Associated Bank Business Checking Bonus: Up to $750 for Midwest Business Owners

If you run a business in the Midwest, there's a new checking account bonus that might catch your eye. Associated Bank is offering up to $750 just for opening a business checking account and parking some cash there for a few months. Let's break down what's on the table, what you need to do to qualify, and whether it's actually worth your time.

Three Tiers, Three Bonus Levels

Associated Bank is running a promotion for new business checking accounts, and you've got three options to choose from. The bigger the balance you're willing to maintain, the larger the bonus. It's pretty straightforward.

The entry-level Business Foundation Checking account gives you $100 if you keep a $2,000 balance for 90 days. Step up to Business Core Checking and you'll get $400 for maintaining $5,000. And if you can swing it, Business Advanced Checking offers $750 for a $20,000 balance.

You have 30 days from opening to deposit the required amount in new money—meaning funds from outside Associated Bank. Then you need to keep that daily balance between days 31 and 90. The bonus lands in your account within 120 days.

One nice touch: there's no direct deposit requirement, which is unusual for a business account bonus. You can fund it with a credit card too, up to $3,000, though American Express cards are excluded.

• Business Foundation: $100 bonus with $2,000 minimum balance
• Business Core: $400 bonus with $5,000 minimum balance
• Business Advanced: $750 bonus with $20,000 minimum balance
• No direct deposit needed
• Credit card funding up to $3,000 (no Amex)

The Fine Print You Need to Know

Before you get too excited, there are a few strings attached. First, the offer is only available to new customers who haven't had an Associated Bank business checking account in the last 12 months, and you can't have received a business checking bonus from them in the past 24 months.

You also need to keep the account open for at least 12 months. If you close it early, they'll take the bonus back. And the bonus is taxable—you'll get a 1099 form for it.

There's a household limit of one bonus per customer, and you can't combine it with other offers. Also, the primary account owner must be at least 18 years old.

One more thing: Associated Bank does a soft pull on your credit, which is good—no hard inquiry to worry about. But they do check ChexSystems, so if you've had past banking issues, that could be a hurdle.

• Must be a new customer (no Associated Bank business account in last 12 months)
• No prior business checking bonus in last 24 months
• Account must stay open 12 months or bonus is forfeited
• Bonus is reported to IRS on Form 1099
• Soft credit pull, but ChexSystems is checked

Watch Out for Monthly Fees

The Business Foundation account has no monthly maintenance fee, which is great. But the higher-tier accounts come with fees that you'll want to avoid.

Business Core charges $20 per month, though it's waived for the first two months. After that, you can avoid it by keeping an average monthly balance of $5,000, having $20,000 in average relationship balances, or using an Associated Bank Merchant Services account.

Business Advanced has a $35 monthly fee, but it's waived if you maintain an average monthly balance of $15,000, have $75,000 in average relationship balances, or use their merchant services.

The good news is that if you're already meeting the balance requirements for the bonus, you'll likely meet the fee waiver thresholds too—just make sure you're aware of the specifics.

• Business Foundation: no monthly fee
• Business Core: $20/mo, waived with $5,000 avg balance or $20,000 relationship balances
• Business Advanced: $35/mo, waived with $15,000 avg balance or $75,000 relationship balances

Is It Worth It? Let's Do the Math

Now, the big question: is this bonus actually a good deal? It depends on your situation and what you'd do with that money otherwise.

If you go for the $750 bonus, you need to park $20,000 in the account for 90 days. If that money would otherwise be sitting in a high-yield savings account earning, say, 5% APY, you'd miss out on about $250 in interest over those three months. That still leaves you ahead by $500, but you also have to keep the account open for a year—and during that time, you might need to maintain balances to avoid fees.

For the $400 bonus, you'd tie up $5,000 for 90 days. The lost interest at 5% would be around $62, so you'd net about $338. Not bad, but not amazing either.

The $100 bonus is probably not worth the hassle unless you're already planning to open an account there for other reasons. The opportunity cost of $2,000 at 5% for 90 days is only about $25, so you'd net $75, but that's a lot of paperwork for a small gain.

One more thing to consider: the previous best bonus was a $300 referral with much easier requirements. So if you're a bonus hunter, you might want to wait and see if a better offer comes along.

• $750 bonus: net ~$500 after lost interest (assuming 5% APY)
• $400 bonus: net ~$338 after lost interest
• $100 bonus: net ~$75 after lost interest
• Previous offer was $300 with easier requirements

Bottom Line

• Associated Bank offers up to $750 for new business checking accounts in the Midwest.
• Choose the tier that matches your available balance—higher balances yield bigger bonuses.
• No direct deposit required, but you must maintain the balance for 90 days and keep the account open for 12 months.
• Watch out for monthly fees on higher-tier accounts; meeting balance requirements usually waives them.
• Consider the opportunity cost of tying up your funds—make sure the bonus justifies it.

Common Questions