Update 8/31/24: Deal is back with promo code 500BB9, valid until 11/30/24.
Offer now expires 7/31/24 with new offer code 500BB7.
Terms state ‘Offer may only be redeemed by the intended recipient and is nontransferable’ so might be targeted. Needs to be opened in branch though so should be able to ask before opening.
Offer at a glance
- Maximum bonus amount: $500
- Availability: OK, IL KS & MO, CO, In Branch only
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Can fund up to $1,000 with a credit card. Mastercard & Visa are accepted
- Monthly fees: None
- Early account termination fee: 90 days, fee unknown
- Household limit: None listed
- Expiration date: 7/31/24
Contents
The Offer
- Central Bank is offering a $500 bonus when you open a new business checking account and complete the following requirements:
- Use promo code 500BB6
- Have a $3,000 balance 90 days after account opening
The Fine Print
- To receive the $500 checking bonus, open a new business checking account, deposit $50 or more at account opening, and have at least a $3,000 balance 90 days from the date of account opening.
- Eligibility for this offer will be verified prior to providing the bonus.
- Bonus will be reported to the IRS as interest.
- Bonus will be deposited into the business checking account within 10 business days after account(s) 1) meets all requirements AND 2) has been open for 90 days. If checking account is closed within first 90 days a fee may be imposed.
- Available to new business checking customers only.
- Offer is not available to those whose accounts have been closed with a negative balance within the last 2 years.
- You receive only one new checking account opening related bonus every two years from the last date incentive was paid.
- Only one bonus per business.
- The new checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus.
- Customer must bring in mailer or use offer code to receive incentive.
- Offer may only be redeemed by the intended recipient and is nontransferable.
- 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
A fee is imposed if account is closed within 90 days, unsure what the fee.
Our Verdict
Good bonus if it’s available to everybody and not targeted. Funds only need to be there on day 90, but worth putting the funds in there a few days early to make sure. We will add this to our list of the best bank bonuses.
Hat tip to reader ShawntheShawn
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
View Comments (27)
Is this actually in-branch only? Link seems to direct to a sign-up page. Anyone have any luck opening online?
Edit: never mind, I see on website that it's in-branch only.
New to Central Bank. Best to open personal account and then biz account with this one and most other banks, yes?
Wish I could do this, again. EZ. Opened in June with $50 and had $3000 in the account a couple of weeks before the 90th day.
It's once per business so try again with an(other) EIN.
Did the offer in late april and it's been over 10 business days since the 90 day period where I had the qualifying balance and nothing yet.
Offer now expires 11/30/24 with new offer code 500BB9.
Offer now expires 7/31/24 with new offer code 500BB7.
Has anyone received the bonus yet? I couldn't find in the terms and disclosures how many days after meeting the requirement the bonus would be posted. I am wondering if I can withdraw the money to drop the balance below $3000 now or I should wait until after the bonus is posted.
Received the $500 today. Been about 93 days. I had to message them. They were fast at putting it in.
Did you have to be targeted to qualify?
Bonus will be deposited into the business checking account within 10 business days after account(s) 1) meets all requirements AND 2) has been open for 90 days.
The $3k balance was only required on day 90 so you can withdraw it if you're past 90 days.
Great! Thank you so much!
With the ebay solo thing it's a little easier to do online. Wonder if in person it may involve more questioning and asking proofs/documents that just may make it hard to get through?
Central Bank Illinois has branch locations in the communities of Geneseo, Andover, Ashton, Fulton, Peru, Princeton, Oregon, and Rochelle Illinois.
In 2 player mode, the 120 mi RT drive to Rochelle might be do-able.
Do you have an address in Rochelle? From https://www.centralbank.net/locations/ the closest seems to be in MO - 10704 W Florissant Ave, St. Louis, MO 63136
https://www.central-bank.com/about/locations-hours.html
@guest_1800092 You are looking at the wrong Central Bank. There are 3 branches in southern Illinois just across the Mississippi River from St Louis, but the vast majority of branches are in Missouri.
Thanks. Saved me trip to Rochelle.
Wonder which "central bank" has the rights to the name?
I have done only 1 bussiness account several years ago and i barely got it approved since i didn't have enough intel to fake my info. If i am selling junk on ebay or fixing bike in the garage, am i a sole prop and what about using my ssn?
Yes, if you do it as sole prop with your SSN you report profit/loss on Schedule C (Form 1040) and it's just pass through.
Then you can use Schedule C as proof it's a real business.
Apply for a tax id number from the IRS.
I sell on ebay without a store. I registered on my state's website (MO). $7. They gave me an account #. Seems to work most of the time. Worked recently with BOA and AMEX with SSN and sole prop.
Yea, i had to fill out some form with the state last time but i don't have that number that the bank used. Where do i fill out that form again or can the bank fill it out again?
The only form I filled out was on Missouri's website: sos.mo.gov/business (secretary of state). Sometimes the bank asks for my account #, sometimes they don't.