Offer at a glance
Maximum bonus amount: $300
Availability: NJ only
Direct deposit required: Yes, $500+ for six months
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: $10, three months
Household limit: None
Expiration date: None listed
The Offer
Blue Foundry Bank is offering up to $600 in bonuses. Bonuses broken down as follows:
$300 when you open a Blue Axis Edge® Checking and receive a direct deposit of $500+ per month for six months
$300 when you open a Blue Axis Edge® Savings, deposit $15,000+ and maintain it for six months
The Fine Print
Only one bonus per tax id, per product. Blue Foundry Bank reserves the right to modify or discontinue the bonuses at any time.
Accounts opened online require eBanking enrollment.
Bonus is not available to existing Blue Foundry Bank Checking customers or customers that have closed their checking account within the last 12-months.
Bonus will be earned when account maintains a consecutive combined direct deposit of $500 or more each month during the 6-month (182 days) qualification period.
The direct deposit must be credited to the account within the first 60 days of account opening. Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
For tax purposes, bonus will be reported on form 1099. 2 Unlimited ATM fee rebates apply to cash withdrawals using your Debit Mastercard® at all participating Accel and Cirrus ATMs worldwide.
ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your account. Blue Foundry Bank® makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from ATM operators.
Blue Foundry Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
Bonus will be earned when a single deposit of $15,000 or more of new money is deposited into the account and the balance is maintained for a 6-month (182 days) qualification period. New money is defined as money not currently on deposit with Blue Foundry Bank.
Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
These accounts have no monthly fees to worry about.
Early Account Termination Fee
$10 fee if closed within three months. Account needs to be kept open for six months to get the bonus anyway.
Our Verdict
Savings bonus works out to be 6.8% APY when you add both the bonus and interest rate on the savings account (5% APY for the first $5k and then 1.75% for the next 10k), probably not worth considering due to other high interest accounts on the market. The checking bonus is annoying as it requires a direct deposit for six months.
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
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