[NY only] Solvay Bank $100 Checking Bonus

Update 12/11/21: This is now a referral bonus and both parties get $100.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Solvay Bank is currently only accepting applications from residents within Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego counties in the state of New York
• Direct deposit required: Yes, no minimum specified
• Additional requirements: None
• Hard/soft pull: Soft
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: Six months, bonus forfeit
• Expiration date: None listed

The Offer

Direct link to offer

• Solvay Bank is offering a $100 referral bonus when the new user opens a  Direct Rewards Checking or High Interest Checking with the promotional code GREEN100 and complete the following requirements:
  • Set up a direct deposit (no minimum specified) within 90 days of account opening

 

The Fine Print

• Current checking account holders are not eligible for this offer. Limit one new checking account per tax ID
• $100 checking offer applies to new checking relationships with Direct Rewards or High Interest accounts only
• To qualify for the $100, direct deposit must be received within 90 days of opening the qualified checking account
• A fee will be charged if the account is closed within 6 months of the open date (the lesser of $25 or account balance)
• New checking account holders will receive a credit of $100 to the new account on or about 91 days after account opening
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Both accounts come with no monthly service fee. There is an early account termination fee of $25 or account balance, whatever is less.

Our Verdict

This is not a bad bonus, soft pull and pretty easy to keep the account fee free. Unfortunately no credit card funding, as long as you can easily change your employee payroll to trigger the direct deposit requirement I’d recommend this bonus. Will also be interesting to see if any of the usual work arounds work or not. That being said, there are better bonuses out there.

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