Update 2/25/23: Deal available again
Update 10/17/21: Bonus is back and extended until 12/31/21.
Update 4/12/20: Checking bonus has been increased to $250, but money market bonus is not available. Also states Any person with more than 5 ChexSystems inquiries will not qualify for this promotion. Hat tip to reader Samuel
Update 10/21/19: Deal is back and valid until December 31st, 2019. Hat tip to reader EW
Offer at a glance
- Maximum bonus amount: $200
- Availability:
Seems to be in branch only, most branches are in MN but there is one in IA as well [Branch locations]Can be opened online now - Direct deposit required: Yes, no minimum specified
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown (sensitive, terms say that anybody with more than 5 ChexSystems inquiries will not qualify)
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date:
Qualifications must be met by June 30th, 2019 June 30th, 2020August 31st, 2020September 30th, 2020December 31, 2020
The Offer
- Home Federal Savings Bank is offering a bonus of up to $250. Bonus is broken down as follows:
- $200 when you open a new account with a direct deposit of $500+
- $25 when you add a debit card to your account
- $25 when you enroll in eStatements and online banking
The Fine Print
- New account owners must not have been a Home Federal checking account client in the last 12 months.
- Checking account minimum opening balance is $25.
- $100 reward will be credited to the account within 60 days of meeting the direct deposit qualification.
- Qualifications must be met by 06/30/19 (direct deposit must clear by 08/31/2019).
- CardValet requires the Debit Card be activated.
- Clients with existing active online banking will qualify for the $50 reward
- Reward will be reported as interest on IRS Form 1099-INT.
- A $75 early closing fee will be charged by the bank if the account closes within the first 6 months.
- This offer is subject to change and may be withdrawn without notice.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Advantage Checking – None
The advantage checking account has no monthly fees to worry about.
Money Market Account – $25
This account has a $25 monthly fee, this is waived with a $10,000 minimum balance.
Early Account Termination Fee
There is an early account termination fee of $75 if the account is closed within 6 months
Our Verdict
Previous best deal was $200, requirements are exactly the same but everything has been doubled. We still need to know if this is a soft or hard pull, if it’s a soft pull then I definitely think it’s worth doing. The money market bonus is a bit difficult because you need to keep the $10,000 deposited to avoid the monthly fee/early account termination fee.
Big thanks to reader, TJ who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
William Charles
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