Update 3/23/24: Deal is back and valid until 12/31/2024.
Update 7/30/23: Bonus is slightly different now and a maximum of $600.
Update 7/17/23: Extended until 10/31/2023
Update 7/13/23: Extended until 7/16/23
Offer at a glance
Maximum bonus amount: $400
Availability: OR, WA, CA or ID
Direct deposit required: None
Additional requirements: Use promo code
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: Avoidable
Early account termination fee: Account must be kept open
Household limit: None listed
Expiration date: 6/30/23
The Offer
Banner Bank is offering a $300 business checking bonus & $100 business savings bonus. Bonus is broken own as follows:
$600 bonus: open a new business checking account and a new business savings or money market account together and meet $26,000 deposit and minimum balance requirements for 90 days.
$300 bonus: open a new business checking account and a new business savings or money market account together and meet $3,000 deposit and minimum balance requirements for 90 days.
$300 bonus when you open a qualifying business checking account:
Deposit a total of $2,000 or more in new money (not held at Banner Bank) into your new checking account within 60 days of account opening
Maintain at least a $2,000 minimum daily balance for an additional 60 days
$100 bonus when you open a qualifying business savings account:
Deposit a total of $1,000 or more in new money within 60 days of account opening;
Maintain a $1,000 minimum daily balance for an additional 60 days
The Fine Print
To receive the offer, you must open your account online at bannerbank.com or at a Banner Bank branch and use the promo code at account opening that was provided to you by Banner Bank. Banner Bank is not responsible for, and will not honor, promotional offers that appear on non-Banner Bank websites or that are not authorized by Banner Bank. Standard account opening requirements apply.
You can receive only one bonus per business entity with a unique tax ID. Offer is not available to existing business entities with tax ID already on file with Banner Bank.
Offer also not available for local, state or Federal Government entities or agencies, Not for Profit organizations, Political Action Committees, or those with campaign accounts, or whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years .
Employees of Banner Bank, its affiliates and subsidiaries are not eligible for this offer. Offer is available to businesses with addresses in OR, WA, CA or ID only.
Offer is subject to change without notice and may not be combined with any other offer.
To receive the $300 business checking bonus: 1) Open a new Banner Bank Basic Checking, Complete Business Checking (with or without interest) or Complete Plus Business Checking account, which requires a minimum opening deposit of $100, AND; 2) Deposit a total of $2,000 or more in new money (not held at Banner Bank) into your new checking account within 60 days of account opening; AND 3) Maintain at least a $2,000 minimum daily balance for an additional 60 days.
After you have completed all the above requirements and your account has been open for at least 90 days, we’ll deposit the bonus into your new account within 30 days. Account must be in an open status and in good standing at the time of payout.
To receive the $100 business savings bonus: 1) Open a Banner Bank Business Savings, Business Money Market or Banner’s Best Business Savings account, which requires a minimum opening deposit of $100, at the same time your Banner Bank business checking account is opened; AND 2) Deposit a total of $1,000 or more in new money within 60 days of account opening; AND 3) Maintain a $1,000 minimum daily balance for an additional 60 days. After you have met the above requirements and your accounts have been open for at least 90 days, we’ll deposit the bonus into your new account within 30 days. Account must be in an open status and in good standing at the time of payout.
Minimum balance of $100 at account opening is required for business checking, savings and money market accounts. Deposits are subject to verification and not available for immediate withdrawal. Deposit limits and other restrictions apply.
Account Closing: Business checking, savings or money market account must be in an open status and in good standing at the time of payout. If the business checking, savings or money market account is closed within six months of account opening and after bonus payment, we will deduct the bonus amount at closing. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Please consult your tax advisers concerning the reporting to Internal Revenue Service of bonus payments as interest on accounts. Offer expires 6/30/2023.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Basic business checking account has a $10 monthly service fee waived with $800 minimum daily balance; or $2,500 average monthly balance; or $5,000 average daily checking/savings relationship deposit balance
Business saving account has a $5 fee, this is waived with a $500 minimum balance.
Early Account Termination Fee
Account needs to be kept open for the bonus to post.
Our Verdict
Much bigger bonus than the $200 personal bonus. Requirements seem very easy to meet and this is a bonus worth doing. We will add this to our list of the best checking bonuses.
Hat tip to Scurvy Dave
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