Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required: Yes
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: March 31, 2023
The Offer
- Nexus is offering a bonus of $100 when you open a new account and complete the following actions ($50 per qualifying action):
- Maintain a minimum balance of $1,000 for 60 consecutive days
- Direct deposit 2 paychecks into your Nexus account
The Fine Print
- Bonus requirements: 1) Transfer or deposit a minimum of $1,000 to your Nexus account during the promotion period and maintain a minimum balance of $1,000 for 60 consecutive days. 2) Direct deposit: Nexus must receive at least two qualifying deposits (as defined below) during the promotion period.
- A qualifying direct deposit is a deposit from a member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as checks; P2P transfers such as from PayPal or Venmo; merchant transactions; and bank ACH transfers not from employers, payroll or benefits providers) do not qualify for this promotion.
- Bonus signup: The bonus is available for new Nexus accounts only. The promotion signup period starts on 1/30/2023 and ends on 3/31/2023. New accounts have 90 days from date of signup to complete qualifying actions to qualify for bonuses.
- The promotion may be discontinued or changed at any time prior to the expiration date without notice.
- Bonus payment: Each time a bonus requirement is met, Nexus will credit $50 to your Nexus account within 5 business days. In order to receive any bonus, your Nexus account must be open and in good standing, in the sole determination of Nexus, through the date of the credit. The bonus is considered interest and may be reported on IRS Form 1099-INT, if applicable.
- 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
I was unable to find a full fee schedule so unsure if there is any early account termination fee.
Our Verdict
Nexus is a combined checking/investment account. It looks like you can either hold funds in a 2.5% APY account or in the S&P 500. If the market is closed you can still access your funds and then when the market reopens they will sell a relevant amount of money. There are no monthly fees or trading fees either. Nexus was previously called Financial Choice and they have raised $2.7 million in venture capital.
I actually think this product is interesting for people that want to keep all of their funds invested. Personally I find it easier to have some funds in cash to avoid market volatility and the 2.5% savings rate isn’t competitive compared to other high interest accounts. Still it’s rare for a new banking product to get my interest and with a $100 sign up bonus it’s definitely worth completing for many people.
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