[Expired] [WA, CA, OR, ID, HI] HomeStreet Bank $300 Checking Bonus

This bonus has expired and is no longer available. View more bank bonuses by clicking here.

Bonus is back, this time with no expiry. Thanks to reader Michael. Keep in mind it seems very common for an account to be opened and then for them to close it a few days later. Not sure if this is due to people having too many recent accounts opened or not living close enough to a branch. Based on this I’d say it’s because of too many new accounts, but might be other reasons.

Offer at a glance

• Maximum bonus amount:
• Availability: Branches are in WA, CA, OR, ID, HI. Not sure if this online bonus is open to more states or not. Seems like you also need to be within a certain distance to a branch as well
• Direct deposit required: Yes, $500+ for the first five full calendar months
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: $15 if closed within 90 days
• Household limit: One per mailing address
• Expiration date: None listed

The Offer

Direct link to offer

• HomeStreet Bank is offering a bonus of $300 To receive the bonus you need to open a new checking account and complete the following requirements:
  • Must open a new Choice, Select, SelectPlus or Premium Select Checking account with a $100 minimum opening deposit
  • Receive $500 or more more in qualifying direct deposits to this account each month, which must post to the account by the last business day of the month for the first five full calendar months following the month in which the account is opened
  • Make at least 7 debit card transactions each month for the first five full calendar months. Minimum of $5 per transactions
  • Enroll in online banking, mobile bank and eStatements  within 30 days of account opening

 

The Fine Print

• You must open a new Choice, Select, SelectPlus or Premium Select Checking account with a $100 minimum opening deposit.
• You must make $500 or more in total qualifying Direct Deposits to this account each month, each of which must post to this account by the last business day of the month. Qualifying direct deposits totaling $500 or more must be deposited into your new account in each of the first five full calendar months immediately following the month in which your new account was opened.
• A qualifying direct deposit includes an electronic deposit from your employer, or from the Social Security Administration, or from a retirement benefits administrator or from any other federal or state government agency. However, federal income tax refunds, or any state income tax refunds, are not considered qualifying direct deposits. Person-to-Person and bank transfers between your HomeStreet Bank accounts or accounts you have at other financial institutions or brokerages also do not qualify.
• You must use your HomeStreet Bank debit card to make seven or more debit card purchases each month, all of which must post to this account by the last business day of the month for each of the first five full calendar months immediately following the month in which your new account was opened. Each purchase must be $5 or more. ATM transactions are excluded.
• You must enroll in Online Banking and sign up for eStatements within 30 days of account opening.
• You must sign up for Mobile Banking within 30 days of account opening.
• This account must remain open for at least 180 days. The Bonus will be deposited into your new account within 90 days after completing all six of the requirements stated above. Your new account must remain open at least 180 days prior to receiving any Bonus. Your new account must remain open until the Bonus is processed in order to receive the Bonus.
• The Bonus is considered a deposit of interest and will be reported on IRS Form 1099-INT.
• This offer is only available to new HomeStreet Bank consumer checking account customers.
• This offer is not available to existing HomeStreet Bank consumer checking customers (either as the primary or secondary account holder) or individuals who have had a HomeStreet Bank consumer checking account in the last 12 months.
• Bank employees and members of their household are not eligible for this promotion.
• Limit of one new consumer checking account Bonus per individual and per mailing address.
• If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from HomeStreet Bank within the last 12 months prior to this account opening then no one at the address is eligible.
• Offer is subject to change without notice, can be withdrawn at any time and cannot be combined with any other offer.
• The new account is available only to individuals and is not available to businesses, non-profits, or for use as a personal retirement account.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Select checking does not come with any monthly fees, there is an early account termination fee of $15 if the account is closed within 90 days of account opening. You also need to keep the account open for 180 days to avoid having the bonus clawed back.

Our Verdict

This is the biggest bonus they have offered before, normally it’s $100 or $200 but we recently saw the same $300 offer in Eastern WA. This bonus does have a lot of requirements and direct deposit for five months does suck, but it is a $300 bonus so it’s hard to complain too much. I’ll definitely be adding this to the best checking bonuses. As always please share your experiences and data points with this bonus and bank in the comments below.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

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