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IBERIABANK $300 Checking Account Bonus

  • Maximum bonus amount: $300 for checking + $100 for savings
  • Availability: AL, AR, FL, GA, LA, TN, & TX
  • Direct deposit required: None
  • Additional requirements for the BONUS/PROMOTION: 15 transactions (debit, bill pay or check)
  • Hard/soft pull: Soft as far as I know - YMMV
  • Credit card funding: None Available
  • Monthly fees: $20, waive-able with $5,000+ balance (checking)
  • Early account termination fee: Bonus forfeit if close within 6 months as far as we know.
  • Expiration date: March 31st, 2016  - EXPIRED NOW

Link: http://info.iberiabank.com/twogreatdeals 
their website said: The checking account that gives you more. Earn up to $300* when you open a new High Interest Checking account and make 15 qualifying transactions within the first 90 days.

Make sure to enter the code on the application!!:
Checking Promo Code GET300
Savings Promo Code: GET100

Checking Fees:
checking info said: Easy ways to avoid the $20 monthly service charge: Maintain an average monthly balance of $5,000 or more Or, combined monthly average collected balance of $25,000 in any personal deposit account; Or, an outstanding principal balance of $25,000 in any personal loan accounts; Or, you are a small business owner and have an IBERIABANK small business checking account*

H/T Doctor of Credit: http://www.doctorofcredit.com/iberiabank-300-checking-account-bo... 
 

Member Summary
Most Recent Posts
Easy to convert to Freedom checking ($1000 min or $8.00) or Classic Checking 55+ ($100 min or $8.00).   Account retains t... (more)

DWooley (Jul. 08, 2016 @ 9:02a) |

ready to be done with this bank - they operate like they are a 1-2 branch bank that's new to the interwebs. Adding to pr... (more)

nic3456 (Jul. 11, 2016 @ 11:24a) |

Got a $150 business checking offer in the mail.

milkandcookies (Aug. 19, 2016 @ 6:48p) |

To qualify for the $300 bonus: The primary signer must be a new consumer checking client opening a new High Interest Checking account with new money not currently held by IBERIABANK. $300 bonus will be credited to the new checking account within 105 days when a minimum of 15 client- initiated debit transactions occur (use your debit card, write a check, or use Online Banking with Bill Pay) within the first 90 calendar days of account opening. New account must have a positive balance up to and including the 90th day. Limit one $300 bonus per household. Bonus not considered part of the $100 minimum opening deposit. If the new personal account is interest bearing, refer to the Rate and Fee Schedule for the annual percentage yield applicable to your account. If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing.
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Anyone know what the interest rate is on the High Interest Checking account? It may be worthwhile storing $5,000 there if it is decent. I can't find the rate anywhere on the website, though, so I'd suspect it is not "high."

I started the signup to see the rates, and it is 0.05% from 5,000 to some amount (don't have it in front of me now) up to 0.30% for >250,000. It went up in 0.05% multiples.

I think I calculated at 6 months an extra $1.25 at 0.05%.

Correct - 'high interest' is 0.05 - however - presuming a grace period of the first statement/month - (presuming 6 months of holding the account open)  = 5 months of $5,000 invested for $300 gain (pre tax of course) is 6% for those 5 months... not a shabby return and not much hassle as there is no DD requirement.

Bank gets to invest/lend out your $5,000 you get paid 6% ... I took them up on it! Win Win for all...
 

Make sure you have $5000 in each account to avoid the fees.

ensignlee said:   Make sure you have $5000 in each account to avoid the fees.
  I was just about to post why not get $400 if you have 10k laying around...

Of course, if that was the case maybe you should be opening up the 5% brinks accounts

ensignlee said:   Make sure you have $5000 in each account to avoid the fees.
  Hence why I wrote in detailed fashion such in the original post:
The OP Post said: Monthly fees: $20, waive-able with $5,000+ balance (checking)
Checking Fees:

checking info said: Easy ways to avoid the $20 monthly service charge: Maintain an average monthly balance of $5,000 or more Or, combined monthly average collected balance of $25,000 in any personal deposit account; Or, an outstanding principal balance of $25,000 in any personal loan accounts; Or, you are a small business owner and have an IBERIABANK small business checking account*
 


 

so you have to use the debit card 15 times a month for 6 months

or what happens?

fleetwoodmac said:   so you have to use the debit card 15 times a month for 6 months

or what happens?

