[MN & IA only] Home Federal Savings Bank $250 Checking Bonus

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Update 10/17/21: Bonus is back and extended until 12/31/21.

Update 4/12/20: Checking bonus has been increased to $250, but money market bonus is not available. Also states Any person with more than 5 ChexSystems inquiries will not qualify for this promotion. Hat tip to reader Samuel

Update 10/21/19: Deal is back and valid until December 31st, 2019. Hat tip to reader EW

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Seems to be in branch only, most branches are in MN but there is one in IA as well [Branch locations] Can be opened online now
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown (sensitive, terms say that anybody with more than 5 ChexSystems inquiries will not qualify)
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: Qualifications must be met by June 30th, 2019 June 30th, 2020 August 31st, 2020 September 30th, 2020 December 31, 2020

The Offer

Direct link to offer

  • Home Federal Savings Bank is offering a bonus of up to $250 for new and existing account holders. The qualifications are different for new and existing account holders, so lets break down the bonus for both
  • New account holders:
    • Open any checking account with direct deposit and receive $150
    • Add a debit card with CardValet and earn $50
    • Add eStatements and earn $50
    • Add a relationship money market account with $10,000 or more and earn $200
  • Current account holders:
    • Refer a friend and earn $25
    • You can also get the eStatements, CardValet bonuses described above if you don’t already have those add ons.

The Fine Print

  • New account owners must not have been a Home Federal checking account client in the last 12 months.
  • Checking account minimum opening balance is $25.
  • $100 reward will be credited to the account within 60 days of meeting the direct deposit qualification.
  • Qualifications must be met by 06/30/19 (direct deposit must clear by 08/31/2019).
  • CardValet requires the Debit Card be activated.
  • Clients with existing active online banking will qualify for the $50 reward
  • Reward will be reported as interest on IRS Form 1099-INT.
  • A $75 early closing fee will be charged by the bank if the account closes within the first 6 months.
  • This offer is subject to change and may be withdrawn without notice.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Advantage Checking – None

The advantage checking account has no monthly fees to worry about.

Money Market Account – $25

This account has a $25 monthly fee, this is waived with a $10,000 minimum balance.

Early Account Termination Fee

There is an early account termination fee of $75 if the account is closed within 6 months

Our Verdict

Previous best deal was $200, requirements are exactly the same but everything has been doubled. We still need to know if this is a soft or hard pull, if it’s a soft pull then I definitely think it’s worth doing. The money market bonus is a bit difficult because you need to keep the $10,000 deposited to avoid the monthly fee/early account termination fee.

Big thanks to reader, TJ who let us know. Learn how to find bonuses and contribute to the site here.

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