Offer at a glance
Maximum bonus amount: $300 – $500
Availability: TX Only
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Up to $500
Monthly fees: $12, avoidable
Early account termination fee: $15 if closed within 90 days
Household limit: None listed
Expiration date: None listed
The Offer
Direct link to offer
Broadway Bank is offering a business checking bonus of up to $500. Bonus is broken down as follows:
Open a new Advantage, Preferred or Essentials Business Checking account.
Deposit $2,000 or more in new money within 30 days of account opening.
Enroll in Business Online Banking1 and complete 10 qualifying transactions within 90 days of opening account.
Maintain an average monthly balance of those listed below over the next 120 days to earn up to $500.
Earn $300 with a balance of $2,000 – $24,999
Earn $400 with a balance of $25,000 – $49,999
Earn $500 with a balance of $50,000 or greater
Earnings will be deposited to your eligible Business Checking account within 90 days of meeting requirements.
The Fine Print
Account Requirements:
Eligible accounts are qualifying Business Advantage Checking, Business Preferred Checking, and Essentials Business Checking accounts.
Subject to approval. Other conditions and restrictions apply.
Eligibility Requirements:
Offer is available for a maximum of one eligible Business Checking account per Taxpayer Identification Number (TIN).
Offer is not available for existing businesses with Broadway Bank Business Checking accounts.
A new eligible Business Checking account is required, and all other Broadway Bank accounts are excluded.
Excludes closed and reopened accounts, existing accounts, converted accounts, and repurposed accounts.
Broadway Bank employees are ineligible to participate in this incentive.
The offers are not stackable, they are tiered offers with a maximum of $500.
Incentive Requirements:
Within 30 days of account opening, a cumulative deposit of at least $2,000 in new money is required to qualify for the incentive.
New money cannot be funds held by Broadway Bank.
Average monthly balance is defined as the average collected balance across a monthly timeframe within your eligible Business Checking account.
Within 90 days of account opening, must enroll in Business Online Banking and complete 10 qualifying transactions to qualify for the incentive.
Qualifying transactions are debit card purchases, ACH transactions, checks, and signature Point of Sale purchases and online purchases.
ATM withdrawals, teller deposits and withdrawals, wires, and debit card cash advances do not qualify for this promotion.
Incentive Payment:
Within 90 days of meeting incentive requirements, earnings will be deposited to the eligible new Business Checking account.
Qualifying accounts must be open and have a positive balance to receive earnings.
The incentive payment could be subject to IRS reporting on Internal Revenue Service (IRS) Form 1099.
This promotion is subject to change without notice and is subject to bank verification, eligibility, and qualification review.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Advantage Business Checking has a $12 monthly fee. This is waived:
Avoid the monthly maintenance fee by maintaining a $3,000 daily minimum or $15,000 combined daily minimum balance.
OR
Maintain an active credit card processing account through Broadway Bank’s credit card processing partner.
Early Account Termination Fee
According to the fee schedule there is a $15 fee if closed within 90 days.
Our Verdict
Only the $200 bonus is worth considering as you’re losing out on significant interest on the other tiers when compared to a 5%+ APY earning account (e.g for the $25,000 tier you could earn ~$400 in just interest). The bottom tier is OK although realistically you’ll need $3,000 in there to avoid the monthly fee. It’s annoying the holding period is so long but we will still add this to our best bank bonus page.
Hat tip to Tikky
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