Offer at a glance
- Maximum bonus amount: $300
- Availability: NJ only
- Direct deposit required: Yes, $500+ for six months
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $10, three months
- Household limit: None
- Expiration date: None listed
The Offer
- Blue Foundry Bank is offering up to $600 in bonuses. Bonuses broken down as follows:
- $300 when you open a Blue Axis Edge® Checking and receive a direct deposit of $500+ per month for six months
- $300 when you open a Blue Axis Edge® Savings, deposit $15,000+ and maintain it for six months
The Fine Print
- Only one bonus per tax id, per product. Blue Foundry Bank reserves the right to modify or discontinue the bonuses at any time.
- Accounts opened online require eBanking enrollment.
- Bonus is not available to existing Blue Foundry Bank Checking customers or customers that have closed their checking account within the last 12-months.
- Bonus will be earned when account maintains a consecutive combined direct deposit of $500 or more each month during the 6-month (182 days) qualification period.
- The direct deposit must be credited to the account within the first 60 days of account opening. Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
- For tax purposes, bonus will be reported on form 1099. 2 Unlimited ATM fee rebates apply to cash withdrawals using your Debit Mastercard® at all participating Accel and Cirrus ATMs worldwide.
- ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your account. Blue Foundry Bank® makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from ATM operators.
- Blue Foundry Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
- Bonus will be earned when a single deposit of $15,000 or more of new money is deposited into the account and the balance is maintained for a 6-month (182 days) qualification period. New money is defined as money not currently on deposit with Blue Foundry Bank.
- Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
These accounts have no monthly fees to worry about.
Early Account Termination Fee
$10 fee if closed within three months. Account needs to be kept open for six months to get the bonus anyway.
Our Verdict
Savings bonus works out to be 6.8% APY when you add both the bonus and interest rate on the savings account (5% APY for the first $5k and then 1.75% for the next 10k), probably not worth considering due to other high interest accounts on the market. The checking bonus is annoying as it requires a direct deposit for six months.
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