Equity Bank's $400 Gold Bonus: A Solid Offer for Midwestern Savers

If you live in Arkansas, Kansas, Missouri, or Oklahoma, Equity Bank has a promotion that might catch your eye. They're dangling a $400 bonus for new customers who open both a checking and a savings account. It's a decent chunk of change, but like any bank bonus, the devil is in the details. Let's break down what it really takes to pocket that cash and whether it's a good fit for you.

The Three Steps to Your $400

Getting the bonus isn't overly complicated, but you do need to pay attention to the timeline. Everything must be completed within 45 days of opening your accounts.

First, you need to open both a new checking and a new savings account. This is non-negotiable—opening just a checking account won't qualify you. You must use the promotional code 'GOLD' during the application, whether you apply online or in a branch.

Next, you have to route at least $1,000 in qualifying direct deposits into your new checking account. This total can be combined from multiple deposits. Think paychecks, government benefits, or pension payments.

Finally, you need to activate the debit card they send you and actually use it for at least one purchase. Simply activating it isn't enough; you need to make a transaction.

Practical Considerations and Potential Hurdles

On paper, $400 is attractive. In practice, you need to weigh a few things. The most significant requirement is the $1,000 in direct deposits within 45 days. If your paycheck is bi-weekly, that gives you just 2-3 pay cycles to meet the goal. Make sure your employer's payroll system can switch your deposit destination that quickly.

Also, remember you're opening two accounts. The checking account has a $10 monthly service charge, though you can dodge it by keeping a $2,000 balance. If you plan to leave a lower balance, that fee will eat into your bonus if you keep the account open for a while.

A nice perk is that there's no early account closure fee mentioned, so you're not locked in for years. However, the bank can reverse the bonus if you close the account shortly after receiving it, so it's wise to keep everything open for at least a few statement cycles.

Who Should (and Shouldn't) Consider This Offer

This promotion is a strong contender if you're in the service area and were already planning to open a new bank account. The bonus effectively gives you a nice sign-up reward for your banking relationship.

It's less ideal if you're chasing the absolute highest bank bonuses nationwide. While $400 is respectable, some national banks occasionally offer $500 or more with fewer hoops to jump through. Furthermore, if you don't live in Equity Bank's four-state region, you're automatically out of luck—they don't offer nationwide account opening for this promo.

The requirement to open a savings account is a double-edged sword. It's an extra step, but if you need a savings account anyway, it's not a burden. Just be aware of any potential fees or minimums on that savings product.

Don't Forget the Tax Man

This is crucial: that $400 bonus is considered interest income by the IRS. Equity Bank will send you a 1099-INT form at the end of the year, and you must report it on your tax return. Depending on your tax bracket, you could owe around $100 or more in taxes on this 'free' money. Always factor that into your net gain.

Bottom Line

• A solid regional offer: Great if you live in AR, KS, MO, or OK and need a new bank.
• Mind the 45-day clock: The $1k direct deposit and debit card use have a tight deadline.
• It's a two-account deal: You must open both checking and savings to qualify.
• The bonus is taxable: You'll get a 1099-INT, so plan for the tax impact.

Common Questions