Grab $300 from Farmers State Bank: An Iowa Checking Bonus Worth Your Time

If you live in Iowa and have been thinking about switching banks, here's a deal that might make you pull the trigger. Farmers State Bank is currently offering a $300 bonus for opening a new personal checking account. It's a straightforward offer with a few simple steps, and it's available through the end of 2025. Let's break down exactly what you need to do to get that cash.

What You Need to Do for the $300 Bonus

First, you'll need to open a new primary checking account with Farmers State Bank. You can do this online or at one of their six branches in the Cedar Rapids area. The minimum deposit to get started is just $50.

Once your account is open, the main requirement is to set up a direct deposit of at least $500. It doesn't have to be a payroll deposit – other recurring electronic deposits may count, but check with the bank to be sure. You also need to enroll in eStatements, which is free and easy.

After you've completed both steps, the $300 bonus will be deposited into your account within 90 days. Just make sure you keep the account open for at least 12 months, or you'll be hit with a $100 early closure fee.

• Open a primary checking account (not Benefit Banking Plus).
• Deposit at least $50 to fund the account.
• Set up a direct deposit of $500 or more.
• Enroll in eStatements.
• Keep the account open for at least 12 months to avoid the $100 fee.

Which Checking Account Should You Choose?

Farmers State Bank offers several checking accounts, and the bonus is available on most of them – just not the Benefit Banking Plus account. So which one should you pick?

If you want to earn interest on your balance, the Rewards Checking account is a solid choice. It has no monthly fee if you maintain a $1,000 balance, and you can earn up to 3.50% APY. There's also a Prime Checking account with no monthly fee and no minimum balance, which gives you $7 cashback each month if you meet certain requirements. For students aged 13-23, the Student Checking account has no fees at all.

My advice: go with the account that best fits your everyday banking habits. If you can easily keep $1,000 in the account, the Rewards Checking is a no-brainer. If you prefer no minimums, Prime Checking is a great free option.

Watch Out for These Fees and Gotchas

The biggest thing to remember is the early account termination fee. If you close your account within the first 12 months, you'll be charged $100. That would wipe out a third of your bonus, so set a reminder to keep the account open for at least a year.

Also, the monthly fee can range from $0 to $15 depending on the account type and whether you meet the waiver requirements. For example, the Rewards Checking fee is waived with a $1,000 daily balance, while the Secure Checking has a $4.95 monthly fee that can't be waived. Make sure you understand the fee structure for the account you choose.

Finally, the bonus is considered taxable income. You'll receive a 1099 form from the bank, so set aside some of that $300 for tax time.

Bottom Line

• Open a personal checking account and deposit $50.
• Set up a $500 direct deposit and enroll in eStatements.
• Receive $300 within 90 days.
• Avoid the $100 early closure fee by keeping the account open for 12 months.
• Offer expires December 31, 2025 – don't wait too long!

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