City National Bank's $100 Teen Checking Bonus: A Hands-On Look

Looking for a way to get your teen started with banking and earn a little cash in the process? City National Bank has a specific offer for families in a handful of states. It's a $100 bonus for opening a Teen Checking account, but it comes with some important geographic and logistical strings attached. Let's break down whether this deal makes sense for your situation.

Who This Offer Is Really For

This isn't a nationwide online sign-up deal. It's a regional, branch-based promotion aimed squarely at parents and their teenagers in City National Bank's footprint. If you don't live in Virginia, West Virginia, Ohio, or Kentucky, you're out of luck. Even if you do, you'll need to physically visit a branch with your teen to open the account.

The account itself is designed as a financial learning tool. It includes a contactless debit card, mobile banking with deposit features, and even comes with a linked savings account at no extra cost. There are no monthly maintenance fees or minimum balance requirements, which is great for a starter account.

The Nitty-Gritty on Earning That $100

Getting the bonus revolves around one main action: getting money flowing into the account automatically from an outside source. Specifically, you need to arrange for an electronic deposit of $200 or more to hit the account. This typically means a payroll deposit from a job, but other types of automatic government or pension payments might also qualify.

Here's the crucial timing detail many people miss: the clock for the 91-day wait starts *after* that first qualifying deposit lands in the account. So, if you open the account today but don't get the direct deposit set up for a month, you're looking at about four months total before the $100 bonus appears. Patience is required.

• The bonus itself cannot be used as the initial $25 needed to open the account.
• The bank will likely report the $100 as interest income on a 1099 form, so remember it for tax time.
• Only one bonus is allowed per household.

Practical Advice and Points to Ponder

Before you head to the branch, call ahead. Confirm with the local office that they are participating in the promotion and understand the requirements. It's always best to get details straight from the source to avoid any 'I thought it worked differently' disappointments.

Think about the direct deposit. Does your teen have a part-time job where their paycheck can be routed to this new account? If not, you'll need to get creative. Some people have success using certain peer-to-peer payment transfers or government benefits, but your safest bet is traditional payroll. Don't assume any old transfer will count.

Consider the 180-day early closure fee. If you're just chasing the bonus and plan to close the account immediately after getting the $100, you'll need to wait a full six months from opening to avoid a $25 penalty. That's a long commitment for a regional bank account.

Bottom Line

• A solid starter account and bonus for teens in the right states, but the in-person requirement and direct deposit hurdle limit its appeal.
• The 91-day post-deposit wait is longer than many bank bonuses; factor this into your timing expectations.
• The lack of monthly fees and overdraft charges makes it a genuinely low-risk account for financial education.

Common Questions