Update 10/12/24: Deal is back and no end date listed. Hat tip to reader Yj32
Update 6/23/24: Deal is back and no end date listed. Hat tip to reader Woody
Offer at a glance
Maximum bonus amount: $300
Availability: FL, IL, IN, MO
Direct deposit required: Yes, $1,000+
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Up to $500
Monthly fees: $5, avoidable
Early account termination fee: $25, 90 days
Household limit: None
Expiration date: None
The Offer
Busey Bank is offering a $300 bonus when you open a new checking account and complete the following requirements:
Use promo code BUSEY300
Have a cumulative direct deposit of at least $1,000 within the first 90 days of opening the account and
Activate and use your Busey Debit Mastercard for at least 3 transactions within the first 90 days of opening the account and
Enroll in Online Banking with eStatement
The Fine Print
Offer valid for limited time and is available only when opening using the unique offer code for accounts opened online and who qualify as outlined below.
You will not qualify for the $300 credit if you are an existing Busey personal checking account customer, you are a Busey Bank employee, OR had a previous personal checking account that was closed within the preceding 12 months OR have received a prior personal checking account incentive at any time. To receive the $300 credit, you must 1) open a new Busey Pillar Banking or Foundation Checking account online; AND 2) complete each of the following within the first 90 days of account opening: Set up cumulative direct deposits totaling at least $1,000 into this account, activate and use your Busey Debit Mastercard for at least 3 transactions, and enroll in online banking with eStatements.
Your direct deposits need to be an electronic deposit of your paycheck, pension, government benefits (such as Social Security) from your employer or the government. Person-to-Person and bank transfers between your Busey accounts are not considered a direct deposit. The $300 will be credited into your new account within 10 business days of the preceding month after completing each of the qualifying activity requirements. To receive the credit, your checking account must be open and in good standing.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Foundation checking has no monthly fee with direct deposit or average balance of $100; otherwise, pay a $5 monthly fee.
Beginning May 1, 2024, Foundation Checking will be updated with the following:
No monthly maintenance fee (previously $5)
No minimum balance or direct deposit requirement
Early Account Termination Fee
“Accounts closed within 90 days of opening will be charged a service fee of $25.00
Our Verdict
Think this is worth doing as it’s a large bonus, we just don’t have any datapoints on what works as a direct deposit. We will add this to our list of the best bank account bonuses.
Hat tip to reader Gadget
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