Community Bank & Trust's $400 Checking Bonus: A Solid Iowa-Only Deal

If you live in Iowa and don't mind jumping through a few hoops, Community Bank & Trust has a checking account promotion that could put $400 in your pocket. It's not the simplest bonus to earn—you'll need to make specific types of transactions—but for the right person, the payoff is substantial. Let's break down exactly what you need to do, what to watch out for, and whether this offer makes sense for your banking habits.

The Core Requirements: It's More Than Just Opening an Account

To get that $400, you can't just fund an account and wait. The bank has a specific set of conditions you must meet within your first three months as a customer. First, you need to put down at least $100 to get started. Then, the real work begins.

You'll need to complete three key actions, all within a single monthly statement cycle during that 90-day window. Think of it as a checklist for one particular month.

• Make 15 debit card purchases. ATM withdrawals don't count—these need to be actual point-of-sale transactions using your card's chip, tap, or mobile wallet.
• Set up one qualifying ACH transfer. This is crucial. You need either one direct deposit (like a paycheck) or one automatic debit (like a bill payment) to post to the account. A simple transfer from another bank you initiate might not qualify—it needs to be a pre-authorized, recurring transaction.
• Sign up for electronic statements. You must opt out of paper mail and receive your account statement via email.

Who's Eligible (And Who Isn't)

This offer has clear boundaries. It's designed exclusively for new customers. If you've had any type of personal checking account with either Community Bank & Trust or Cedar Rapids Bank & Trust in the past year, you won't qualify.

Geography is the other big factor. You must be an Iowa resident to open this account. The bank serves specific communities in the Cedar Valley region, so this isn't a nationwide online account.

Also, note this is a one-per-person deal. You can't open multiple accounts to stack bonuses.

Practical Tips for Navigating the Fine Print

The requirements are specific, so planning is essential. Here’s how to approach it successfully and avoid common pitfalls.

• Plan your 15 purchases. Don't leave this to chance. Think about your regular spending—groceries, gas, coffee, online subscriptions. You might need to shift some spending to this debit card for a month. Set a reminder to track your transactions.
• Understand the ACH requirement. The source material mentions 'recurring ACH.' The bank's official terms specify a 'direct deposit or automatic debit.' To be safe, aim for a true direct deposit from an employer or government agency, or set up an automatic bill payment (like utilities or a loan) that pulls from this account. A one-time manual transfer likely won't cut it.
• Beware of the early closure fee. If you decide this account isn't for you and close it within the first 90 days, you'll be hit with a $25 fee, bonus or no bonus.
• The bonus isn't instant. Even if you complete everything in month one, you won't see the $400 until after the full 90-day qualifying period ends. The bank states it will deposit the money within 30 days after that.
• Remember the monthly fee. The $5 monthly service charge is waived if you sign up for e-statements, which is also a bonus requirement. So, just make sure you complete that enrollment step during account setup.

Is This Bonus Worth Your Effort?

A $400 return on a $100 deposit is an excellent percentage. However, the effort required is above average. The 15 debit card transactions in a month demand a behavioral change for many, especially those who primarily use credit cards for rewards.

This offer makes the most sense if:

You're comfortable using a debit card for daily spending, you can reliably set up a qualifying ACH transfer, and you live in Iowa and could benefit from a local banking relationship.

It might not be the best fit if:

You're outside Iowa, you strictly use credit cards to earn points/cash back, or you can't reliably meet all three requirements in one statement cycle.

Finally, compare this to other bank bonuses. While $400 is competitive, some national offers with simpler requirements (like a single direct deposit) might be less hassle, even for a slightly lower bonus amount.

Bottom Line

• The $400 bonus is substantial but requires meeting three specific conditions in one statement cycle.
• The ACH requirement needs to be a recurring transfer, not a one-time manual move.
• Iowa residency is mandatory, and the account is not available nationwide.
• Plan your debit card usage to hit the 15-transaction target without overspending.

Common Questions