Empire State Bank's $250 Checking Bonus: A Solid Deal for New Yorkers

If you live in New York and are looking for a straightforward checking bonus, Empire State Bank has a new offer that might catch your eye. They're paying $250 when you open a Free Personal Checking account and set up a qualifying direct deposit. It's an in-branch-only deal, so you'll need to visit one of their locations, but the requirements are pretty simple and there's no monthly fee to worry about.

What You Need to Do

To get the $250 bonus, you'll need to open a new Empire State Bank Free Personal Checking account at a branch. At account opening, you must deposit at least $25. Then, within 90 days, you need to have a qualifying direct deposit of $2,500 or more into the account.

• Open a new Free Personal Checking account in branch.
• Deposit $25 or more when you open the account.
• Receive a qualifying direct deposit of $2,500 or more within 90 days.

What Counts as a Direct Deposit?

Empire State Bank defines a qualifying direct deposit as an electronic deposit of your regular monthly income—like wages, pension, or Social Security—through the ACH network from your employer or an agency. Transfers between accounts, mobile check deposits, and deposits made at a branch or ATM do not count.

• Qualifying: salary, pension, Social Security, or other regular income deposited via ACH.
• Not qualifying: internal transfers, mobile deposits, in-branch or ATM deposits.

When Will You Get the Bonus?

Once you've met all the requirements, the bank will deposit the $250 into your account within 90 days of account opening. The bonus is limited to one per person and will be reported on a 1099 form, so you'll owe taxes on it.

• Bonus paid within 90 days after account opening.
• Limit: one bonus per person.
• Taxes: reported on 1099, treat as income.

Fees and Things to Watch Out For

The Free Personal Checking account has no monthly maintenance fee, which is a nice change from many other checking accounts. However, I couldn't find any information about an early account termination fee. If you close the account too soon, you might get charged, so it's worth asking a banker when you open the account.

• No monthly maintenance fee.
• Early account termination fee: unknown—ask before closing.
• No household limit listed, but bonus is limited to one per person.

Is This a Good Deal?

This is a much better offer than the previous $100 bonus that Empire State Bank offered. The $250 payout is competitive for a checking bonus, especially with no monthly fees. The main hurdle is the $2,500 direct deposit requirement, which might be steep for some, but if you can meet it, it's a solid return for a few minutes of paperwork.

• Higher than the previous $100 offer.
• No monthly fees makes it easy to keep the account open.
• Direct deposit requirement of $2,500 might be high for some.

Bottom Line

• Empire State Bank offers $250 for new Free Personal Checking accounts opened in branch.
• Requires $25 opening deposit and $2,500+ in qualifying direct deposits within 90 days.
• No monthly maintenance fee, but early account termination fee is unknown.
• Bonus is reported on 1099 and subject to taxes.
• Offer has no listed expiration date, but terms can change.

Common Questions