Update 2/25/23: Deal is back until 12/31/2023
Update 6/11/22: Looks like CO also works.
Update 3/8/22: There is a new link with a $100 savings bonus as well.
Offer at a glance
The Offer
- Central Bank is offering a referral bonus of $300. Requirements are as follows:
- Use promo code RAF300
- Enter person who referred you first and last name
- Deposit $50 or more at account opening
- Have at least two qualifying direct deposits within the first 90 days of account opening
The Fine Print
- To receive the $300 checking bonus open a new eligible personal checking account. Eligible accounts include MyChoice Checking, MaxMoney® Checking, Free Checking, World Checking, and Preferred Interest Checking.
- Deposit $50 or more at account opening; and have at least two or more direct deposits within 90 days of account opening.
- Acceptable types of Direct Deposits include Payroll, Pension or Government Benefit.
- Bonus is reported to the IRS as interest.
- No minimum balance required for bonus.
- Bonus will be deposited into the checking account within 15 business days after account 1) meets all requirements AND 2) has been open for 90 days.
- Available to new checking account customers only.
- One offer per household.
- We reserve the right to not open accounts for customers outside our market area.
- Offer not valid with any other offers.
- Promotion ends 12/31/2022.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking account with no monthly fees to worry about
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is an early account termination fee. Might as well keep the account open as there is no monthly fees to worry about (usually six months is long enough to avoid any potential early account termination fee).
Our Verdict
Not sure what the person referring gets. We’ve seen a bonus as high as $350 in the past, but that had targeted language. Feel free to share your referrals in the comments below. We will add this to our list of the best checking bonuses. No longer possible to do Jefferson and this one, unfortunately.
Useful posts regarding bank bonuses: