[NJ & NY only, Nationwide?] Investors Bank $250/$350 Checking Bonus, Direct Deposit Optional

Update 2/27/21: There is a link for the eAccess account, that can be opened for those outside NJ & NY. Hat tip to ShawntheShawn

Update 11/2/20: Effective December 1 you need a minimum of $1,000 in addition to the current requirements to keep account fee free. Hat tip to reader Mali.

Update 10/1/20: Can be opened online again.

Update 8/6/20: Deal is back for the YourStyle account, must be opened in branch. Can also open the YourStyle Plus account for $350. Hat tip to reader Ben

Update 8/2/20: It looks like the new eAccess account is actually from the Investors Bank online division and is open to those outside of NJ & NY (in fact those residents might not be eligible to apply). Hat tip to reader Gadget

Update 7/22/20: There is a new link that requires an eAccess account. This can also be opened online (previously in branch only). Hat tip to reader JohnP

Offer at a glance

Maximum bonus amount: $250, $25 per month or $350, $35 per month
Availability: In branch only [Branch locator]. All branches are in NJ & NY
Direct deposit required: Optional
Additional requirements: 10 debit card purchases or direct deposit of $500 each month
Hard/soft pull: Soft pull
ChexSystems: Unknown. Not sensitive
Credit card funding: None
Monthly fees: $10, avoidable
Early account termination fee: None, After 12 months of inactivity, a $5 monthly fee is charged.
Household limit: None
Expiration date: ~~May 31st, 2018~~ ~~August 31st, 2018 September 30th, 2018 March 31st, 2019~~ ~~June 30th, 2019 September 1, 2019~~ None listed

The Offer

Direct link to offers: YourStyle ($250) | YourStyle Plus ($350)

Investors Bank is offering a bonus of up to $250 when you open a new YourStyle checking account. You receive $25 per month for 10 months, you must complete the following requirements each month:
- Receive a direct deposit of $500 OR more during your statement cycle or complete 10 point of sale transactions due your statement cycle OR You make Mobile Check Deposit(s) totaling $500 or more during your monthly account cycle
Investors Bank is offering a bonus of up to $350 when you open a new YourStyle Plus checking account. You receive $25 per month for 10 months, you must complete the following requirements each month:
- Receive a direct deposit of $1,000 OR more during your statement cycle or complete 15 point of sale transactions due your statement cycle
Account also comes with cell phone insurance and identity theft protection

The Fine Print

New Money is defined as money not on deposit at Investors Bank after 9/1/2017
Open a new YourStyle® Checking Account before 9/30/2018
Offer not available to any account owner with an existing personal checking account.
Bonus is up to $250, $25 per month for 10 months.
Reward payments will cease at the earlier of reaching $250 total or 11 consecutive cycles from the date you opened your account.
To be eligible to receive monthly bonus you must satisfy the following transaction activity requirements: have an ACH deposit to your account of $500 or more during your statement cycle; OR, complete 10 Point-of-Sale (POS) transactions during your statement cycle, using your YourStyle® Visa Debit Card linked to your account.
The bonus is considered interest and will be reported on IRS Form 1099-INT. Consult your Tax Advisor.

Avoiding Fees

YourStyle/eAccess Checking

Effective December 1, 2020, in addition to the required account usage to avoid the monthly maintenance fee, a minimum account balance of $1,000.00 is required during the monthly statement cycle.

This has a $10 monthly fee, but it can be waived if you do any of the following:

Receive a direct deposit of $500 or more each statement cycle
Maintain a monthly average balance of at least $1,000
Make at least 10 point-of-sale transactions with your Visa® Debit Card
make Mobile Check Deposit(s) totaling $500 or more per monthly statement cycle

Given that the direct deposit or debit card transactions are required for the bonus this shouldn’t be an issue for most people.

YourStyle Plus

This account has a $20 monthly fee. This is waived when you maintain $20,000 average Monthly Balance with YourStyle Plus Checking and a YourStyle® Plus Money Market account or High Yield Savings account AND you have a Direct Deposit(s)totaling $1,000 or more during your statement cycle OR, you have Mobile Check Deposit(s) totaling $1,000 or more during your statement cycle OR, complete at least 15 Point-of-Sale (POS) transactions during your statement cycle OR eligible Investors Financial customer. First Month after account opening the Service Fee is Waived.

Early Account Termination Fee

I was unable to find any fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Really hate bank bonuses that are spread over multiple months like this. The upside is that you can do it without a direct deposit, but 10 point of sale transactions monthly is still a real pain. I guess self check out one item at a time is an option, but still annoying. I’ll be adding this to our best checking bonus list but lower than it normally would be due to the 10 month requirements.

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

Useful posts regarding bank bonuses:

Post history:

Update 9/2/19: Looks like the bonus has been extended, but there is now no end date listed.
Update 8/25/19: Deal has been extended through September 1, 2019.
Update 4/5/19: Deal is back and extended until June 30th, 2019.
Update 12/14/18: Deal is back and valid until 3/31/19. Hat tip to IS250
Deal is back, but it’s no longer being advertised online. Hat tip to reader Mark.