Update 7/15/24: Bonus now $333.
Update 11/11/23: Available again, can be done online this time.
Offer at a glance
- Maximum bonus amount: $300
- Availability: In branch only, all branches in IA [Branch locations]
- Direct deposit required: Yes, $250+
- Additional requirements: Yes, see below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $5, avoidable
- Early account termination fee: $25, 90 days
- Household limit: None listed
- Expiration date: September 29th, 2018
Contents
The Offer
- Cedar Rapids Bank is offering a bonus of $300 when you open a new Vault checking account and complete the following requirements within the first six months (I believe they all need to be completed within the same statement cycle but YMMV):
- 10 Visa debit card transactions per month totaling a minimum of $100 (excludes ATM transactions)
- Set up one monthly direct deposit or debit with $250 minimum
- Enroll in Personal Online Banking
- Download mobile banking app featuring bill pay, person-to-person payment and mobile deposit
- Receive eStatement
- Completing the above requirements also gives you a 3% APY rate on balances up to $10,000
The Fine Print
- $300 bonus will be credited to client’s new Vault Checking in the month after all account requirements are met.
- Requirements must be met within the first six months.
- Client must be a new checking account client.
- $300 bonus will be reported as miscellaneous income to IRS on 1099-MISC.
- Offer ends 9/29/2018.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $5 monthly fee, this is waived if you receive eStatements (also a requirement for the bonus)
Early Account Termination Fee
$25 if closed within 90 days
Our Verdict
Assuming it’s a soft pull the bonus is definitely worth doing, although it’s always annoying when you have to open the account in branch. The 3% rate is nice, but there is too many requirements to keep up with long term considering the other high yield savings accounts on the market. As always please share your datapoints in the comments below.
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
I got a refer-a-friend mailer offering $100 for both referrer and new account holder. Requires $250 direct deposit or direct debit per month and one use of debit card. Fine print mentions household bill as an example of direct debit. IA, WI, MN only.
Anyone have input on closing the account? Anyone done it yet? Early termination fee?
Edit: I just called
William Charles, 
Chuck. Early Termination fee is $25 if closed before 90 days.
Imagine one would see promotion listed on ‘Direct link to offer’ link? Not seeing as of 9/4/24.
I think it expired 8/31/24.
OOS DP
7/18/2024 – opened with $100 transfer from bank account
8/20/2024 – transferred 250 from schwab brokerage
8/22/2024 – completed 10 debit card transactions
$333 Bonus Posted on 8/30/2024
For people wondering why the bonus appears to be posting with much easier requirements, not sure the DoC list is correct, unless terms have changed. The terms on the linked page state:
$333 bonus will be paid when the following occur: the account has been open a minimum of 30 days, a reoccurring ACH transaction has occurred, the debit card has been used and the account has a positive balance
That’s pretty much just has a balance, use the debit card once, and push one recurring transaction – wait until 30 days after opening.
Unfortunately there are state specific terms too now so that’s unfortunate.
Interesting DP for JJ below…less than 30 days open and still got bonus on their apparent pay out date. I wonder if there is a theme on payouts with this bank.
P1:
7/22 – Opened w/ $100 deposit
8/2 – $255 P1 Real DD Payroll (name showing)
8/14 – 3 $15 Amazon Debits
8/22 – $333 Bonus deposit
P2:
7/24 – Opened w/ $100 deposit
8/2 – $255 P1 Real DD Payroll (P1’s name showing)
8/14 – 3 $15 Amazon Debits
As of 8/29, no bonus for P2
7/29 Account Opened $100 debit
8/6 Schwab Brokerage push $90
8/9 Schwab Brokerage push $91
8/22 Bonus posted $333
$333 Bonus posted yesterday as SUMMER MAXX
Very nice bonus for those of us that were able to get in OOS…did both internal and external transfers and used the debit card once for the Amazon reload.
Nice bonus, but worth noting that the bank does not have any outgoing external bank account transfer functionality…which is a little crazy. You can Zelle yourself I guess, but pretty bizarre.
Update on my comment here:
https://www.doctorofcredit.com/ia-in-branch-cedar-rapids-bank-trust-300-3-apy/#comment-1863329
06/21: Account opened with $101
07/11: Fidelity $1001 push
07/12: Withdrew $1001
07/18-07/22: Cash app reloads. 3 in one go. Cash app blocked any 4th request.
07/26: $333 bonus posted
I don’t think I’ll be exaggerating if I say this is was the best bonus I have done so far in terms of OOS, ease (just fidelity and cash app), and most importantly the speed (posted in 4 days).