[SC, OH] Park National Bank $200-$500 Checking Bonus, Direct Deposit Optional

Update 8/17/24: Ohio is now $300/$500.

Offer at a glance

• Maximum bonus amount: $400
• Availability: SC & OH, maybe NC & KY as well but can’t links
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Up to $5,000 with a debit card, no credit card funding
• Monthly fees: $10 – $25, avoidable
• Early account termination fee:
• Household limit: None listed
• Expiration date: None

The Offer

Direct link to offers: (SC & OH)

• Park National Bank is offering a bonus of $200/$400 when you open a new checking account. Bonuses are broken down as follows:
  • Open a VIP Checking Account and earn a $200 bonus when you:
    • Use promo code VIP200SU24
    • Have direct deposits totaling $500 or more or maintain a balance of $1,000+
  • Open a VIP All-Access Checking Account and earn a $400 bonus when you:
    • Use promo code VIP400SU24
    • Maintain a balance of $25,000 or more

The Fine Print

• To qualify to receive the $200 bonus, you must be a new personal deposit customer and your VIP Checking Account must (1) be open and in good standing and (2) have electronic deposits totaling $500 or more made to the account within 90 days of opening OR maintain a current monthly average available balance of $1,000 or more in this account. Your current monthly average available balance must be $1,000 or more by the end of your second statement cycle and maintain that average balance through the 90-day promotional period.
• To qualify to receive the $400 bonus, you must be a new personal deposit customer and your VIP All-Access Checking Account must (1) be open and in good standing and (2) maintain a current monthly average available balance of $25,000 or more in this account. Your current monthly average available balance must be $25,000 or more by the end of your second statement cycle and maintain that average balance through the 90-day promotional period.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• VIP Checking Account, this has a $10 monthly fee. Waived with:
  • $500 or more in qualifying direct deposits or
  • $1,000 or more on deposit with Park
• VIP All-Access Checking Account, this has a $25 monthly fee. Waived with:
  • $25,000 or more on deposit with Park

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is any EATF.

Our Verdict

I couldn’t seem to find what interest rate the VIP All-Access Checking Account earns, if it’s significant it might be better than the $200 bonus but otherwise the $200 bonus will be the better option. Share if it’s a hard or soft pull and if credit card funding is possible below.

Hat tip to Jesse

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