  No - Reading all of the fine print is necessary - otherwise one should not take part in any bank promotion.
To]the Bank's link and terms ]To qualify for the $300 bonus: The primary signer must be a new consumer checking client opening a new High Interest Checking account with new money not currently held by IBERIABANK. $300 bonus will be credited to the new checking account within 105 days when a minimum of 15 client- initiated debit transactions occur (use your debit card, write a check, or use Online Banking with Bill Pay) within the first 90 calendar days of account opening. New account must have a positive balance up to and including the 90th day. Limit one $300 bonus per household. Bonus not considered part of the $100 minimum opening deposit.
Read:  http://info.iberiabank.com/twogreatdeals
 

Nice!

Doctor of Credit link says to pass on the $100 Savings bonus because money must be held for 6 months. I'm only seeing a 90 day requirement via the bank's website. Which one am I mis-reading?

El_Duderino said:   Doctor of Credit link says to pass on the $100 Savings bonus because money must be held for 6 months. I'm only seeing a 90 day requirement via the bank's website. Which one am I mis-reading?
  For the $100 Savings Bonus option only - it does say 90 days for the bonus requirements.
- however if you do not hold the savings account open for 6 months - potential bonus clawback and if you have less than $5,000 in savings in the savings, you pay fees each statement period so far as I can tell?



I do not have interest in the Savings Bonus personally - but it is a fair 2% return for 6 months if that is a good enough return of investment for cash lying around =)
IBERIABANK said: To qualify for the $100 bonus: Open a new High Interest Money Market account with new money not currently held by IBERIABANK. Receive a $100 bonus credited to the new account when the following occurs: maintain a High Interest Checking account; maintain a daily minimum balance of $5,000 for the first 90 days. Bonus will be deposited into the new High Interest Money Market account within the first 105 days of account opening if all requirements are met. Limit of one $100 bonus per household in a 12-month period, and primary signer must be a new client to IBERIABANK. Bonus not considered part of the $100 minimum opening deposit. If your new money market account is closed within the first six months, the earned bonus will be deducted at account closing. Bonus not considered part of the $100 minimum opening deposit. If your new money market account is closed within the first six months, the earned bonus will be deducted at account closing.

As the fine print states under the High Interest Money Market Features: Maintain a daily minimum balance of $5,000 to avoid the $15 monthly service charge
 


 


Could only fund up to $500 when opening. What is the easiest way to get the other $4500 in there? External transfer?

The best return on the money is to open with $100, make 15 transactions and pay six monthly fees of$20 each.   Final bonus amount: $180.00

180 > 300?

DWooley said:   The best return on the money is to open with $100, make 15 transactions and pay six monthly fees of$20 each.   Final bonus amount: $180.00
  He means % return in squeezing $180 out of an initial $100 out-of-pocket deposit vs getting $300 out of a $5000 opening deposit. It's an interesting strategy, NOT illegal, and I wonder if it came from the other thread where sometimes rules are made to be broken. It'll be interesting to see how many go along w this tactic because after all, the numbers don't lie: ~180% > 6%.  However, T&C's may be subject to change.

For those with limited funds, it's hard to argue against following this concept, esp since those with low income will more than likely pocket more or even all of the $180 instead of sending a good chunk of it to uncle sam.

DWooley said:   The best return on the money is to open with $100, make 15 transactions and pay six monthly fees of$20 each.   Final bonus amount: $180.00

What will they send as the 1099 value? $300 I assume but correct me if I'm wrong.

