Beverly Bank & Trust's Checking Bonus: How to Earn $300 or $500 in Illinois

If you're in Illinois and looking for a straightforward bank bonus, Beverly Bank & Trust has a solid offer on the table. It's a tiered deal, meaning you can choose how much effort you want to put in for a $300 or $500 payout. Let's break down what you need to do and whether this local bank's promotion is a good fit for your wallet.

Two Tiers, One Goal: Free Cash

The beauty of this offer is its flexibility. You're not locked into one difficult target. Instead, you pick your bonus level based on the direct deposit amount you can consistently deliver over a short period.

For the $300 bonus, you'll need to set up at least $500 in qualifying direct deposits for two consecutive months. If you can swing $2,000 per month for that same two-month window, you'll qualify for the $500 reward. Both paths require you to enroll in online banking and electronic statements, which is pretty standard these days.

The clock for your 'Qualification Period' starts the month after you open the account. So if you open it in January, your two-month timer runs for February and March. Once you successfully complete those months, the bank says the bonus should land in your account within 30 days.

The Fine Print You Can't Ignore

As with any bank bonus, the devil is in the details. First, you must be a new customer. If you've had a checking account with Beverly Bank & Trust or any other Wintrust Financial Corporation bank before, you're not eligible. This also applies if you've closed an account with them in the past.

The definition of a 'direct deposit' is crucial. According to the bank's terms, it must be an electronic payment from an employer, government agency, or other third-party organization. What doesn't count? That's the important part. Transfers you initiate yourself—whether from another bank, via Zelle or Venmo, or even internal transfers between your own Wintrust accounts—will not qualify. It has to be an automated, external deposit from a recognized payer.

Also, remember this is considered taxable income. You'll receive a 1099-INT form for the bonus amount, so plan for that come tax time.

Is This Account Worth Keeping Open?

Beyond the bonus, the Total Access Checking account has some decent perks that might make it worth holding onto. There's no monthly maintenance fee, which is a huge plus. They also offer nationwide ATM fee refunds, meaning you can use any ATM and they'll reimburse the charges. That's a feature you usually see with premium online banks, not always with local community institutions.

They also promote early direct deposit, getting your paycheck up to two days sooner. While the interest rates on savings products might not be competitive (a common trait with many bonus-focused banks), the checking account itself is fairly low-fuss.

My advice? Treat the bonus as your primary goal. If you like the account features afterward, great. If not, there's no listed early closure fee, so you can move on once you've collected your cash and met any potential minimum time requirements to avoid the bonus being clawed back (always double-check the latest terms for this).

How to Get Started and Claim Your Bonus

You can open the account online or in a branch. The official offer page states the promo code is applied automatically if you use their link, which simplifies the process. However, it never hurts to mention the offer explicitly if you're applying in person.

Have your $100 minimum opening deposit ready, along with your personal identification details. Since the bank uses ChexSystems (a reporting agency for bank accounts), be prepared for a check there. The source material was unsure about a credit check; opening a checking account typically involves a soft pull at most, but it's wise to be prepared.

Once your account is open, immediately set up online banking and opt for e-statements. Then, arrange for your qualifying direct deposits to start flowing. Mark your calendar to track the two consecutive months. Missing a month's target resets the clock, so consistency is key.

Bottom Line

• A solid, tiered bonus offer for Illinois residents who can meet the direct deposit requirements.
• The account itself is fee-free with good perks like ATM fee refunds, making it potentially useful beyond the bonus period.
• Pay close attention to what counts as a 'direct deposit'—person-to-person transfers and manual bank transfers do not qualify.
• The offer is long-running (ends Nov 2026), giving you plenty of time to plan.

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