[FL, IL, IN, MO] Busey Bank $300 Checking Bonus

Update 4/6/25: Deal is back until 15 Apr 2025. This time requires a tax return to qualify for the direct deposit requirement unfortunately. Hat tip to reader Woody

Update 10/12/24: Deal is back and no end date listed. Hat tip to reader Yj32

Update 6/23/24: Deal is back and no end date listed. Hat tip to reader Woody

Offer at a glance

• Maximum bonus amount: $300
• Availability: FL, IL, IN, MO
• Direct deposit required: Yes, $1,000+
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Up to $500
• Monthly fees: $5, avoidable
• Early account termination fee: $25, 90 days
• Household limit: None
• Expiration date: None

The Offer

Direct link to offer

• Busey Bank is offering a $300 bonus when you open a new checking account and complete the following requirements:
  • Use promo code TAXREFUND
  • Set up cumulative ACH Tax Refund into this account
  • Activate and use your Busey Debit Mastercard for at least 3 transactions within the first 90 days of opening the account and
  • Enroll in Online Banking with eStatement

The Fine Print

• Offer valid for limited time and is available only when opening using the unique offer code for accounts opened online and who qualify as outlined below.
• You will not qualify for the $300 credit if you are an existing Busey personal checking account customer, you are a Busey Bank employee, OR had a previous personal checking account that was closed within the preceding 12 months OR have received a prior personal checking account incentive at any time. To receive the $300 credit, you must 1) open a new Busey Pillar Banking or Foundation Checking account online; AND 2) complete each of the following within the first 90 days of account opening: Set up cumulative direct deposits totaling at least $1,000 into this account, activate and use your Busey Debit Mastercard for at least 3 transactions, and enroll in online banking with eStatements.
• Your direct deposits need to be an electronic deposit of your paycheck, pension, government benefits (such as Social Security) from your employer or the government. Person-to-Person and bank transfers between your Busey accounts are not considered a direct deposit. The $300 will be credited into your new account within 10 business days of the preceding month after completing each of the qualifying activity requirements. To receive the credit, your checking account must be open and in good standing.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Foundation checking has no monthly fee with direct deposit or average balance of $100; otherwise, pay a $5 monthly fee.

Beginning May 1, 2024, Foundation Checking will be updated with the following:

• No monthly maintenance fee (previously $5)
• No minimum balance or direct deposit requirement

Early Account Termination Fee

“Accounts closed within 90 days of opening will be charged a service fee of $25.00

Our Verdict

Think this is worth doing as it’s a large bonus, we just don’t have any datapoints on what works as a direct deposit. We will add this to our list of the best bank account bonuses.

Hat tip to reader Gadget

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• Introduction To ChexSystems
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