Offer is back and available in CT, NY, NJ, PA rather than just Brooklyn! Hat tip to DDG
Offer at a glance
- Maximum bonus amount: $20 per month
- Availability: CT, NY, NJ, PA
- Direct deposit required: $750+ for a $10 monthly reward
- Additional requirements: Three bill pays using VBankWorks
- Hard/soft pull:Â Soft
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None listed
- Expiration date: None listed
The Offer
- Receive $20 per month when you open a VNB Brooklyn Choice Checking account, broken down as follows:
- Set up a monthly direct deposit of $750 or more to receive a $10 reward
- Pay three bills monthly using VBankWorks in the same period to receive another $10 reward
The Fine Print
- For new consumer checking customers only. Minimum to open is $100 with no monthly balance requirement.
- To receive the $20 monthly reward for the first year, the account must receive a cumulative total of $750 or more in qualifying direct deposits per month.
- A qualifying direct deposit is defined as a recurring payroll direct deposit or electronic deposit of pension or government benefit such as Social Security.
- Transfers from one account to another or deposits made at a branch or ATM do not qualify as direct deposits.
- The first cash reward will be credited within 35 days of the monthly qualifying recurring direct deposit and may be IRS reportable.
- After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.
- New checking customers only, limit one account per person
Avoiding Fees
There is a $15 monthly fee, this is waived if you have a minimum daily ledger balance of at least $99. There is no early account termination fee.
Our Verdict
There is also a bonus offered by Valley National Bank for $150 upfront and it’s available in the following states: CT, NY, NJ, PA with no direct deposit requirement but you have to be 18-25. That could be a better option for those that don’t want to mess with a direct deposit and bill pays every month. Another thing to keep in mind is that some people have said that Valley National Bank doesn’t approve you if you have more than three ChexSystems inquiries in the last six months.
Because of this we haven’t added it to our list of the best bank bonuses currently available, please share your experiences with this bonus in the comments below.
