[OR, WA, CA & ID] Banner Bank $100-$500 Checking Bonus

Update 2/8/25: Deal is back until 6/30/2025.

Update 4/21/24: Bonus is back until 12/31/24. Direct deposit is now required. Hat tip to
ShawntheShawn

Update 11/13/23: Extended until 12/29/2023.

Update 9/11/23: There is now a $500 tier.

Update 7/17/23: Extended until 10/31/2023

Update 7/4/23: Extended until 7/16/2023.

Update 4/4/23: Extended until 6/30/23.

Update 3/1/23: Extended until 3/31/2023.

Update 2/27/23: Deal is back and valid until 2/28/2023.

Update 1/3/23: Extended until 1/31/23.

Update 11/9/22: According to the comments a lot of people are being requested to apply in branch

Update 11/7/22: Direct deposit actually seems to be optional. In addition the e-mail button is now working again.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Offer available to residents of OR, WA, CA or ID only
  • Direct deposit required: Yes, $1,000+
  • Additional requirements: Use promo code
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: Avoidable
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: 12/31/22

The Offer

Direct link to offer

  • Banner Bank is offering a $500 bonus. Bonus is broken down as follows:
      • Earn $100 when you open a new savings or money market account at the same time as a checking account, deposit $1,000 and setup $25 or more as a monthly auto transfer from a Banner checking account and one of the following:
      • Option 1: Earn $400 when you open a new checking account with a minimum balance of $25,000 & set up direct deposit of $1,000 or more.
      • Option 2: Earn $100 when you open a new checking account and deposit $1,000 or set up a direct deposit of $1,000 or more.

 

The Fine Print

  • To receive the offer, you must open your account online at bannerbank.com or at a Banner Bank branch and use the promo code at account opening that was provided to you by Banner Bank. Standard account opening requirements apply.
  • Offer is not available to existing Banner Bank clients, or those whose accounts have been closed within the last 2 years.
  • One bonus per individual.
  • Offer is subject to change without notice and may not be combined with any other offer. Must meet standard account opening requirements. Offer available to residents of OR, WA, CA or ID only. Employees of Banner Bank, its affiliates and subsidiaries are not eligible for this offer.To receive the $100 checking bonus: 1) Open any new Banner Bank personal checking account; AND 2a) Complete at least $1,000 of direct deposits; OR 2b) Have a minimum daily balance of $1,000 or more within 30 days of account opening and maintain for 60 days. After you have met the above requirements and the account has been open for 90 days, we’ll deposit the bonus into your new account within 30 days. Account must be in an open status and in good standing at the time of payout.
  • Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments or mobile check deposits are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. Deposits are subject to verification and not available for immediate withdrawal.
  • To receive the $100 savings bonus: 1) Open a Banner Bank personal savings or money market account at the same time your Banner Bank checking account is opened; AND 2) Deposit a total of $1,000 or more in new money within 30 days of account opening; AND 3) Maintain a $1,000 minimum daily balance of $1,000 or more for 60 days; AND 4) Set up monthly recurring auto transfers of $25 or more from your Banner Bank checking account to your Banner Bank savings or money market account. After you have met the above requirements and your accounts have been open for 90 days, we’ll deposit the bonus into your new account within 30 days. Account must be in an open status and in good standing at the time of payout.
  • Account Closing: Checking, savings or money market account must be in an open status and in good standing at the time of payout. If the checking, savings or money market account is closed within six months of account opening and after bonus payment, we will deduct the bonus amount at closing. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Please consult your tax advisers concerning the reporting to Internal Revenue Service of bonus payments as interest on accounts. Offer expires 12/31/2022.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is a $2 paper statement fee, so remember to opt for eStatements.

Monthly Fees

Connecting checking account’s monthly fee is waived if:

  • $500 or more in direct deposits each month or
  • a minimum daily balance of $500 or more or
  • if any account owner is under age 25

Early Account Termination Fee

Account must be kept open for six months otherwise bonus is forfeit.

Our Verdict

Previously they offered a targeted $100 checking bonus. This bonus should be worth doing for people that haven’t done the bigger bonuses available.

Useful posts regarding bank bonuses:
    William Charles
  • On February 8, 2025, 13:00
Tags: ca bank bonusesdirect deposit requiredid bank bonusesor bank bonusessoft pullwa bank bonuses

View Comments (200)

  • They insist to PULL your CHEX! I have CHEX FROZEN and they denied me!
    Reason is they must see CHEX before approve any accounts!

  • Isn't this a badly competitive offer if You consider that US Bank and Chase offer. similar bonuses, but require you to hold the funds for 60 days instead of 90 days, like with this bank?

      • Maybe they are calculating for 4 months, and maybe 4 months is the minimum time required to keep the deposits there, so they are calculating opportunity cost. Remember the current ~4% interest loss is annualized,

        • The division by 4 is because the hold time is 90 days, which is roughly 1/4 of a year. 4 months would be 1/3 of a year.

          • I checked the annualized apy for 3 months and it's essentially earns 8.1% apy which is double the annual saving apy rate.

          • Supposedly the Banner's Best Checking account also pays a "premium tiered interest rate" but won't tell us what it is. The product guides all say to contact a branch for details. So the effective APY is 8.1% plus whatever that secret figure is.

          • It is. But he's basing it on the fact that you're losing the 4% elsewhere and deducting that from the bonus calculation.

          • Its 4% in a HYSA or 8.1% for doing this offer then back in HYSA. This is good offer I guess but Im sure theres better like US Bank 20%-40% APY.

          • Yes and he's arguing that marginal interest good only for 90 days isn't worth the effort of opening the account transferring the money in, then out and closing the account isn't worth the effort. What's your time worth? What's your mind space worth?

          • Also thank you very much Anameofaguy for your comment here last year. The marginal gain is the more important thing to think about. @guest_1690582

  • It looks like this deal requires a Direct Deposit now (AND now, not OR). But you can get $600 total.

    To receive the $500 checking bonus: 1) Open any new Banner Bank personal checking account; AND 2a) Complete at least $1,000 of direct deposits into that account; AND 2b) Have a minimum daily balance of $25,000 or more within 30 days of account opening and maintain for 90 days.
     
    To receive the $100 savings bonus: 1) Open a Banner Bank personal savings or money market account; AND 2) Deposit a total of $1,000 or more in new money (not held at Banner Bank) within 30 days of account opening; AND 3) Maintain a minimum daily balance of $1,000 or more for 90 days; AND 4) Set up monthly recurring auto transfers of $25 or more from your Banner Bank checking account to your Banner Bank savings or money market account.

  • $400 on 25k for 90 days, I believe works out to be 6.4%. I mean better than interest at most banks, but not sure if it's worth opening an account over. I was denied the first time I tried at this bank last year. I'm in footprint.

  • new offer. Is this meaning that I can get $800 in total by combination?
    Open an additional account and get up to $400.
    Current deposit clients can receive up to $400 with offer code 24SN:

    • Checking option 1: Earn $400 when you open a new checking account, deposit $25,000 and set up direct deposit of $1000.
    • Checking option 2: Earn $100 when you open a new checking account, deposit $1,000 or set up direct deposit of $1,000.
    • Savings option 1: Earn $400 when you open a new savings or money market account, deposit $25,000 new money and setup $25 or more in monthly auto transfers from a Banner checking account.
    • Savings option 2: Earn $100 when you open a new savings or money market account, deposit $1,000 new money and setup $25 or more in monthly auto transfers from a Banner checking account.

  • Noticed they had online chat now so chatted to close. Told to zero out accounts first so did that and chatted again. Rep put in request to close once pending transactions clear.

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