Deal has expired, view the best current checking bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $200
- Availability: In branch only [Branch locations]. Branches are all in Illinois
- Direct deposit required: Yes, $500+ at least for three consecutive statement cycles
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $25, six months
- Household limit: None listed
- Expiration date: December 31st, 2018
The Offer
- Byline Bank is offering a bonus of $200 when you open a new checking account with them and complete the following requirements:
- Open a new account with at least $2,500
- Maintain a balance of at least $2,500 for three consecutive statement cycles
- Receive equal to or greater than $500 in qualifying direct deposits for three consecutive statement cycles within 180 days from account opening
- Make 24 debit card transactions each statement credit for each of the first three full statement cycles
- Enroll to receive eStatements within the first three statement cycles
The Fine Print
- Offer valid until December 31, 2018.
- Byline Bank reserves the right to change or terminate this offer at any time.
- Limit one per customer, cannot be combined with other offers. Social Security Number or ITIN required.
- Bonus will be deposited into your new open account within 30 days of account qualification.
- Customers who have or had a personal checking account with Byline in the past 12 months, Byline employees, and accounts set up with Fiduciary relationships are ineligible.
- Bonus may be 1099 tax reportable.
- Requirements to receive the $200 Bonus: 1. Open a new eligible Byline Bank personal checking account* with $2500, and 2. maintain an average monthly balance of $2500 for three consecutive statement cycles beginning at account opening, and 3. Receive equal to or greater than $500 in qualifying direct deposits** for three consecutive statement cycles within 180 days from account opening, and 4. Make 24 debit card transactions per statement cycle,*** and 5. Enroll to receive e-statements within the first three statement cycles.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The Freedom checking account is the easiest to keep fee free as there is no monthly fee to worry about. There is an early account termination fee of $25 if the account is closed within six months according to the fee schedule.
Our Verdict
Need to know a lot more about this bank, but that’s a lot of requirements for a bonus of only $200. For most people I don’t think it’s worth doing as there are so many easier and better bonuses available. If anybody does go for it, let us know if it’s a soft or hard pull and your other experiences with opening an account.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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 wish banks didn’t require direct deposit. Being self-employed I have plenty of income but any direct deposits are too intermittent to qualify.
There are ways around this… for most banks. You just have to look at the data points, and if there aren’t any, you try what might work and just hope. ACH external transfers pushed out of Wells Fargo, Capital One, and Chase(YMMV for online signups at Chase) are all nationwide banks that have a decent track record of triggering Direct Deposit at a receiving bank. Brokerage accounts are another good possibility. It’s an ever changing landscape, so there are no promises what will work or what doesn’t. There are also payroll services you can sign up for, but that isn’t free, but one Doc recently reviewed was only $10/month I believe.
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
just moved to chicago and see a lot of these around. Might do it… isn’t super difficult with using amazon reloads and I can easily switch my employer DD. Will update if I go for it.