Bank of Hawaii Checking and Savings Bonuses: Up to $400 in Cash Rewards for Hawaii Residents

If you live in Hawaii and are looking to pad your wallet with some easy cash, Bank of Hawaii has a couple of tempting offers right now. You can snag up to $400 just for opening a new checking account and setting up direct deposit. There's also a $200 savings bonus if you're willing to park a larger sum for a few months. Let's break down exactly what you need to do to get these bonuses, so you can decide if they're worth your time.

The Checking Bonus: Two Paths to Cash

Bank of Hawaii is offering two different checking accounts with cash bonuses, and the one you pick depends on how much you can funnel through direct deposit. The bigger bonus comes with the Bankohana Level I Checking account, which gives you $300 after you open it with at least $500 and then have $3,500 in qualifying direct deposits hit the account within 60 days. You can open this one online or in a branch.

If you don't have quite that much direct deposit coming in, the Convenience Checking account is a solid fallback. It offers $100, but the direct deposit requirement is lower at $2,000 within the same 60-day window. This account is only available to open online, so keep that in mind if you prefer in-person banking.

One thing to watch out for: the monthly fees. The Bankohana Level I account charges $15 a month unless you keep $6,000 in combined balances across qualifying accounts. The Convenience Checking has a $5 monthly fee that's waived if you maintain a $500 average daily balance or have $500 in monthly direct deposits. So make sure you can meet those waiver conditions, or the bonus gets eaten up pretty quickly.

The Savings Bonus: $200 for Parking Your Money

The savings bonus is a bit more demanding but still doable. You need to open a new Regular Savings, Bonus Rate Savings, or Bankohana Bonus Rate Savings account and deposit $7,500 in "New Money" (funds from outside Bank of Hawaii) within 30 days. Then you have to maintain a daily balance of at least $7,500 for the next four months straight. If your balance dips even for one day during that period, you forfeit the bonus.

The good news is there's no direct deposit requirement for this one. And there are no monthly fees on these savings accounts, so you don't have to worry about extra costs eating into your $200. Just be aware of the $70 early closure fee if you close the account within 180 days. Plan to keep the money there for at least six months to avoid that penalty.

What Counts as Qualifying Direct Deposits?

For the checking bonus, Bank of Hawaii defines qualifying direct deposits as recurring deposits from an employer, government agency, or other payroll provider. Things like Social Security, pension payments, and military pay typically qualify. Transfers from other banks or person-to-person payments like Venmo usually don't count. If you're not sure, it's worth checking with the bank before you set everything up.

Also, note that the bonus is limited to one per customer. So if you already got a checking bonus from Bank of Hawaii in the past, you won't qualify for another one. And if you open a joint account, the bonus is considered awarded to both owners, so neither can get another checking bonus.

Practical Tips for Success

Before you jump in, make sure you can meet the requirements comfortably. For the checking bonus, set up your direct deposit as soon as the account is open, and double-check with your employer that the deposits will start within the 60-day window. For the savings bonus, set a reminder to check your balance regularly during the four-month maintenance period. One slip-up and you lose the bonus.

Also, consider the monthly fees. If you're going for the Bankohana Level I checking, you'll need to keep $6,000 in combined balances to avoid the $15 fee. That's $180 a year in fees if you don't, which would wipe out more than half your bonus. The Convenience Checking is easier to waive, but the bonus is smaller. Pick the account that fits your banking habits.

Finally, remember that the bonus is taxable. Bank of Hawaii will issue a 1099-INT for the bonus amount, so set aside some of that cash for tax time.

Bottom Line

• Earn up to $300 with Bankohana Level I Checking ($3,500 in direct deposits required) or $100 with Convenience Checking ($2,000 in direct deposits).
• Savings bonus of $200 requires $7,500 deposit and maintaining that balance for 4 months.
• Watch out for monthly fees and early closure penalties—they can eat into your bonus.
• Limited to one bonus per customer, and bonuses are taxable.

Common Questions