Update 6/30/24: Deal is back and there is now a $250 bonus.
Offer at a glance
- Maximum bonus amount:Â $100
- Availability:Â IL, IN, KY, MO
- Direct deposit required: Depends on the bonus
- Additional requirements:Â 8 debit card purchases
- Hard/soft pull:Â Unknown
- ChexSystems:Â UnknownÂ
- Credit card funding:Â Unknown
- Monthly fees:Â $10, avoidable
- Early account termination fee:Â Bonus forfeit, six months
- Household limit:Â None
- Expiration date:Â
November 30th, 2023October 31, 2024
Contents
The Offer
- Banterra Bank is offering a $100 bonus when you open a new checking account and complete the following requirements
- Complete 8 debit card purchases
- You can also get a $250 bonus when you open a Saluki Interest Checking and receive a direct deposit of $250+ by October 31, 2024;.Â
The Fine Print
- When you open a Saluki Student or Saluki Interest Checking August 1st, 2023 through November 30th, 2023, receive a $100 bonus when you complete eight (8) Banterra-Saluki Visa Debit Card transactions within the first statement cycle of account opening, Bonus will be credited to your account in the statement cycle following this completion and will be reported as income on Form 1099-INT.
- Limit one bonus per customer.
- Bonus offer is not available for existing Banterra checking customers.
- Accounts must be opened by November 30, 2023, to receive bonus offer.
- Cannot be combined with other checking offers.
- Checking offer is not available to existing Banterra checking customers or previous customers whose accounts have been closed within the last 90 days or closed with a negative balance.
- Must be 18 years or older and agree to maintain account in good standing for a minimum of six months.
- Subject to bank approval.
- Employees are not eligible for this offer.
- Account Closing: If your Saluki Student or Saluki Interest Checking account is closed within six months after opening, the bonus amount you received for that account will be deducted at closing.
- Student Checking: This account is only available to customers 25 years or younger. At age 26, this account will convert to Saluki Interest Checking and must meet the specified account terms to avoid monthly fee.
- 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 $10 monthly fee. Waived if:
- (1)$2,500 minimum daily balance in this account;
- (2) $5,000 combined average balance in this account, identified checking, savings & money markets, or minimum balance in certificate of deposit (CD) and/or IRAs. The CD minimum balance equals the current balance at the beginning of each statement period;
- (3) A monthly direct deposit of at least $200 or higher is deposited to this account. 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 and must be $200 or higher.
Early Account Termination Fee
Bonus forfeit if closed within six months
Our Verdict
Smaller than the $250 bonus previously offered, but no direct deposit required this time.
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?
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- 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
Applied in-branch from OOS on 8-13, approved at 3/1 and 3/24 on Chex. They did pull Chex, it initially showed 2 inquiries from them but looks like one has dropped/merged. Will wait a week before doing anything beyond the initial deposit in case I get the same treatment as Benny did.
I was able to open the checking account and create my online banking credentials. Several days later my online banking quit working and today I got a call from the bank. They wanted to review all my recent Chex inquiries and told me the only way they could open the account is if I come to the branch. Hard pass as the closest branch is 2 hours way.
same thing happened to me
Applied 7/1, in footprint, seems no hard pull, and no credit/debit card funding, transfer from bank only.
Denied 7/1 after review from bank: “Unfortunately, we were unable to complete your request. For questions about your application, please contact us.”
I contacted them and they sent me a short email stating I’d receive a letter in the mail with more information.
My Chex is at 14/12 and yes Banterra pulled Chex. So I’m guessing that’s why I was denied.
Letter confirmed denied for Chex.
Anyone have recent data on Chex? Do they pull/are they inquiry-sensitive?
The only bank endorsed by the late Dimebag Darrell (RIP)
Is there a promo code I am missing somewhere? It has a spot to ‘Add Promo Code (Optional)’.
same question. i dont trust opening without a code if there is a box that allows you to enter a promo code lol. makes me feel like the promo wont be attached to my checking account application if i dont have some code..the “open account” link on their website doesnt seem to have any promo embedded in the URL so its just a general link
You don’t need a promo code. Talked with a rep. There is an option near the end where you accept the promo deal at the end without a code.
I just went through their text support and got a response back confirming that no promotion code is required.
Looks like offer is back until Oct 31st William Charles
https://www.banterra.bank/siu-saluki-cash-bonus?fbclid=IwZXh0bgNhZW0CMTEAAR1cG1OoIAMFDT5A22xAtayU8yLo_bK7sn96MlIoAszKp3Lrrco_w-jDS_g_aem_ZmFrZWR1bW15MTZieXRlcw
Not worth it if you have to give them $60 back in monthly fees.
$200 in DD’s should be small enough for most people that play this game to make it worth it.
What’s their interest rate? Probably not worth it to DD for 6 months or keep $2500 in for 6 months.
Technically 8% plus whatever interest rate they are paying. Not worth tying up 2500 for me with other easier money makers in this game but not horrible.
#3 – footnote
If one of the following items are maintained, a monthly fee of $10 will not be charged: (1)$2,500 minimum daily balance in this account; (2) $5,000 combined average balance in this account, identified checking, savings & money markets, or minimum balance in certificate of deposit (CD) and/or IRAs. The CD minimum balance equals the current balance at the beginning of each statement period; (3) A monthly direct deposit of at least $200 or higher is deposited to this account. 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 and must be $200 or higher.