Update 11/11/23: Available again, can be done online this time.
Offer at a glance
- Maximum bonus amount: $300
- Availability: In branch only, all branches in IA [Branch locations]
- Direct deposit required: Yes, $250+
- Additional requirements: Yes, see below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $5, avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: September 29th, 2018
The Offer
- Cedar Rapids Bank is offering a bonus of $300 when you open a new Vault checking account and complete the following requirements within the first six months (I believe they all need to be completed within the same statement cycle but YMMV):
- 10 Visa debit card transactions per month totaling a minimum of $100 (excludes ATM transactions)
- Set up one monthly direct deposit or debit with $250 minimum
- Enroll in Personal Online Banking
- Download mobile banking app featuring bill pay, person-to-person payment and mobile deposit
- Receive eStatement
- Completing the above requirements also gives you a 3% APY rate on balances up to $10,000
The Fine Print
- $300 bonus will be credited to client’s new Vault Checking in the month after all account requirements are met.
- Requirements must be met within the first six months.
- Client must be a new checking account client.
- $300 bonus will be reported as miscellaneous income to IRS on 1099-MISC.
- Offer ends 9/29/2018.
- 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 a $5 monthly fee, this is waived if you receive eStatements (also a requirement for the bonus)
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Assuming it’s a soft pull the bonus is definitely worth doing, although it’s always annoying when you have to open the account in branch. The 3% rate is nice, but there is too many requirements to keep up with long term considering the other high yield savings accounts on the market. As always please share your datapoints in the comments below.
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