Update 8/31/24: Deal is back with promo code 500BB9, valid until 11/30/24.
Offer now expires 7/31/24 with new offer code 500BB7.
Terms state ‘Offer may only be redeemed by the intended recipient and is nontransferable’ so might be targeted. Needs to be opened in branch though so should be able to ask before opening.
Offer at a glance
The Offer
- Central Bank is offering a $500 bonus when you open a new business checking account and complete the following requirements:
- Use promo code 500BB6
- Have a $3,000 balance 90 days after account opening
The Fine Print
- To receive the $500 checking bonus, open a new business checking account, deposit $50 or more at account opening, and have at least a $3,000 balance 90 days from the date of account opening.
- Eligibility for this offer will be verified prior to providing the bonus.
- Bonus will be reported to the IRS as interest.
- Bonus will be deposited into the business checking account within 10 business days after account(s) 1) meets all requirements AND 2) has been open for 90 days. If checking account is closed within first 90 days a fee may be imposed.
- Available to new business checking customers only.
- Offer is not available to those whose accounts have been closed with a negative balance within the last 2 years.
- You receive only one new checking account opening related bonus every two years from the last date incentive was paid.
- Only one bonus per business.
- The new checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus.
- Customer must bring in mailer or use offer code to receive incentive.
- Offer may only be redeemed by the intended recipient and is nontransferable.
- 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 to worry about.
Early Account Termination Fee
A fee is imposed if account is closed within 90 days, unsure what the fee.
Our Verdict
Good bonus if it’s available to everybody and not targeted. Funds only need to be there on day 90, but worth putting the funds in there a few days early to make sure. We will add this to our list of the best bank bonuses.
Hat tip to reader ShawntheShawn
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