Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $700
- Availability: TX
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $12, avoidable
- Early account termination fee: None
- Household limit: None
- Expiration date: AUGUST 1, 2023
Contents
The Offer
- Texas Capital Bank is offering a $700 bonus when you open a Select Business Checking Account or Elite Business Checking Account and complete the following requirements:
- Fund your account within 30 days with at least $10,000
- Complete at least 10 debit card transactions in three statement periods
- • Maintained the Small Business Relationship balance tier of $25,000.00 – $49,999.99 in each month of the Maintenance Period:
- $10,000.00 – $24,999.99 and earn $500 bonus
- $25,000.00 – $49,999.99 and earn $600 bonus
- $50,000.00 or greater and earn $700 bonus
The Fine Print
- Offer Period: May 1, 2023 – August 1, 2023
Offer Rules:- 1. Open a Select Business Checking Account or Elite Business Checking Account within the offer period.
- 2. Fund your Select Business Checking or Elite Business Checking account with $1,500 of new money to Texas Capital Bank within 30 days from account opening (the “Deposit Period”).
- 3. Complete 10 posted Debit Card and/or ACH transactions per month during the Maintenance Period on your Select Business Checking or Elite Business Checking account.1
- 4. Maintain a Small Business Relationship average monthly balance of a qualifying balance tier during the Maintenance Period.
- 5. Receive your qualifying Welcome Bonus tier
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is a $12 monthly fee, this is waived with an average collected balance of $1,500.
Early Account Termination Fee
As far as I know there is no EATF.
Our Verdict
Looks like you basically need to lock up the funds for three months to get the bonus. The $10,000 tier is by far the best return on your money. This works out to be a 20% annualized return. We will add this to our list of the best bank account bonuses.
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
P1 and P2 opened the account around mid July and the Bonus was paid today.
Would you mind sharing when you made the various transactions that were part of the promotion? I’m having trouble getting them to pay – opened June, made 10 debit card transactions/month for July, August, and September but they’re saying July was a ‘maintenance period’ and doesn’t count, so I needed 10 in October as well.
They are right. Their terms say so. You needed to do 10 transactions in October as well.
Went in and applied early this week. As of today, have heard nothing so wondering about.
Tried opening today, but was not allowed to because I didn’t have official business certification for my sole proprietorship (DBA or assumed name certificate). This is required as per their policy. Probably not worth the effort for me personally.
I am from Katy, TX and the nearest location is ~ 20 mi. Called to see whether I can open over the phone. Looks possible after you open your 1st account in person. They said moving forward they can help me open over the phone since they already see my from my 1st visit. Need to do the math whether its worth doing $500 bonus since banks are offering 5% APY.
For reference, you’d earn around $150 in interest on $10,000 in 3.5 months with CFG’s 5.17% account.
Thanks Jon for working the math for me! So, wondering now whether its worth doing just for $350. May be, I’ll still do since I might do Credit Human bonus as well in person since I couldn’t able to do online. CH is 7 miles further away from TCB.
called the bank for clarification. Having a current or past personal account (within the past 6 months) does make one ineligible for this business account bonus.
Doesnt look like you can open online. Have to go through a banker
1
Maintenance Period — The Maintenance Period begins the first statement month after the Deposit Period (30 days) and lasts for three (3) consecutive statement months
thereafter. Your qualifying Welcome Bonus aligned to the small business relationship balance tier is calculated by your total average monthly balance during the Maintenance
Period. If the average monthly balance drops below the minimum balance for that balance tier at any time during the Maintenance Period, you will no longer be eligible for
that Welcome Bonus balance tier. Clients may be eligible for a lower bonus amount, subject to the average monthly balance during the Maintenance Period. If your small
business relationship average monthly balance is below $10,000 at statement end during the Maintenance Period, you will not be eligible for a Welcome Bonus.
2
Small Business Relationship — The total balance comprised from the following accounts: Select Business Checking, Elite Business Checking, Business Money Market, and
Edge Business Savings.
Thanks for the h/t
https://www.doctorofcredit.com/tx-only-texas-capital-bank-500-checking-bonus-25000-deposit-required/#commentform
Direct link: https://www.texascapitalbank.com/small-business-banking
Anyone find a link to apply online? I didn’t find one on their web site.
Link goes to a PDF. Is there a link or is this a branch only offer?