Offer at a glance
- Maximum bonus amount: $150
- Availability: IL, WI
- Direct deposit required: Yes. Minimum of $1,000
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $25, six months
- Household limit: None listed
- Expiration date: None listed
The Offer
- Byline Bank is offering a $150 bonus when you open a new freedom checking account and complete the following requirements ($50 per statement cycle):
- Enroll in online banking and activate eStatements
- Have ACH direct deposits totaling $1,000 or more
The Fine Print
- New money only.
- Cannot be funded by any existing Byline Bank account. Offer effective July 19, 2021. Byline Bank reserves the right to change or terminate this offer at any time.
- In order to automatically qualify for $50 cash bonus per qualifying statement cycle, eligible customers must (1) open a Freedom Checking Account online (the “Account”); (2) enroll in online banking and activate eStatements for the Account prior to qualifying for any bonus; (3) have ACH direct deposit(s) totaling $1,000 or more, made to the Account within the qualifying statement cycle (direct deposit of paycheck(s), social security payment(s), etc.).
- Limit three bonus payments, one per qualifying statement cycle, for a maximum of $150 total bonus. Qualifying statement cycles include the 2nd, 3rd and 4th statement cycles from the online Account opening.
- Each $50 cash bonus will be deposited into your newly opened online Freedom Checking account no later than one statement cycle after meeting the qualifications for the bonus.
- Bonus will be listed on your statement as a Bonus Incentive and may be taxable as interest income.
- Consult with your tax advisor.
- Minimum opening deposit of $100 is required.
- For new customers, only residents of Illinois and Wisconsin are eligible to open accounts online.
- 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 no monthly fees to worry about.
Early Account Termination Fee
There is an early account termination fee of $25 if the account is closed within six months according to the fee schedule.
Our Verdict
Previously there was a bonus for $325. The advantage to this offer is that it can be opened online as well. Which offer you prefer will likely depend how close to a branch you live. We will add this to our list of the best bank account bonuses.
Hat tip to Carl J
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
