Offer at a glance
- Maximum bonus amount: $240
- Availability: NY only, must open in branch [Branch Locator]
- Direct deposit required: No
- Additional requirements: Merchant services (+$50), eStatements (+$15), mobile check deposit (+$15), online banking (+$15), mobile banking (+$15), Bill Pay (+$15)
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Expiration date: None listed
The Offer
- Receive a sign up bonus of up to $240 when you open a new business checking account with Ballston Spa National Bank (BSNB), broken down as follows:
- $100 when you open a Business Checking or Free Small Business Checking Account and maintain a minimum average balance of $5,000 within 60 days of the account opening
- Enroll in Merchant Services and receive $50
- Enroll in eStatements and receive $15
- Deposit a check using Mobile Banking and receive $15
- Enroll in Online Banking and receive $15
- Enroll in Mobile Banking and receive $15
- Enroll in Bill Pay and receive $15
The Fine Print
- Requirements must be met within 60 days of account opening
- Cash awards will be deposited into your new checking account within 90 days of account opening
- This offer may not be combined with any other offer and does not apply to second or multiple checking accounts within the same business or for customers who have closed a business checking account within the last 180 days
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The free business checking account doesn’t have any monthly fees, we’re unsure if there is any early account termination fee. I wasn’t able to find one in their fee schedule, but as the account is free to keep open I’d recommend leaving it open for six months anyway.
Our Verdict
The free account doesn’t earn any interest, so you’d be losing out on $8.33 in interest if you had the money in a 1% account or $41 if it was in a 5% account. Merchant services usually isn’t worth bothering about, especially for only $50 so the maximum bonus on this is really $190. Still a pretty good deal if you live near a branch and it’s a soft pull to open.
If you have any experiences with this bank/bonus, then please let me know in the comments section below. For now we haven’t added it to our best bonuses due to the fact we don’t know enough about it. They also offer a personal account with a bonus of up to $160 that we’ll post about shortly.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
