer at a glance
- Maximum bonus amount: $250
- Availability: California only, assume you have to go in branch
- Direct deposit required: No
- Additional requirements: Deposit $10,000 and maintain for the first 90 days
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $7, avoidable
- Early account termination fee: $20, six months
- Household limit: None listed
- Expiration date: September 28th, 2018
The Offer
- California Bank & Trust is offering a bonus of $250 when you complete the following requirements:
- Open a qualifying business checking account (Inspire, Growth, Interest or Connect) with an opening deposit of at least $10,000
- Maintain a balance of at least $10,000 for the first 90 days
- Make at least five qualifying transactions in the first 90 days (Mobile Remote Deposit, Remote Deposit Capture, debit card purchase, ACH credit, or wire transfer (credit or debit)
The Fine Print
- Offer available to accounts opened between July 9 – September 28, 2018.
- To receive the business checking bonus, the account must be a Business Inspire, Business Growth, Business Interest, or Business Connect checking account, maintain a minimum balance of $10,000 for 90 days from the account opening, and perform five (5) of any of the following transaction types within the first 90 days; Mobile Remote Deposit, Remote Deposit Capture, debit card purchase, ACH credit, or wire transfer (credit or debit).
- There may be a fee associated with these transactions.
- Applicable bonus will be deposited into checking account within 60 days of completion of qualifications and is limited to one (1) bonus payment per customer tax-id number.
- All tax liabilities, if any, associated with the benefits are the responsibility of the recipient, and the recipient may receive an IRS interest tax reporting statement that includes the retail value of the benefits.
- Offer is not available to existing CB&T business checking customers, public agencies, Political Action Committees, fiduciary accounts or campaign accounts. Offer subject to change at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business Inspire checking is the easiest account to keep fee free. This account has a $7 monthly fee that is waived if you do any of the following:
- Maintain a $1,000 minimum balance OR
- Conduct $1,000 or more in transactions (debits or credits) each month
Early Account Termination Fee
According to the fee schedule there is an early account termination fee of $20 if the account is closed within six months.
Our Verdict
Basically a $250 bonus for depositing $10,000 for 90 days (although you’d need $1,000 deposited for another 90 days to avoid monthly fees and early account termination fee). Works out to be a return of about 10% APY, although obviously only across that 90 day period. As far as savings bonuses go that’s actually pretty good. Given it’s a soft pull I’ll add to to the best bank bonuses. Keep in mind they are strict on the documents required for opening.
Usually when California Bank & Trust has a bonus these others do as well:
- AmegyBank: Texas only
- California Bank & Trust: California only
- Nevada State Bank: Nevada only
- Vectra Bank: Colorado
This isn’t the case this time, although AmegyBank does have a similar bonus.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses: