Update 4/4/24: There is now a $200 bonus.
Update 4/2/24: Extended until December 31, 2024
Update 1/14/24: Extended until March 31, 2024
Update 4/19/23: Extended until December 31, 2023.
Update 3/4/23: Deal is back and valid until March 31, 2023. Hat tip to 14lopeza
Offer at a glance
Maximum bonus amount: $100
Availability: MI only
Direct deposit required: Yes
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown, sensitive
Credit card funding: Up to $1,000
Monthly fees: None
Early account termination fee: $10, 60 days
Household limit: None listed
Expiration date: December 31, 2022
The Offer
Independent Bank is offering a bonus of $100 when you open a new checking account. Bonus is broken down as follows
Earn $100 when you receive 4 or more direct deposit transactions of $50 or more within 90 calendar days of opening your account
Earn $100 when you swipe your new debit card 15 times each month for the first 90 calendar days of opening your account.
You can also get $50 for each friend or family member you refer
The Fine Print
Subject to 1099-INT reporting.
Qualifications must be met within 90 calendar days of account opening to receive bonus.
Offer paid out within 60 calendar days of qualification. V
alid for new checking account customers only. Cannot be combined with any other offer. Account must be in good standing to receive the bonus.
Account must be opened by December 31, 2022.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is no monthly fee as long as you’re enrolled in eStatements
Early Account Termination Fee
$10 if closed within 60 calendar days.
Our Verdict
Not as good as the $200 bonus that was previously offered.
Hat tip to reader Katie
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