IBERIABANK has a great offer for new customers who open a checking account and it doesn’t require direct deposit. Before you keep reading, I must tell you that the offer is available only in the following states; AL, AR, FL, GA, LA, TN, & TX.
You will get the $300 when you open a High Interest Checking Account with promo code GET300 and complete 15 qualifying transactions within the first 90 days. There’s a $100 minimum opening deposit that be new money not currently held by IBERIABANK.
$300 bonus will be credited to the new checking account within 105 days when a minimum of 15 client- initiated debit transactions occur (use your debit card, write a check, or use Online Banking with Bill Pay). Bonus will be deducted if account is closed within 6 months.
Limit one $300 bonus per household.
There’s also a Savings account bonus of $100 that requires you to keep $5000 in the account for 6 months as well. This is probably not worth it for most people, so I won’t go into details.
If you’re wondering why it’s called, a High Interest Checking Account, it’s because it offers a whopping 0.05%.
Fees
The High Interest Checking Account has a $20 monthly fee. It can be waived with a balance of $5000 in the account.
Eligibility
Offers are only available to clients who have not received any cash or cash equivalent bonus from IBERIABANK in the past for the same product type.
Offer Details
- Apply Online (Promo code GET300)
- Account Type: High Interest Checking
- Availability: AL, AR, FL, GA, LA, TN, & TX
- Credit Card Funding: No
- Expiration Date: 3/31/2016
- Hard Inquiry: Soft pull
- Direct Deposit Requirement: No
- Other Requirements: 15 transactions in 90 days
- Monthly Fee: $20 (Waived with $5,000 balance)
- Closing Account Fee: None (Must keep account open for 6 months to receive bonus)
If I was in one of the lucky states I would go for the bonus. $300 checking bonuses are rare and requirements for the bonus are pretty easy to fulfill. The only issue is the $20 monthly fee, but even if you pay it, you’ll still come out ahead. If you deposit $5,000 and keep it in the account the fee is waived, but if you were earning 5% on that money then you’re losing out a bit less than $20 interest monthly. If you’re earning less than 5% then use that money to keep this account fee free. If you do decide to pay the monthly fee, try to have it waived once or twice in the beginning.
HT: DoC
