Frontwave Credit Union's $350 Business Checking Bonus: In-Branch Only, But Worth a Look

If you run a business in Southern California and don't mind visiting a branch, Frontwave Credit Union has a $350 bonus waiting for you. It's not the biggest business checking bonus out there, but it's straightforward and doesn't require direct deposit. Let's break down what you need to do and whether it's worth your time.

What You Need to Do for the $350

To get the bonus, you'll need to open both a business checking and a business savings account at the same time, with a combined deposit of at least $1,500. Then, within the first 90 days, you must keep a minimum daily collected balance of $1,500 in the checking account for two full consecutive months and make at least 10 transactions per month for those same two months. The bonus is deposited into your savings account within 30 days after you meet all the requirements.

• Open both accounts in branch with $1,500+
• Enroll in eStatements
• Maintain $1,500 balance for two months
• Make 10 transactions per month for two months

Who Can Get This Bonus

You must live, work, or worship in San Diego, Riverside, or San Bernardino counties. And you have to open the accounts in person at a branch. This offer is for new business members only, so if you've had a business account with Frontwave before or closed one in the past 18 months, you're out of luck. Also, employees, volunteers, and their immediate family members can't get this bonus for their own business.

• Residency or work requirement in specific CA counties
• In-branch opening required
• New business members only
• Not available if you closed a business account in last 18 months

Fees and Things to Watch Out For

The eBusiness checking account has no monthly fees as long as you sign up for eStatements. That's a nice perk. However, there's an early account termination fee: if you close the account within six months, you'll forfeit the bonus. The fine print doesn't explicitly say the bonus is forfeited if you close early, but it's implied. So plan to keep the account open for at least six months.

Also, the bonus is considered interest income, so you'll get a 1099-INT and need to report it on your taxes.

• No monthly fees with eStatements
• Six-month early closure may forfeit bonus
• Bonus is taxable

Is It Worth It?

If you're in the area and can easily visit a branch, $350 for a few months of maintaining a $1,500 balance and making some transactions is a decent return. It's not a huge hassle, and there's no direct deposit requirement. But if you're not near a branch or don't meet the eligibility, it's a no-go. Also, keep in mind there's a $600 personal checking bonus available, but that's separate.

• Good for locals who can visit a branch
• No direct deposit needed
• Requires tying up $1,500 for two months

Bottom Line

• Frontwave Credit Union offers $350 for new business checking + savings accounts.
• Must open in branch and meet county residency/work requirements.
• Requires $1,500 opening deposit, $1,500 balance for two months, and 10 transactions per month for two months.
• No monthly fees with eStatements, but early closure within six months may forfeit bonus.
• Bonus is taxable; expect a 1099-INT.

Common Questions