Offer at a glance
- Maximum bonus amount: $1,500
- Availability: Must live or work in the State of New Jersey
- Direct deposit required: No
- Additional requirements: 10 debit card purchases
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Columbia Bank is offering up to $1,500 when you open a New Yield Plus Account. Bonus you receive depends on the amount you deposit and maintain for six months
- Qualifying new accounts will receive a cash bonus of $250 for “new money deposits” totaling $25,000 and up to $49,999.99.
- Qualifying accounts will receive a cash bonus of $500 for “new money deposits” totaling $50,000 and up to $199,999.99.
- Qualifying accounts will receive a cash bonus of $1,500 for “new money deposits” totaling $200,000 and above.
The Fine Print
- In order to qualify for a one-time Yield Plus Offer cash bonus you must open and deposit a minimum total deposit of $25,000 of “new money” into your Yield Plus Checking account.
- (“New money” is defined as deposits not previously held by Columbia Bank.)
- We will allow fifteen (15) calendar days to complete the “new money” deposit funding process.
- After the deposit funding process period expires, the deposit(s) must be maintained in your Yield Plus Checking account for an additional six (6) month period.
- This is referred to as the balance seasoning period.
- Once the six (6) month balance seasoning period expires, Columbia Bank will verify that the qualifications of the Yield Plus Offer were met and deposit the applicable cash bonus into your Yield Plus Checking account within thirty (30) calendar days.
- Qualifying new accounts will receive a cash bonus of $250 for “new money deposits” totaling $25,000 and up to $49,999.99.
- Qualifying accounts will receive a cash bonus of $500 for “new money deposits” totaling $50,000 and up to $199,999.99.
- Qualifying accounts will receive a cash bonus of $1,500 for “new money deposits” totaling $200,000 and above.
- The maximum Yield Plus Offer cash bonus is $1,500.
- You are not eligible for additional Yield Plus Offers even if you open additional accounts and/or make additional “new money” deposits.
- 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 no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any early account termination fee or not.
Our Verdict
Bonuses aren’t really that exciting due to the amount needed to be deposited and the minimum deposit length for six months. Bonus basically translates to an extra 1.5% – 2% APY and the account itself only earns a maximum of 0.6% APY. Better to just put the funds into a high yield savings account instead.
Hat tip to reader Alex
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
