Update 8/25/24: Deal is back through 8/31/24, now for $290 instead of $250. Hat tip to reader TonyBank
Update 3/1/23: Extended until October 31, 2023.
Update 2/25/23: Deal available again
Update 10/17/21: Bonus is back and extended until 12/31/21.
Update 4/12/20: Checking bonus has been increased to $250, but money market bonus is not available. Also states Any person with more than 5 ChexSystems inquiries will not qualify for this promotion. Hat tip to reader Samuel
Update 10/21/19: Deal is back and valid until December 31st, 2019. Hat tip to reader EW
Offer at a glance
Maximum bonus amount: $200
Availability: Seems to be in branch only, most branches are in MN but there is one in IA as well [Branch locations] Can be opened online now
Direct deposit required: Yes, no minimum specified
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown (sensitive, terms say that anybody with more than 5 ChexSystems inquiries will not qualify)
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: Qualifications must be met by June 30th, 2019 June 30th, 2020 August 31st, 2020 September 30th, 2020 December 31, 2020
The Offer
Home Federal Savings Bank is offering a bonus of up to $250. Bonus is broken down as follows:
$200 when you open a new account with a direct deposit of $500+
$25 when you add a debit card to your account
$25 when you enroll in eStatements and online banking
The Fine Print
New account owners must not have been a Home Federal checking account client in the last 12 months.
Checking account minimum opening balance is $25.
$100 reward will be credited to the account within 60 days of meeting the direct deposit qualification.
Qualifications must be met by 06/30/19 (direct deposit must clear by 08/31/2019).
CardValet requires the Debit Card be activated.
Clients with existing active online banking will qualify for the $50 reward
Reward will be reported as interest on IRS Form 1099-INT.
A $75 early closing fee will be charged by the bank if the account closes within the first 6 months.
This offer is subject to change and may be withdrawn without notice.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Advantage Checking – None
The advantage checking account has no monthly fees to worry about.
Money Market Account – $25
This account has a $25 monthly fee, this is waived with a $10,000 minimum balance.
Early Account Termination Fee
There is an early account termination fee of $75 if the account is closed within 6 months
Our Verdict
Previous best deal was $200, requirements are exactly the same but everything has been doubled. We still need to know if this is a soft or hard pull, if it’s a soft pull then I definitely think it’s worth doing. The money market bonus is a bit difficult because you need to keep the $10,000 deposited to avoid the monthly fee/early account termination fee.
Big thanks to reader, TJ who let us know. Learn how to find bonuses and contribute to the site here.
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