[IA] Cedar Rapids Bank & Trust – $333 & 3% APY

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

The Offer

Direct link to 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:
    William Charles
  • On July 15, 2024, 01:15

View Comments (82)

  • 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 @2, @6. Early Termination fee is $25 if closed before 90 days.

  • 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).

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