Offer at a glance
- Maximum bonus amount: $300
- Availability: NJ/NY
- Direct deposit required: Yes, $1,500+
- Additional requirements: Use promo code
- Hard/soft pull: Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: $300, six months
- Household limit: None listed
- Expiration date: December 31, 2020
The Offer
- Lakeland Bank is offering a $300 when you open a new checking account and complete the following requirements:
- Use promo code BONUS20
- Require direct deposits totaling $1,500 or more within 60 days of account opening
The Fine Print
- Offer valid on new consumer checking accounts opened through December 31, 2020.
- Must use promo code provided at account opening.
- Not available to existing Lakeland Bank checking account customers or those whose accounts have been closed in good standing within 12 months, or closed with a negative balance at any time.
- Offer not available for account conversions.
- Offer limited to one $300 cash bonus, per individual taxpayer identification number; requires qualifying direct deposit(s) totaling $1,500 or more into account within 60 days of account opening.
- A qualifying direct deposit is a deposit of a paycheck, pension or other regular monthly income (including Social Security) electronically deposited into account. Personal transfers or deposits made at a branch, online or ATM do not qualify.
- Lakeland Bank will fulfill bonus within 45 days of qualification.
- The value of the bonus will be reported to the IRS on form 1099-INT. If the account is closed within six (6) months of account opening and the cash bonus was received, the value of the cash bonus will be deducted from the account.
- Offer may be withdrawn or changed at any time without notice.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
This account has no monthly fees to worry about
Early Account Termination Fee
Account needs to be kept open for six months or bonus is forfeit.
Our Verdict
There was a $300 bonus that didn’t require a direct deposit, but that was in branch only. This is a nice big bonus that can be done online and requirements aren’t difficult to meet. This will be added to the best bank account bonusses.
Hat tip to reader Mark
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
