Update2: Bonus no longer mentioned on the page, this looks dead on arrival.
Update: For some reason the offer code isn’t working currently?
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $200+
- Additional requirements: None
- Hard/soft pull: Soft, make sure you don’t opt in for overdraft protection otherwise it will be a hard pull
- Credit card funding: No
- Monthly fees: $8, waivable
- Early account termination fee: $25 if closed within six months. Bonus will also be taken back if closed within 90 daysÂ
- Expiration date: September 1st, 2017
Contents
The Offer
- Open a new e-checking account with Nationwide Bank and receive a sign up bonus of $200 when you:
- Use the promotional code 03110510
- Set up an automatic direct deposit of at least $200 within 60 days of account opening
The Fine Print
- How to receive the bonus: To get your $200, open a new E-Checking account by 9/1/2017 with a $50 minimum balance using the offer code 03110510, then set up an automatic monthly direct deposit of at least $200 into your E-Checking account.
- Your monthly direct deposit of $200 or more must be received within 60 days of opening the account.
- Direct deposits must be ACH credits made by an employer or outside agency (such as pension or government benefit payments). Online transfers or other types of deposits are not considered direct deposits.
- The account must remain open for at least 90 days to receive the $200 bonus.
- The $200 bonus will be deposited into your new account within two weeks following the 90-day minimum requirement.
- This $200 bonus offer is limited to one per household and is not available to existing checking customers.
- Nationwide Bank reserves the right to withdraw any offer at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
E-Checking $8 Monthly Fee
There is a monthly fee of $8. To avoid this you need to do the following:
- Sign up for at least one direct deposit of $25 per month AND make at least 8 debit card transactions per statement period OR
- Sign up for at least one direct deposit of $25 per month AND Maintain a combined average daily balance among your Nationwide Bank deposit accounts of at least $10,000 (excludes CD account balances)
Early Account Termination Fee
If you close your account within 90 days of opening you will forfeit the $200 bonus. If you close it within 180 days you’ll have to pay a fee of $25
Our Verdict
Keeping this account fee free is the real pain of this bonus as you need to complete 8 debit card transactions and receive a direct deposit of at least $25 (or have a massive balance of $10,000). If you can easily meet the direct deposit requirement, this is a pretty great bonus. We’ll be adding this to our list of the best bank bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
