[NJ] Blue Foundry Bank $300 Checking + $300 Savings Bonus

Offer at a glance

• Maximum bonus amount: $600
• Availability: NJ only
• Direct deposit required: Yes, $500+ for six months
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown (less sensitive in branch)
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: $10, three months
• Household limit: None
• Expiration date: None listed

The Offer

Direct link to offer

• Blue Foundry Bank is offering up to $600 in bonuses. Bonuses broken down as follows:
  • $300 when you open a Blue Axis Edge® Checking and receive a direct deposit of $500+ per month for six months
  • $300 when you open a Blue Axis Edge® Savings, deposit $15,000+ and maintain it for six months

The Fine Print

• Only one bonus per tax id, per product. Blue Foundry Bank reserves the right to modify or discontinue the bonuses at any time.
• Accounts opened online require eBanking enrollment.
• Bonus is not available to existing Blue Foundry Bank Checking customers or customers that have closed their checking account within the last 12-months.
• Bonus will be earned when account maintains a consecutive combined direct deposit of $500 or more each month during the 6-month (182 days) qualification period.
• The direct deposit must be credited to the account within the first 60 days of account opening. Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
• For tax purposes, bonus will be reported on form 1099. 2 Unlimited ATM fee rebates apply to cash withdrawals using your Debit Mastercard® at all participating Accel and Cirrus ATMs worldwide.
• ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your account. Blue Foundry Bank® makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from ATM operators.
• Blue Foundry Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
• Bonus will be earned when a single deposit of $15,000 or more of new money is deposited into the account and the balance is maintained for a 6-month (182 days) qualification period. New money is defined as money not currently on deposit with Blue Foundry Bank.
• Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

These accounts have no monthly fees to worry about.

Early Account Termination Fee

$10 fee if closed within three months. Account needs to be kept open for six months to get the bonus anyway.

Our Verdict

Savings bonus works out to be 6.8% APY when you add both the bonus and interest rate on the savings account (5% APY for the first $5k and then 1.75% for the next 10k), probably not worth considering due to other high interest accounts on the market. The checking bonus is annoying as it requires a direct deposit for six months.

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