Update 9/14/24: Deal is back until December 31, 2024. Hat tip to ShawntheShawn
Update 12/28/22: Now good through December 31, 2023.
Update 7/3/22: Deal is back and good through December 31, 2022.
Offer at a glance
Maximum bonus amount: $200
Availability: NE, seems to be available in branch only [Branch locations]
Direct deposit required: No, ACH deposit is required though
Additional requirements: None
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: $25, 90 days
Household limit: None listed
Expiration date: December 31, 2022
The Offer
Midwest Bank is offering a bonus of $200 when you complete the following requirements:
Receive one ACH deposit of $500+ within 3 months of account opening
The Fine Print
$200 will be deposited after 90 days of account opening if the account has received one ACH deposit of $500 or more in each of the first 3 months of the account being open.
$200 will appear as interest income on current year 1099-INT statement.
$100 minimum deposit required to open the account.
Offer expires December 31, 2021.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a My Design Checking account with no monthly fees depending on the features you choose.
Early Account Termination Fee
There is a $25 fee if closed within 90 days according to the fee schedule.
Our Verdict
Seems like a good bonus if you live near a branch. As you need to open in branch you should be able to check if it’s a hard or soft pull before opening.
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