Amerant Bank's Florida-Only Checking Bonus: $300 or $600 for Your Savings Effort

If you're a Florida resident looking to give your savings a nice boost, Amerant Bank has a checking account promotion that might catch your eye. It's not your typical quick-cash bonus—this one requires you to park a significant amount of money for a few months. But if you have some cash sitting around that's not earning much elsewhere, the return can be pretty attractive. Let's break down exactly what's involved so you can decide if it's worth your time.

Is This Bonus Right For You?

This offer is really designed for someone who already has a decent chunk of cash they can move around. Tying up $10,000 or $25,000 for roughly 90 days (three statement cycles) is a commitment. Think of it as a short-term CD alternative with a potentially higher yield, but with more hoops to jump through.

The $300 bonus on $10,000 works out to a 3% return over that period, which annualizes to about 12%. For the $600 on $25,000, it's a 2.4% return over the period, or roughly 9.6% annualized. Those are great rates compared to most savings accounts, but remember, your money is locked into a checking account that likely pays minimal or no interest.

The Fine Print You Can't Afford to Miss

Bank bonuses always come with specific rules, and missing one can cost you the whole reward. Here are the critical details to keep on your radar.

• **Florida Exclusive:** You must be a resident of Florida. This isn't just about where you open the account.
• **Qualifying Direct Deposits:** The $500 must come from payroll, pension, or government benefits. Transfers from other banks, Zelle, mobile check deposits, or trial deposits won't count. Set this up early in the 90-day window.
• **Average Balance is Key:** It's not about the daily balance, but the *average* over each full statement cycle. A big dip one day can be offset, but you need to plan to keep the balance consistently high.
• **Timing Matters:** You have just seven business days to get the initial money into the new account after it's approved. Don't dawdle.
• **One Bonus Per Customer:** If you've received an Amerant checking bonus in the past two years, you're not eligible.
• **Taxable Income:** The bank will send you a 1099-INT form. You must report this bonus as interest income on your taxes.

A Practical Plan to Secure the Bonus

To give yourself the best shot at success, follow a clear strategy. First, gather your funding—decide whether you're aiming for the $10k or $25k tier and make sure those funds are liquid and ready to move from your current bank.

Apply online or in-person at a branch before the November deadline. Once approved, immediately initiate a transfer for the full amount you need. Don't use a credit card for funding, as that's usually a cash advance with fees.

Next, contact your employer's HR or benefits provider to switch at least $500 of your direct deposit to the new Amerant account. Do this within the first week or two to ensure it posts well within the 90-day window.

Then, set it and forget it (mostly). Monitor your statements to ensure the average balance stays above the required threshold. Avoid using this account for everyday spending if it would risk dropping the balance too low. Remember, the $5 monthly fee can be waived by enrolling in e-statements, setting up a direct deposit, or making four debit card purchases per month.

Potential Pitfalls and Considerations

While the bonus is substantial, it's not without its potential headaches. The most common reason people fail is misunderstanding the "average balance" requirement or not getting a qualifying direct deposit. Also, Amerant is primarily a Florida bank. If you move out of state later, maintaining the account might be less convenient.

Consider the opportunity cost. Is this $10k or $25k your emergency fund? If so, locking it up for three months might not be wise. Could it earn more in a high-yield savings account or the market over the same period? Probably not, given the high annualized rate of this bonus, but it's worth a quick calculation.

Finally, be patient. The bonus posts up to 45 days after you complete all steps. Mark your calendar so you know when to expect it.

Bottom Line

• This is a high-effort, high-reward offer best suited for Florida residents with significant idle cash.
• Success hinges on meticulously meeting the average balance and qualified direct deposit rules.
• The effective annualized return is excellent, but you must factor in the commitment period and tax implications.

Common Questions