A $1,200 Business Checking Bonus in Hawaii? Here's the Scoop

If you run a business in Hawaii and have some cash sitting on the sidelines, there's a pretty substantial incentive to move it. Central Pacific Bank is dangling a cash bonus of up to $1,200 for new business checking customers. It's a straightforward offer on the surface, but it comes with some significant balance requirements that you need to understand before jumping in. Let's break down whether this deal makes sense for your company's finances.

How to Pocket the Cash

The mechanics are simple, but the dollar amounts are serious. To get this bonus, you need to open a new Business Exceptional Checking or Analyzed Checking account, or upgrade an existing one, before the promotion closes at the end of October.

The key is the 'new money' requirement. You must bring in a one-time deposit from another financial institution. If you deposit at least $25,000, you'll qualify for a $400 bonus. Deposit $75,000 or more, and you're in line for the full $1,200.

Here's the crucial part: that minimum deposit amount ($25k or $75k) must stay in the account, above your baseline balance from late August, for three straight months. You also have to keep the account itself open for a total of six months. If you meet all the conditions, the bank will credit the bonus to your account within 30 days.

Is This Deal Right for Your Business?

On paper, earning $1,200 for parking $75,000 for three months is a solid return—it works out to an annualized rate of over 6% on that chunk of cash, which is fantastic for a checking account. The $400 tier for a $25,000 deposit is also attractive.

But this offer has a very specific audience. First, Central Pacific Bank primarily serves Hawaii. You'll likely need to be comfortable with a regional bank and, if not in Hawaii, be okay with managing the account digitally.

Second, you need to have a significant amount of business capital that you can afford to lock up. This isn't your day-to-day operating cash; it's more suited for a business savings buffer or funds you've earmarked for a future investment. Make sure moving this money won't trigger any issues with your current bank or affect your liquidity.

Important Fine Print and Considerations

Always read the official terms, but here are the big points to watch:

• The bonus is reported as interest on a 1099-INT, so remember it's taxable income.
• Only one bonus per customer, per account. If you have multiple businesses with separate Tax IDs, each may qualify.
• There's a potential clawback. If you don't meet the requirements or close the account early, the bank can charge a fee equal to the bonus amount.
• The $20 monthly service fee might be waivable depending on your balance, but you'll need to confirm the current requirements.
• The offer link currently shows as expired. You must contact the bank directly to confirm the promotion is still active and get the correct application process before October 31st.

Bottom Line

• A high-value bonus perfect for Hawaii-based businesses with substantial cash reserves.
• Requires a large, long-term deposit commitment ($25k or $75k for 3+ months).
• Always verify the offer is live with the bank before applying, as official links may not be updated.

Common Questions