[Expired] [NJ only] NVE Bank $600 Checking Bonus

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

Update 6/6/23: Deal has been extended until 6/30/23.

Update 4/22/23: Offer valid through May 31, 2023

Offer at a glance

  • Maximum bonus amount: $600
  • Availability: Signers must live or work in New Jersey, must also open in branch
  • Direct deposit required: Yes, $2,000+
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $5, avoidable
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: Offer valid through April 15, 2023

The Offer

Direct link to offer

  • NVE Bank is offering a $600 bonus when you open a new Advantage Checking account and complete the following requirements:
    • Open with a minimum of $500
    • Maintain an average monthly balance of $7,500 in the account and maintain for six months
    • Establish a qualifying direct deposit of $2,000 within the first two months of account opening

The Fine Print

  • To receive the $600 Advantage Checking Bonus, open a new Advantage Checking Account with a minimum initial deposit of $500, maintain a minimum average monthly balance of $7,500 in the account, and establish a qualifying direct deposit into the account within the first two (2) months of account opening of at least $2,000 monthly. Qualifying direct deposits include your paycheck, pension, and/or government benefits such as Social Security.
  • If the above criteria are met monthly within the first six (6) months of the account opening, the bonus will be credited to the account within 30 days of the date the requirements are met.
  • Your new Advantage Checking account must be open when we seek to credit the Advantage Checking Bonus.
  • This offer is not available to existing signers on any NVE consumer checking accounts or individuals who have been signers on any NVE personal checking accounts within the previous six (6) months.
  • Limited to one bonus award per new checking account opened regardless of the number of accounts opened or signers on the accounts.
  • Bonus award is limited to one per tax id. Only the primary signer on the new account may be eligible for the bonus. Bonus offer may not be combined with any other offers and are reportable for tax purposes. Signers must live or work in New Jersey.
  • Unless otherwise specified, all advertised offers, terms and conditions of accounts, and services are subject to change at any time without notice.
  • After an account is opened or service begins, it is subject to its features, conditions, and terms, which are subject to change at any time in accordance with applicable laws and agreements.
  • Offer valid through April 15, 2023. Please contact an NVE representative for details.
  • 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 a $5 monthly fee, this is waived with a $500 average monthly balance.

Early Account Termination Fee

Unsure if there is an EATF, but account needs to be kept open for six months anyway.

Our Verdict

Works out to be a 16% return annualized on the $7,500, obviously a very good deal and worth doing if you can meet the direct deposit requirement. We will add this to our list of the best bank account bonuses.

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    William Charles
  • On April 22, 2023, 10:00
Tags: direct deposit requirednj bank bonuses

View Comments (38)

  • Has anyone received their bonus yet? When I called I was told on the sixth month after account opening and when this didn't happen I called again and was told within 30 days of sixth months.

  • Offer extended to July 31, 2023. Can anyone please post some DP as to what has worked for DD?

    My experience thus far with NVE: I signed up last week in order to squeak by with the original deadline. Went to the Palisades Av branch in Teaneck w/o appt and signed up through Brian, who made the process very easy and quick. He warned me that it might be safer to deposit the entire $7.5k right away since they might count the 2 days remaining in June as a month. Since I legit live in NJ, they didn't ask me to prove anything about employment.

    Now my only question is what has worked for others as DD, since 6 months is a long time to have that much money tied up w/o knowing if it will count as DD.

  • @chucksithe please consider to remove NVE from best bank account bonuses, and if not possible please add some warning language in the Our Verdict section: The reason is below

  • NVE is playing dirty on this, they intentionally delayed the online account setup so the ACH transfer for initial deposit is after several days. They used this delay to calculate the monthly average to deny the promotion offer and claimed that they do not have grace period for account setup. Going to CFPB now

  • Opened 5/2. Average monthly balance (calculated over 30 day daily balance) of $7.5k is required first month you open

  • Quite Chex sensitive. I and P2 applied in branch but both failed. The banker said the system would only approve those who have less than 6 Chex inquiries within the past 6 months.

    The banker also alerted in the beginning that the $7500 average balance is expected from the first month. So if you are opening in April, best have $7500 immediately available unless you can average it over in the next few days.

  • I opened the account this month with $500 but I was told I had to bring the balance of the account up to $7,500 by the end of April. The direct deposit can be two deposits of $1,000. You have to meet the minimum balance and direct deposit within two months though the balance has to be $7,500 by end of the month you open the account. I don't think you have to maintain direct deposit for six months. The T&C is confusing I admit.

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