[IN, IL, WI] CIBM Bank $500 Checking Bonus

Update 5/24/25: Deal is back and valid until 7/31/25. Hat tip to DDG

Update 4/7/25: Bonus now $500.

Offer at a glance

• Maximum bonus amount: $600
• Availability: IN, IL, WI
• Direct deposit required: Yes for $600 bonus
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown (sensitive)
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: Six months, $25
• Household limit: None listed
• Expiration date: 4/30/25

The Offer

Direct link to offer

• CIBM Bank is offering a $600 bonus. Requirements are as follows:
  • Choose the checking account that works for you:
    • High Performance Checking
    • Acceleration Checking,
    • Classic Checking, or
  • Open your account at your favorite branch or online with promo code 600IN25
  • Complete the activities
    • $100 when you use your debit card (the new account holder must complete 10 debit card purchases of $10.00 or greater each per month in each of the first five full calendar months following the month of account opening)
    • $200 for direct deposit (receive one or more Qualifying Direct Deposits with a cumulative total of $500.00 or more per month in each of the first five full calendar months following the month of account opening)
    • $300 for $10,000 minimum balance (must maintain a minimum balance of $10,000.00 in each of the first five calendar months following the month of account opening)

The Fine Print

• Offer available on new Acceleration, Classic, and High Performance checking accounts opened between 1/21/25 and 4/30/25.
• Offer not available for existing CIBM Bank personal checking account holders or those who have closed a CIBM Bank personal checking account within the past 12 months.
• Promo code 600IN25 must be used at time of account opening.
• To qualify for this $100.00 bonus, the new account holder must complete 10 debit card purchases of $10.00 or greater each per month in each of the first five full calendar months following the month of account opening.
• Purchases may take one or more business days from the date transaction was made to post and clear the account. ATM withdrawals are not considered purchases, and do not qualify for the purchase requirement.
• To qualify for this $200.00 bonus, the new account holder must receive one or more Qualifying Direct Deposits with a cumulative total of $500.00 or more per month in each of the first five full calendar months following the month of account opening.
• “Qualifying Direct Deposits” are electronic deposits of your paycheck, retirement, or government benefits (such as Social Security) from your employer or the government. To qualify for the $300.00, the new account holder must maintain a minimum balance of $10,000.00 in each of the first five calendar months following the month of account opening. Customer may receive one, two or all three bonuses, limited to one of each bonus per account and one account per customer.
• Maximum bonus per account $600.00. Bonus(es) will be paid within 210 days of account opening provided specific requirements per bonus have been met.
• Account must be open and have a balance greater than zero when the bonus is paid.
• Cash bonus considered interest/income and reportable on IRS Form 1099-INT or 1099-MISC.
• Minimum opening deposit of $100.00 required.
• Accounts closed within 6 months of opening date subject to a $25.00 early closing fee.
• We reserve the right to amend or cancel any part of this offer at any time.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Acceleration Checking & classic checking has no monthly fees to worry about.

Early Account Termination Fee

$25 fee if closed within six months.

Our Verdict

Previous bonus was smaller but didn’t require a direct deposit. If you put the $10,000 into a 5% APY account you’d earn ~$208 so the $300 bonus isn’t much more than that. Very annoying that the requirements for all of the bonuses need to be met for five months.

Hat tip to DJ8014

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