If you're in the Pacific Northwest or California and looking for a decent bank bonus, Banner Bank has a promotion worth a look. They're offering up to a grand for opening new accounts, and the deadline is far enough out that you have time to plan. It's not the flashiest offer out there, but the requirements are fairly straightforward if you have the cash flow to meet them. Let's break down whether this one makes sense for your wallet.
How the Personal Account Bonus Works
The personal offer lets you earn $250 or $500 per account, with a potential total of $1,000 if you open both a new checking and a new savings (or money market) account. The key is you have to choose your tier and stick to the rules for that specific bonus amount.
For checking, your bonus depends on direct deposits. The $250 tier requires $2,500 in qualifying direct deposits within 60 days, and you must keep at least that much in the account for another 90 days. Double those amounts to $5,000 for the $500 checking bonus.
The savings side is about new money deposits, not direct deposits. A $5,000 deposit gets you $250, while stashing $25,000 in a High Yield Relationship Savings account nets you $500. Same 60-day deposit and 90-day maintenance clock applies.
The Business Account Angle
Small business owners have a parallel offer, also up to $1,000. The main difference here is that business checking doesn't require direct deposits—just a straight cash deposit. $5,000 gets you $250, and $10,000 qualifies for the $500 checking bonus.
Important note: According to the bank's terms, business accounts must be opened at a branch, not online. You'll need to use the same promo code, 2026DP.
Practical Tips and Potential Pitfalls
First, the fine print matters. This offer isn't for existing Banner Bank customers who already have the type of account they're opening. If you have a personal checking with them, you can't get the checking bonus. Same goes for savings. There's also a two-year cooling-off period between bonuses for each account type.
Watch out for the direct deposit definition. The bank is specific: it must be an electronic deposit of a paycheck, pension, or government benefits from the employer or government itself. Person-to-person payments (like Zelle), mobile check deposits, and those tiny verification 'micro-deposits' do NOT count. Make sure your payroll provider's deposits qualify.
Remember, the clock starts ticking as soon as you open the account. You have 60 days to get the full required deposit amount in, and then you must maintain that minimum balance for another 90 days without dipping below. That's a total of 150 days of commitment for your money. Plan your cash flow accordingly.
Finally, the bonus itself is treated as interest income, so you'll get a tax form for it. Factor that into your net gain.
Is This Offer Right For You?
This is a good, not great, offer. The main appeal is the long deadline and the clear, if somewhat demanding, requirements. If you're in the eligible region and were already planning to move a chunk of money or redirect your direct deposit, it's a nice chunk of change for the effort.
The downside is the long hold period and the tiered structure. To get the full $1,000 personally, you're tying up at least $7,500 ($2,500 in checking + $5,000 in savings) or much more for five months. Compare that to some national bonuses that might offer a higher return on a smaller, shorter commitment.
It shines for business owners who can park operational cash, as the lack of a direct deposit requirement is a plus. For personal users, it's best suited for those with steady, sizable direct deposits who don't mind where their checking account lives for a while.
Bottom Line
- You can earn up to $1,000, but it requires meeting specific deposit tiers and maintaining balances for 150 total days.
- Personal checking requires qualifying direct deposits; business checking and all savings bonuses require cash deposits.
- Read the direct deposit rules carefully—many common electronic transfers don't qualify.
- This offer is exclusive to new customers in CA, ID, OR, and WA and has a two-year limit between bonuses.
Common Questions
Can I open the account online?
Yes, for personal accounts. The bank's page states you can open online or at a branch using promo code 2026DP. Business accounts, however, must be opened at a branch.
What happens if my balance dips below the minimum during the 90-day maintenance period?
The terms state the bank monitors balances to determine the bonus paid. It's very likely that dipping below the required minimum, even briefly, could disqualify you from that tier's bonus. It's safest to treat it as a hard minimum.
Are there monthly fees?
The accounts themselves may have monthly service fees, but the bank notes these can often be waived by meeting certain conditions like minimum balances or direct deposit amounts. Check the specific account you choose for its fee schedule.
Comments (0)
No comments yet. Be the first to share your thoughts!
Leave a Comment