Score $500 with Academy Bank's Elite Investment Checking Offer

Looking for a solid bank bonus without too much hassle? Academy Bank and its sibling, Armed Forces Bank, are offering a $500 bonus on their Elite Investment Checking (also called Access Investment Checking) account. It's a straightforward deal: you just need to funnel some direct deposits through the account and keep it open for a few months. Let's break down what you need to know.

What You Need to Do to Get the $500

First, open a new Elite Investment Checking account online. You'll need to put in at least $100 to get started. Then, within the first 90 days, you must make at least four direct deposits that add up to $10,000 or more. These can be from your paycheck, pension, or government benefits—just make sure they come through the ACH network. Also, don't forget to enroll in online banking.

Once you've met those steps, the $500 bonus will land in your account within 60 days after they verify your direct deposits. Not too shabby for a few minutes of setup.

Watch Out for the Fees—They Can Eat Into Your Bonus

This account normally charges a $20 monthly fee. But you can dodge it easily if you keep a daily balance of at least $5,000 or an average balance of $10,000 over the month. If you're already planning to park that kind of cash for the direct deposit requirement, you're golden. If not, just be aware that the fee could chip away at your bonus if you leave the account open too long.

Also, there's a $25 early closure fee if you shut the account within 90 days. So plan to keep it open at least three months after opening to avoid that penalty.

Can You Stack Both Academy Bank and Armed Forces Bank Offers?

In the past, people have been able to snag bonuses from both Academy Bank and Armed Forces Bank since they're technically separate entities. But it's not guaranteed—your mileage may vary. If you're in a state where both are available, you could potentially double up. Just be careful not to trigger any household limits or duplicate account flags. Keep an eye on the fine print and maybe try one at a time.

Bottom Line

• Earn $500 by opening an Elite Investment Checking account and meeting $10k in direct deposits within 90 days.
• Avoid the $20 monthly fee by maintaining $5k daily or $10k average balance.
• Don't close the account before 90 days or you'll face a $25 fee.
• Offer expires July 15, 2026—so act soon if you're interested.

Common Questions