[Expired] [IL only] Old Second Bank $200 Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 7/4/22: Extended until 12/31/2022.

Update 3/13/22: Deal is back and valid until 6/30/22

Update 6/29/21: Extended until 12/31/21.

Update 2/28/21: Deal is back and valid until 6/30/21. Hat tip to reader Steve.

Offer at a glance

• Maximum bonus amount: $200
• Availability:Must be a resident of Illinois
• Direct deposit required: Yes, complete 2 or more direct deposits totaling $500 or more
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $3.95, waivable
• Early account termination fee: $25, 90 days
• Household limit: One
• Expiration date: April 30th, 2020 December 31, 2020

The Offer

Direct link to offer

• Old Second Bank is offering a $200 checking bonus. Bonus is broken down as follows:
  • Get $50 when you – Open a new checking account online with promo code EM2 (or open in-branch and mention this ad), get a debit card, and enroll in eStatements.
  • Get $100 when you meet the previous requirement and – Complete 2 or more direct deposits totaling $500 or more
  • Get another $50 when you meet the requirements for the first $50 bonus, and – Open a Money Builder Savings account

The Fine Print

• An account is not eligible to receive a cash bonus under this offer if 1) the primary account holder currently has an existing personal checking account (Basic Checking, Convenience Checking, Interest Checking, Interest Plus Checking, Military Checking, Minimum Balance Checking, Premier Checking, O2 Checking, Premier Plus Checking, Convenience Plus Checking and Prime Time Checking (“existing personal checking account”) at Old Second National Bank, 2) has had an existing personal checking account open in the 12 months prior to the date of account opening, or 3) the primary account holder has received a personal checking account-related bonus in the twenty-four months prior to the date of account opening.
• The bonuses described in this ad are limited per primary account holder, regardless of the number of accounts opened.
• The new “personal checking account” (02 Checking, Premier Plus Checking, Convenience Plus Checking, Military Checking, and Prime Time Checking) must be opened during the promotion period with the code and must have a positive balance on the 90th calendar day from the date the new personal checking account was opened in accordance with the bank’s procedures.
• Offers are only available on personal checking accounts and the Money Builder Savings account; business accounts, trusts accounts with EINs, Health Savings Accounts, employee accounts and estate accounts are excluded from this offer.
• To receive the first $50 cash bonus,
  • 1) provide the offer code and open a new personal checking account, subject to approval,
  • 2) apply for, and be issued, a debit card tied to the personal checking account within 90 calendar days of account opening and
  • 3) enroll in e-Statements within 90 calendar days of account opening.
• To receive $100 cash bonus,
  • 1) you must first meet the requirements of the first $50 cash bonus and
  • 2) receive two or more direct deposits totaling at least $500 in the personal checking account within 90 calendar days of account opening. For purposes of this bonus offer, a direct deposit is defined as any payment made by a government agency, employer, or other third-party organization that is made via an electronic deposit. A direct deposit does not include teller, ATM, mobile, remote deposits, or transfers between accounts at Old Second National Bank.
• To receive the second $50 cash bonus,
  • 1) you must first meet the requirements of the first $50 cash bonus;
  • 2) open a Money Builder Savings account, which requires a minimum opening deposit of $1,000;
  • 3) build your savings by depositing funds; if your deposited funds total $5,000 on the 90th calendar day from the date you opened the personal checking account and your account has a positive balance, you will receive any cash bonuses for which you qualified by the 100th calendar day following the date you opened the personal checking account.
• Offer expires April 30, 2020.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Money connection account has a $3.95 fee if you opt for paper statements, this is waived with paperless statements enabled.

Early Account Termination Fee

According to this comment there is an early account termination fee of $25 if closed within 90 days.

Our Verdict

Bigger than the previous $150 bonus, but this one also requires opening a money market account. You also get $50 for opening the checking account, whereas the previous offer was $100 so that was the better offer for people that didn’t want to do the direct deposit requirement. I’ll still be adding this to our list of the best checking account bonuses.

Hat tip to reader TD

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:

• Extended until December 31st, 2020. We just saw a $150/$150 bonus that expired after a few days sadly.