Arrow Bank's $250 Checking Bonus: A Solid Deal for New Yorkers

If you're in New York and looking for a straightforward checking account bonus, Arrow Bank has a pretty attractive offer on the table right now. It's not the flashiest promotion out there, but sometimes a simple, clear-cut deal is exactly what you need. Let's break down what it takes to pocket that $250 and whether it's a good fit for your banking habits.

What You Actually Need to Do

The requirements are refreshingly clear. First, you need to be a new checking customer with Arrow Bank. If you've had a personal checking account with them before, you're out of luck—this is for newcomers only.

Once you open an account online or at a branch (using that promo code AB2025), you have a 60-day window to complete two tasks. You must make one lump-sum deposit of at least $1,000. This isn't a recurring direct deposit requirement, which is nice—it's just a single infusion of cash.

The second task is to make ten purchases with your new debit card. It's important to note what doesn't count: ATM withdrawals, deposits at an ATM, and any refunds to the card. They need to be genuine point-of-sale transactions. Think groceries, gas, a coffee—small, everyday purchases work perfectly.

The Fine Print You Shouldn't Skip

As with any bank bonus, the devil is in the details. The bonus itself won't hit your account immediately after you complete the steps. The bank states to allow up to an additional 60 days after your 60-day qualification period ends. So, you could be waiting up to four months total from account opening to see the money. You must keep the account open and in good standing the entire time.

Also, remember this $250 will be considered taxable interest income. Come tax season, Arrow Bank will send you a 1099-INT form, and you'll need to report it. It doesn't change the value of the bonus, but it's good to be aware so you aren't surprised later.

One more crucial point: not all of the eligible checking account types can be opened online. The bank's official page mentions that some may require a branch visit. If you're set on applying digitally, double-check that your chosen account is available.

Is This Account Worth Keeping Open?

A bonus is great, but you don't want to be stuck with a dud account after you get your cash. The good news is Arrow Bank offers several no-fee checking options that qualify for this promo, like their Free Checking and Elite Checking. If you choose one of these, you can avoid monthly maintenance fees altogether, which means you could keep the account open hassle-free after earning the bonus.

Their Elite Checking account even offers a competitive interest rate on balances up to $5,000 if you set up a direct deposit, which could make it a decent ongoing account. Always compare the features—like ATM access and overdraft policies—with your current bank to see if a switch makes long-term sense.

Practical Tips for Snagging the Bonus

Here's how to make this process smooth and ensure you get paid.

• Mark your calendar: Note the 60-day deadline for the deposit and debit transactions as soon as you open the account.
• Plan your debit card spends: Don't wait until the last week. Use the card for small, regular purchases you'd make anyway to hit the 10 transactions without stress.
• Keep the $1,000 parked: Once you make that initial deposit, you can generally use the money (just leave enough to avoid fees). The requirement is just to deposit it, not maintain that specific balance.
• Save your promo code: You must enter 'AB2025' during the application, whether online or in-branch. Don't forget this step!
• Read the final terms: Before you click submit, skim the official offer terms linked on the application page. Banks can update requirements, and you want the most current info.

Bottom Line

• A straightforward $250 bonus for New Yorkers willing to deposit $1,000 and make 10 debit purchases.
• No recurring direct deposit needed—just one lump sum, which simplifies the requirement.
• Choose a no-fee account type to avoid charges after you earn the bonus.
• Be patient for the payout; it can take up to 120 days from account opening.
• Remember the bonus is taxable income.

Common Questions