[YMMV] [FL] Seacoast Bank $400 Checking + $200 Savings

Update 7/9/24: Bonus now $600. Has targeted language but some bankers enforce it and others don’t so marking as YMMV.

Update 7/8/24: Deal is back but only $300, better to wait for a bigger bonus.

Update 5/14/23: Extended until 12/31/23.

Update 2/13/23: Deal is back at this link and valid until 5/11/23. Hat tip to reader JBoi

Update 2/12/22: Extended through March 31, 2022.

Update 10/16/21: Extended until 12/31/21.

Update 9/10/21: Deal is back at the $350/$150 level until 9/30/21.

Update 1/15/21: Deal is back and valid until 3/31/21. Hat tip to reader Austin A.

Update 12/6/20: Deal is now $250 + $150 (previously $350 + $150), but can be opened online. Hat tip to reader Parlog

Offer at a glance

• Maximum bonus amount: $400
• Availability: In branch only, all branches are in FL [Branch locations]
• Direct deposit required: Yes, $500+
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Possibly up to $1,000, but likely to be a cash advance in branch
• Monthly fees: $21, avoidable
• Early account termination fee: $15, 90 days
• Household limit: One
• Expiration date: October 31st, 2019 December 31st, 2019 April 30th, 2020 September 30th, 2020 December 31, 2020 September 30, 2021 May 11, 2023

The Offer

Direct link to offer | New link

• Seacoast Bank is offering up to $500 in bonuses when you open new accounts. Bonuses and requirements are as follows:
  • $400 bonus when you open a new Seacoast Classic, Senior Classic, Premium or Premium Elite Checking Account checking account and:
    • Deposit $50 or more at account opening
    • Have a direct deposit of $1,000 or more within 60 days of account opening
  • $200 bonus when you open a new Seacoast Savings account and:
    • Deposit $15,000 or more in new money within 10 business days of account opening
    • Maintain a balance of $15,000 for 90 days from the date of deposit

 

 

The Fine Print

• Bonus/Account Information: Offer valid 7/15/2020-9/30/2020. Account(s) must be opened in person at a branch to receive bonus.
• Checking offer is not available to existing Seacoast checking customers.
• Savings offer is not available to existing Seacoast savings or Money Market customers.
• Both offers are not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance.
• Offer only valid for recipient named and addressed to on this mailer.
• To receive the $350 checking bonus: 1) Open a new Seacoast Premium Checking account, which is subject to approval; 2) Deposit $50 or more at account opening; AND 3) Have your direct deposit of $500 or more made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within 65 days of account opening. As of May 22, 2020, the Annual Percentage Yield (APY) for Seacoast Bank Premium Checking accounts is .01%.
• To receive the $150 savings bonus: 1) Open a new Seacoast Savings account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 10 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit. The new money cannot be funds held by Seacoast. After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 95 business days of account opening. As of May 22, 2020, the APY for Seacoast Savings accounts is .01%. Additionally, fees may reduce earnings on the account. Rates may change at any time. You can receive only one new checking and one new savings account opening related bonus each calendar year and only one bonus per account per household. Bonuses are considered interest and may be reported on IRS Form 1099-INT.

Avoiding Fees

Monthly Fees

Premium Checking $21 Monthly Fee

Premium checking has a $21 monthly fee that is waived if you do any of the following:

• Option #1: Maintain a minimum daily balance of $5,000; OR,
• Option #2: Maintain a minimum average balance of $7,500 or more in your checking account; OR,
• Option #3: Maintain a minimum daily combined balance of $15,000 or more in Savings, Money Market, CD or IRA; OR,
• Option #4: Maintain a trust relationship with Seacoast Wealth Management; OR,
• Option #5: Maintain a consumer or commercial loan or line of credit; OR,
• Option #6: Maintain Seacoast residential mortgage.

Savings $15 Quarterly Fee

Savings account has a $15 fee charged per quarter, this is waived if you have a minimum daily balance of $500.

Early Account Termination Fee

According to the fee schedule there is an early account termination fee of $15 if the account is closed within 90 days of opening.

Our Verdict

I wasn’t able to determine what the rate offered for the savings account is, but I suspect it’s close to 0%. That being said, this bonus is still worth doing if you live near a branch, if you don’t have $15,000 in cash laying around then you can always just focus on the checking bonus and leave the smaller savings bonus alone. We will be adding this to our list of the best checking account bonuses.

Hat tip to reader Craig J

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull 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
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times

Post history:

• Update 10/11/20: Deal has been extended until December 31, 2020.
• Update 7/27/20: Deal is back and valid until 9/30/2020. It does contain language that states ‘Offer only valid for recipient named and addressed to on this mailer.’ but you should be able to find out if you’re eligible when opening the account. Hat tip to reader Churnoso
• Update 1/30/20: Deal is back and valid until 4/30/2020. Hat tip to reader Churnoso