[Expired] [Southern CA, In Branch only] OneWest Bank $300 Checking Bonus, Direct Deposit Not Required

Deal has ended, view more bank account bonuses by clicking here.

Update 1/31/21: Deal is back until December 31, 2021. $250 bonus is now only $200. Hat tip to reader Mitch & Hanson

Offer at a glance

• Maximum bonus amount: $300
• Availability: Any OneWest bank [branch locator]
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: Unknown 
• Monthly fees: $5-$25, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: One per person, five per household
• Expiration date: December 31st, 2020 December 31st, 2020

The Offer

Direct link to offer

• OneWest Bank is offering a bonus of up to $300 when you open a new checking account. Bonus you receive varies based on the account you open (minimum opening balance must also be maintained for the first 90 days):
  • Open a OneAccount checking with an opening balance of $10,000+ and get $300 bonus
  • Open a Premium checking with an opening balance of $2,000+ and get $200 bonus
  • Open a Personal checking with an opening balance of $500+ and get $150 bonus
• You also need to complete any three of the following activities:
  • $650 or more in recurring direct deposits/ach to the checking account per month for at least 2 consectutive months
  • eStatements registration
  • 10 or more debit card purchases
  • 6 or more atm transactions
  • 2 or more online bill pay transactions
  • 2 or more mobile check deposits

The Fine Print

• Customers who enrolled in any other OneWest Bank personal checking reward or bonus offer in the past 12 months are not eligible for this offer. Checking bonus offer is limited to one per customer and five per household. Accounts cannot be opened in the name of a business. The value of this offer may be reported to the IRS and the customer is responsible for any federal, state or local taxes.
• Limited time offer. Checking Bonus offer is for customers aged 18 years or older who successfully open a new OneWest Bank Checking Account at any branch of OneWest Bank, a division of CIT Bank, N.A. (“OneWest Bank”) between July 8, 2020 and December 31, 2020 and satisfy the following requirements:
  • Personal Checking Account with a minimum deposit of $500 in new money and maintain an average balance of at least $500 during the first 90 days following account funding; or
  • Premium Checking Account with a minimum deposit of $2,500 in new money and maintain an average balance of at least $2,500 during the first 90 days following account funding; or
  • OneAccount Checking Account with a minimum deposit of $10,000 in new money and maintain an average balance of at least $10,000, during the first 90 days following account funding.1) Open one of the following checking accounts:
• The average balance will be calculated by averaging the end of day balance for each of the first 90 days, beginning with the date on which the account is funded. Funds used to open the Checking Account may not include funds that were held in another account at OneWest Bank or at CIT Bank, N.A. through www.CITbank.com (“CIT”) at the time of account opening. Funds withdrawn from OneWest Bank or CIT within 90 days prior to account opening are also restricted.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Personal Checking Account ($150 Bonus)

This account has a $5 monthly fee. This is waived if you meet any of the following requirements:

• Maintain a $1,000 monthly balance
• Elect to receive eStatements
• Be 55 years or older or be under the age of 18

Premium Checking Account ($250 Bonus)

This account has a $10 monthly fee and is waived when you maintain a $1,000 monthly balance.

OneAccount Checking ($300 Bonus)

This account has a $25 monthly fee, this is waived when you maintain a $10,000 monthly balance

Early Account Termination Fee

You need to keep the account open for six months otherwise you will forfeit the bonus.

Our Verdict

I think the best account to open will be the premium checking account that is required for the $250 bonus. The OneAccount for the $300 bonus requires $10,000 in there to keep fee free and keep in mind you’ll need to keep the account open for six months. I don’t think the extra $50 bonus is worth doing that. We’ve seen the $250 bonus before but it required a direct deposit. We will add the $250 bonus to our best checking bonus page, although please consider if it’s really a good idea to open an account in branch currently.

Hat tip to reader Vanson

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

Post history:

• Update 11/14/20: Link working again