Update 7/15/24: Bonus now $333.
Update 11/11/23: Available again, can be done online this time.
Offer at a glance
Maximum bonus amount: $300
Availability: In branch only, all branches in IA [Branch locations]
Direct deposit required: Yes, $250+
Additional requirements: Yes, see below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: $5, avoidable
Early account termination fee: Unknown
Household limit: None listed
Expiration date: September 29th, 2018
The Offer
Cedar Rapids Bank is offering a bonus of $300 when you open a new Vault checking account and complete the following requirements within the first six months (I believe they all need to be completed within the same statement cycle but YMMV):
10 Visa debit card transactions per month totaling a minimum of $100 (excludes ATM transactions)
Set up one monthly direct deposit or debit with $250 minimum
Enroll in Personal Online Banking
Download mobile banking app featuring bill pay, person-to-person payment and mobile deposit
Receive eStatement
Completing the above requirements also gives you a 3% APY rate on balances up to $10,000
The Fine Print
$300 bonus will be credited to client’s new Vault Checking in the month after all account requirements are met.
Requirements must be met within the first six months.
Client must be a new checking account client.
$300 bonus will be reported as miscellaneous income to IRS on 1099-MISC.
Offer ends 9/29/2018.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $5 monthly fee, this is waived if you receive eStatements (also a requirement for the bonus)
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Assuming it’s a soft pull the bonus is definitely worth doing, although it’s always annoying when you have to open the account in branch. The 3% rate is nice, but there is too many requirements to keep up with long term considering the other high yield savings accounts on the market. As always please share your datapoints in the comments below.
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