Industry "pundits" are warning of European bank solvency issues...


http://www.bloomberg.com/news/videos/2016-02-05/the-return-of-cr...

scrouds said:   
DWooley said:   The best return on the money is to open with $100, make 15 transactions and pay six monthly fees of$20 each.   Final bonus amount: $180.00

What will they send as the 1099 value? $300 I assume but correct me if I'm wrong.

  Yes, you're still getting a bonus of $300 which will be reported on a 1099.  Electing to pay $20/mo in fees doesn't change that, nor are the fees tax deductible to offset part of the bonus.
Often banks will waive the fees for the first month or two, but thats often with consideration that it might take a while to set up DD or min balance.  You could check with Iberia about their details.

dbphillips said:   Industry "pundits" are warning of European bank solvency issues...


http://www.bloomberg.com/news/videos/2016-02-05/the-return-of-cr...

lol you musta accidentally put your money in Siberia Bank.  Good luck getting your bonus from Putin.  Next time read more carefully or else we will send you to the ulag.

With these bank bonuses do I need to live in the area? If I'm traveling in one of the states could I open an account?

glidingone said:   

  • Early account termination fee: Bonus forfeit  if closed within 6 months?


  It is definitely 6 months

"If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing."

Data point signed up late night 2/4/16 to take advantage of the $300. They still haven't taken my $100 initial deposit. Sent them an e-mail asking what's up via the contact us form.

CokeSlurpee711 said:   Data point signed up late night 2/4/16 to take advantage of the $300. They still haven't taken my $100 initial deposit. Sent them an e-mail asking what's up via the contact us form.
  Thanks for the data point. Has anyone gotten approved or at least email acknowledgement of application ?
Beware of poor reviews  on depositaccounts.com- 10 out of 14 with the lowest rating.

Data point - got declined through secure message online. Rejection letter had 7 stock reasons (delinquent accounts, no credit score, etc) all of which are incorrect. Felt like a glitch. Called Iberia, was hung up on three times after being transferred to the Direct Customer Banking Line. I'm not going to pursue further... If they lack customer service in opening an account I wouldn't trust them after either.

Hah! I sued this shithole of a bank a few years ago.

Received secure emails asking for copy of DL - and then once that was confirmed - a follow-up of asking for signature of account documents, scan and send back... will send via mail send username and password for online access separately and debit card etc...

They are very likely overwhelmed by the number of applicants - apparently many people are applying for accounts due to visibility of this promotion - they may never offer such a thing again... Or they may be thrilled with the results!

Went into a branch to open the account. Seemed pretty painless overall.

...they wont' send me my login details though for online banking...

My e-mail got forwarded to the branch manager of the location closest to me. Basically told me to sit tight. Looks like a YMMV... just gimmie dat 3 hundred dallahs.

I tried to open a business account with this bank a while back. It never really worked out. They are kind of small so I would expect a promotion like this to run slowly.

ensignlee said:   Went into a branch to open the account. Seemed pretty painless overall.

...they wont' send me my login details though for online banking...

  Just call them, they sent mine.

Update: emailed the branch manager who set up my account. Got my login.

Now I just need my card to do those transactions.

ensignlee said:   Update: emailed the branch manager who set up my account. Got my login. Now I just need my card to do those transactions.
 

  Thanks for the data point- I hope that card shows up within 90 days of when you opened the acct.

Is credit payment (no pin) consider debit?

This was a pain to get opened online. Asked for a copy of utility statement on 2/9, I heard nothing back by 2/24 so I had to ask for status, then asked for drivers license on 2/26, received Account agreement and signature card via secure message on 2/29.


3/10.....still waiting to get online banking id

I faxed my account agreement in 3 weeks ago - just got a nastygram that they are going to restrict my account on Friday if I don't send it and then close the account March 28. I hate banks with bad paper trails/old processes.

What is the routing number for electronic deposits? The yo-yo's will not reply to my secure messages.

milkandcookies said:   What is the routing number for electronic deposits? The yo-yo's will not reply to my secure messages.
  265270413

Skipping 23 Messages...
Got a $150 business checking offer in the mail.



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