Update 6/30/24: Deal is back and there is now a $250 bonus.
Offer at a glance
Maximum bonus amount: $100
Availability: IL, IN, KY, MO
Direct deposit required: Depends on the bonus
Additional requirements: 8 debit card purchases
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: $10, avoidable
Early account termination fee: Bonus forfeit, six months
Household limit: None
Expiration date: November 30th, 2023 October 31, 2024
The Offer
Banterra Bank is offering a $100 bonus when you open a new checking account and complete the following requirements
Complete 8 debit card purchases
You can also get a $250 bonus when you open a Saluki Interest Checking and receive a direct deposit of $250+ by October 31, 2024;.
The Fine Print
When you open a Saluki Student or Saluki Interest Checking August 1st, 2023 through November 30th, 2023, receive a $100 bonus when you complete eight (8) Banterra-Saluki Visa Debit Card transactions within the first statement cycle of account opening, Bonus will be credited to your account in the statement cycle following this completion and will be reported as income on Form 1099-INT.
Limit one bonus per customer.
Bonus offer is not available for existing Banterra checking customers.
Accounts must be opened by November 30, 2023, to receive bonus offer.
Cannot be combined with other checking offers.
Checking offer is not available to existing Banterra checking customers or previous customers whose accounts have been closed within the last 90 days or closed with a negative balance.
Must be 18 years or older and agree to maintain account in good standing for a minimum of six months.
Subject to bank approval.
Employees are not eligible for this offer.
Account Closing: If your Saluki Student or Saluki Interest Checking account is closed within six months after opening, the bonus amount you received for that account will be deducted at closing.
Student Checking: This account is only available to customers 25 years or younger. At age 26, this account will convert to Saluki Interest Checking and must meet the specified account terms to avoid monthly fee.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $10 monthly fee. Waived if:
(1)$2,500 minimum daily balance in this account;
(2) $5,000 combined average balance in this account, identified checking, savings & money markets, or minimum balance in certificate of deposit (CD) and/or IRAs. The CD minimum balance equals the current balance at the beginning of each statement period;
(3) A monthly direct deposit of at least $200 or higher is deposited to this account. Direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government and must be $200 or higher.
Early Account Termination Fee
Bonus forfeit if closed within six months
Our Verdict
Smaller than the $250 bonus previously offered, but no direct deposit required this time.
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