Deal has ended, view more bank account bonuses by clicking here.
Update 1/19/25: Extended to March 31, 2025
Extended to Dec 31, 2024
Update 7/20/24: Extended until Sep 30
Update 5/8/24: Extended until June 28, 2024.
Update 1/7/24: Deal is back. Bonus now up to $900. Hat tip to reader NBG
Update 12/2/23: Deal is back and valid until 12/30/21. Hat tip to 14lopeza
Update 1/2/23: Extended until 3/31/23.
Update 10/12/22: Deal is back and valid until December 31, 2022.
Offer at a glance
- Maximum bonus amount: $600
- Availability: Must be a resident of Pennsylvania or Ohio. Need to live close to a branch (possibly within 25 miles)
- Direct deposit required: None
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $100
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date:
June 30, 2022December 31, 2022
Contents
The Offer
- S&T Bank is offering a $900 bonus when you open a new business checking account and complete the following:
- $300 bonus when deposit $1,000 within the first five days of account opening
- Apply for, receive, and activate your debit card
- $600 bonus when you deposit $25,000 within the first five days of account opening
- Apply for, receive, and activate your debit card
- $300 bonus Establish a new payment processing account through Elavon
- $300 bonus when deposit $1,000 within the first five days of account opening
The Fine Print
- 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
Previously accounts need to be kept open for six months.
Our Verdict
Unfortunately this requires payment processing, personally I don’t think these bonuses are worth doing.
Hat tip to alopez14
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
Below are the terms:
To qualify for the $300 incentive, a new Basic Business Checking account must be funded with a $1,000 balance within the first five business days of account opening and must have a daily balance of $1,000 or more on November 8, 2024. To qualify for the $600 incentive, a new Basic Business Checking Account must be funded with $25,000 within the first five business days of account opening and must have a daily balance of $25,000 or more on November 8, 2024. Account must be opened between June 29, 2024 and September 30, 2024. Business must also apply, receive and activate an S&T Bank business debit card that is associated with the new Basic Business Checking account by November 8, 2024. Account will receive appropriate incentive on November 21, 2024. To receive the incentive, this account must remain open with a balance greater than $0 never be overdrawn at time of payout. New account will not be eligible for offer if any signer has signing authority on an existing S&T Bank Business Checking account or has closed an account within the past 90 days or has been paid a promotional premium in the past 12 months. If multiple accounts are opened with the same signers, only one account will be eligible for the incentive. Estate accounts are not eligible for this promotion.
Once qualifications have been met for the new Basic Business Checking account, business is able to qualify for an additional $300 incentive when a new S&T Payment Processing account is opened through Elavon between June 29, 2024 and September 30, 2024. Account must have accepted customer payments, settled and funded by Elavon and remain open through November 8, 2024, to receive the additional incentive on November 21, 2024, which will be credited to the S&T Basic Business Checking account. Limit one $300 incentive per merchant, regardless of the number of business locations. Business is subject to underwriting and approval by Elavon. Offer only available to merchants inside the United States. Elavon is a registered trademark in the United States and/or other countries. Incentives will be identified as “Cash Incentive” on your monthly statement. The value of the incentives may be reported on Internal Revenue Service (IRS) Form 1099 and may be considered taxable income to you. Please consult your tax advisor regarding your specific situation.
Fixed
I got a personal bonus from them last month, I am assuming its okay to do the business one too.
What did you end up doing? I have same question. Terms are a little bit vague: “New account will not be eligible for offer if any signer has signing authority on an existing S&T Bank Business Checking account or has closed an account within the past 90 days or has been paid a promotional premium in the past 12 months.”
DP from 2022 comment:
https://www.doctorofcredit.com/pa-oh-st-bank-600-business-checking-bonus-requires-payment-processing/#comment-1463706
I don’t get the terms. Is it that the $1000 must be held Until November 8? Or is the November 8 aspect a separate clause?
Extended until November 8, 2024
https://www.stbank.com/specials/q3-2024-always-on-business/
Opened end of March, kept 25k and bonus posted today. Will close out shortly.
Are you OOS?
@wil The dates have been extended. More importantly business accounts can be opened over the phone for those who don’t want to go into the branch. 800-325-2265
How’d the phone call go? Did they know about the promotion and assuming you did Sole Prop, did they ask for any documents?
@jp Phone call was very easy and painless. They did know about the promotion but I’d of course mention it. I was told there was not a promo code and it’s automatically added. Sole prop, yes. I provided an EIN but I didn’t need anything else.
Thx
Brad not so smooth sailing for me. I do have EIN and a sole prop too, but rep was adamant on getting stamped letter from DOS. I told him Sole props dont have to register with state. But he didn’t budge. I will try again tomorrow or maybe next quarter.
New expiration date June 28, 2024 and updated link https://www.stbank.com/specials/q2-2024-always-on-business/
William Charles
Seems like it will be better to open account towards end of March, near the promotion’s end date.
You don’t need to keep $25k daily or monthly average balance.
Just have to make sure $25k have to be there on 4/30/24.
Now that I have reread the terms few times, this line “must have a daily balance of $25,000 or more on April 30, 2024” is confusing. not clear if they mean daily balance or balance on 4/30/24 should be $25k or more.
I agree that the language is unclear but I think you were right- I would take it to mean the balance on 4/30/24 must be $25K or more. Since it has to be funded within 5 days its probably easiest to just leave the $25k in there for a month (assuming you open the account at the end of March)