Offer at a glance
- Maximum bonus amount: $500
- Availability: AL, CA, IL, NJ, NY, TX, VA, WA
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $7, avoidable
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: September 30, 2021
The Offer
- Bank of Hope is offering a bonus of $500 when you open a new checking account and complete the following requirements:
- Maintain an average balance of at least $20,000 for the first 4 months of account opening
- Complete the following requirements within 90 days of account opening:
- Request a debit card and make at least one debit card purchase or ATM deposit/withdrawal
- Register for Personal Online Banking or Business Online Banking
- Enroll in e-Statements
The Fine Print
- Eligible Customers” are (1) new or existing customers who do not currently have a Bank of Hope personal or business checking account, (2) be at least 18 years old and (3) furnish or have a valid Form W-9 or Form W-8BEN on fi le with Bank of Hope and are not subject to backup withholding.
- Customer who currently has an existing personal or business checking account(s) is not eligible.
- Eligible Customer must open a new checking account and enroll to participate in the Cash Bonus Offer at the time of account opening or within 30 days of account opening.
- By enrolling in the Cash Bonus Offer, customer agrees to be bound by these Terms and Conditions.
- “Eligible Account” must be a personal or business checking account opened by Eligible Customer during the Promotion Period with new money.
- New money is defined as funds not currently on deposit with Bank of Hope.
- Only the first checking account opened during the Promotion Period is eligible for the offer.
- Subsequent checking account(s) opened under the same account ownership type and account title are not eligible.
- Limit one Cash Bonus per account.
- A new checking account opened after closing an existing checking account during the Promotion Period is not eligible for the promotion.
- Eligible Account must remain open, and in good standing from the account opening date of your Eligible Account until the Cash Bonus is paid. The Cash Bonus will be paid to your Eligible Account within six (6) months from the account opening date.
- IMPORTANT TAX INFORMATION ($500 Cash Bonus Offer): The Cash Bonus will be reported on IRS Form 1099-INT to the primary account holder on the account, in the year received, as required by applicable law. Customer is responsible for any applicable taxes. Consult your tax advisor.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The regular checking account has a $7 monthly fee. This is waived with a minimum daily balance of $500, or average daily balance of $1,000 during each statement is maintained.
Early Account Termination Fee
Wasn’t able to find a fee schedule so unsure if there is any early account termination fee or not.
Our Verdict
Interest rate is 0.01% so basically nothing. This is really a savings bonus rather than a checking bonus due to the $20,000 requirement. $500 bonus for $20,000 deposit is a 2.5%, annualized is 7.5%. Worth doing if you have the $20,000 to spare for four months. Will add this to our best bank bonus page.
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
