Update 6/10/21: Looks like the rates have been updated in branch, most tiers are lower but there are new higher tiers as well with a bigger maximum bonus.
Offer at a glance
- Maximum bonus amount: $700
- Availability: NY & NJ
- Direct deposit required: Optional (I think)
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None, should be able to fund $250 with a debit card
- Monthly fees: None
- Early account termination fee: Bonus forfeit if closed within six months
- Household limit: None
- Expiration date: None listed
The Offer
- Flushing Bank is offering a bonus of up to $700 when you open a new complete checking account. You receive a $200 bonus for the completing the following requirements (looks like you might need to do all of these):
- Performing 5 POS purchases and/or 5 Bill Pays from Flushing Bank’s online banking portal within 60 days of account opening and/or receiving two direct deposits within 90 days of account opening. More info:
- $50 can be earned by completing 5 debit purchases (minimum $25 each) within 60 days of account opening
- $50 can be earned by completing 5 bill pays through Flushing bill pay (minimum $25 each) within 60 days of account opening
- $100 can be earned by received at least 2 direct deposits (minimum $250 each) within 90 days of account opening.
- Performing 5 POS purchases and/or 5 Bill Pays from Flushing Bank’s online banking portal within 60 days of account opening and/or receiving two direct deposits within 90 days of account opening. More info:
- You also receive an additional bonus that depends on your average three month balance:
- $1,000-$4,999 average three month balance results in a $10 bonus
- $5,000-$9,999 average three month balance results in a $50 bonus
- $10,000-$14,999 average three month balance results in a $100 bonus
- $15,000-$24,999 average three month balance results in a $150 bonus
- $25,000-$49,999 average three month balance results in a $250 bonus
- $50,000+ average three month balance results in a $500 bonus
The Fine Print
- Must be a new Complete Checking customer to qualify for the Customer Value Program (CVP) Balance Bonus or Customer Value Program (CVP) Activation Bonus.
- New money only. Existing checking account customers are not eligible.
- A new checking account is defned as any new checking account that does not have any authorized signatures in common with any other existing Flushing Bank checking account(s).
- An existing checking customer is defned as anyone who currently has or has had a Flushing Bank checking account within the last 24 months. New money is defned as money not currently on deposit with Flushing Bank.
- The CVP Balance Bonus is limited to one (1) account credit per new Complete Checking customer.
- The CVP Balance Bonus will be based on the three-month average account balance of the frst three (3) calendar months after account opening.
- The CVP Balance Bonus will be posted to the account on or about the end of the subsequent month following the account’s three (3) month anniversary.
- A 1099 will be issued in the amount of the account bonus
- The new Complete Checking account must remain open, active, and in good standing for six months. The bonus will be forfeited if the account is closed prior to six months.
- Other fees and restrictions may apply.
- The minimum three-month average balance to qualify for the CVP Balance Bonus is $1,000.
- A minimum deposit of $25 is required to open the Complete Checking account. The offer is subject to change or termination without prior notice at any time.
- Speak with a branch representative for details. 3) The CVP Activation Bonus is limited to one (1) account credit per new Complete Checking customer.
- The CVP Activation Bonus is based on performing 5 POS purchases and/or 5 Bill Pays from Flushing Bank’s online banking portal within 60 days of account opening and/or receiving two direct deposits within 90 days of account opening.
- The CVP Activation Bonus will be credited at the end of the month following completion of the qualifying transactions and there is no minimum balance required to receive the CVP Activation Bonus.
- A 1099 will be issued in the amount of the account bonus. The new Complete Checking account must remain open, active, and in good standing for six months.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The complete checking account has no monthly fees
Early Account Termination Fee
Account must be kept open for six months, otherwise bonus is forfeit
Our Verdict
It seems like the direct deposit is optional, but it’s possible I am misreading that requirement. Really more of a $200 checking bonus and savings bonus up to $500. Not sure what the interest rate on this account is, but i’m guessing it’s close to zero. Bonuses themselves work out to be 1% over the three month period of 4% annualized, definitely a good rate given the current conditions (compare to other high yield savings accounts here). I’ll be adding this to our list of the best checking account bonuses.
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
