If you live in the Midwest where Associated Bank operates, you could get up to $500 to open an account.
Most banks offer a few hundred dollars for you to open an account and set up a direct deposit. Some banks will give you a bonus based on how much you deposit.
Associated Bank is one of the few that will offer a good initial bonus just for the account and direct deposit but then follow that up with a higher bonus when you deposit more cash. And from a deposit to bonus ratio, it’s one of the best offers out there.
If you live near one (you can open this online but you have to be a resident of a state in which they operate), here’s what you need to know:
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About Associated Bank
Associated Bank is a Wisconsin-based bank that started as an alliance (or an association, *wink wink*) among three big Wisconsin banks – Kellogg Citizens Bank of Green Bay, Manitowoc Savings Bank and First National Bank of Neenah. First National Bank of Neenah was the oldest, having been founded in 1861. This alliance would then merge with Associated Bank in 1997 and retain the name.
Associated Bank – $200 to $500 Bonus
Associated Bank has an offer where you can get up to $500 cash when you open a checking account and get direct deposits of at least $500 or more within 90 days of opening your account.
The following accounts qualify (along with minimum deposit amounts to open):
- Associated Access Checking: $25
- Associated Balanced: $100
- Choice Checking: $100
These are just the minimum amounts you need to open an account, the bonus is based on how much you have in your account.
The amount of your bonus is based on your average daily balance from the 61st through 90th day:
- Total average daily balances of $1,000 – $4,999.99 will earn $200,
- Total average daily balances of $5,000 – $9,999.99 will earn $300,
- Total average daily balances over $10,000 will earn $500.
The gist is that you must open an account but you have until the 60th day to deposit additional cash to get the bonuses. The more you deposit, the higher the bonus. Then keep the cash in there through the 90th day, get your bonus on the 120th, and wait a year before closing.
(Offer expires 6/30/2021)
Who Is Eligible?
First, you must be a resident of Illinois, Minnesota, and Wisconsin. You can open the account online but you have to be a resident.
If you don’t live in any of these states, you can still get a bonus from these banks.
You must be over the age of 18, not be an employee of Associated Bank, and not have had an Associated Bank account within the last 6 months.
Associated Bank Account Fees
Associated Bank checking accounts do come with fees so it’s something to pay attention to.
For the Associated Access Checking account, there is no monthly fee. If you opt for paper statements, that has a $4 per month fee but easily avoided if you opt for eStatements.
For the Associated Balanced Checking account, there is a $9 monthly maintenance fee that you can avoid if you:
- Maintain a daily balance of $1,000 or,
- Direct deposit or Associated SnapDeposit™ a total of $500 or more per statement cycle or
- Hold $2,500 in combined deposit accounts with same statement cycle date or the presence of either an HSA or investment account.
It also has a $4 monthly fee if you opt for paper statements.
Finally, with the Associated Choice Checking account, there is a $25 monthly maintenance fee that you can avoid if you hold $10,000 in combined deposit accounts with same statement cycle date or the presence of either
an HSA or investment account. (for new accounts, the fee is waived for two months).
How Does This Offer Compare?
It’s a good offer – the direct deposit requirement is minimal and the bonus based on the deposit is a solid amount for just $10,000 in deposits.
By comparison, Citi has an offer where you get $300, $700, or $1,500 based on how much you’re able to transfer in new to Citibank funds. The lowest tier is $300 when you deposit $15,000 – so Associated Bank is already ahead of the game there. (the highest end pays out $1,500 but that requires a significant sum of money).
Citi Priority Account – $300, $700, or $1,500
Citi is offering $300, $700, or $1,500 bonus when you open an account by 10/4/2021. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000.
Chase Total Checking® – $225
Chase Bank will give you $225 when you open a Total Checking account and set up and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Capital One 360 Checking – $150
Capital One 360 has a $150 cash bonus when you open a new account and then receive 2 direct deposits totaling $250 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a 360 Checking account with Capital One on or after January 1, 2018, you are ineligible.
HSBC Premier Checking – $600
HSBC has an offer where you can get up to $600 with a 3% cash bonus checking offer on qualifying direct deposits each month for the first six months of opening. It’s one of the more interesting deposit bonuses as it doesn’t rely on your account balance being a certain size. Click here to learn more about this offer.
Bank of America – $100
Bank of America offers a $100 cash bonus if you open a new account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening. It has a monthly fee that is easy to have waived, you can learn more about this offer here.