How to Snag a $600 Bonus from Hancock Whitney Bank

If you're in the Gulf South and looking for a straightforward bank bonus, Hancock Whitney has a pretty attractive deal on the table right now. It's not the flashiest offer out there, but for a regional bank, getting up to $600 for opening two accounts is nothing to sneeze at. Let's break down exactly what you need to do to get that cash and whether the hoops are worth jumping through.

The Nuts and Bolts of Earning Your Cash

This isn't a single bonus; it's actually three potential payouts bundled together. You can earn them separately, but the real prize comes from doing both.

First, the Freestyle Checking account can net you $300. To get it, you'll need to have at least $3,000 flow into the account via qualifying direct deposits within the first 90 days. Think payroll, pension, or government benefits—transfers from your other bank accounts won't count.

Second, the Freestyle Savings account offers a $100 bonus. This one requires you to move at least $5,000 into the account within your first month and not touch it. You must keep that full amount sitting there for a consecutive 60-day period.

Here's the kicker: if you open both accounts together and successfully complete each set of requirements, they'll throw in an extra $200. That's how you get to the full $600.

Keeping Those Pesky Monthly Fees at Bay

Nobody wants to earn a bonus only to give it back in fees. The good news is that Hancock Whitney makes it relatively simple to avoid the monthly charges.

For the checking account's $10 fee, you just need to make one client-initiated transaction per statement cycle. That means using your debit card for a purchase, making an online bill pay, or sending money via Zelle. A single coffee purchase does the trick. If you're under 18 or over 64, the fee is waived automatically.

The $5 savings fee can be waived by maintaining a $300 minimum daily balance or by linking it to your Freestyle Checking account. Given you'll have at least $5,000 parked there for the bonus, hitting the $300 minimum is a non-issue during the qualification period.

Timing, Taxes, and Fine Print to Watch

Patience is key with this offer. The bank states it can take up to 135 days after you open your accounts to receive your bonus. Your accounts must still be open and in good standing when they pay out, so don't close them early.

Remember, bank bonuses are considered taxable interest income. Come tax season, you'll receive a 1099-INT for the amount you earned, so set aside a portion for the IRS.

There's also a household limit: you can only get one of these checking bonuses and one savings bonus every two calendar years. They use your address to determine this, so if you share a home with someone who has claimed this offer recently, you might be out of luck.

A final heads-up: if you close either account within 180 days of opening, the bank will deduct a $20 fee from your balance. Just plan to keep them open for at least six months to be safe.

Is This Bonus Right For You?

This offer makes the most sense if you already have the cash to park in savings and a reliable direct deposit you can redirect. The $5,000 savings requirement is a decent chunk of change to tie up for 60 days, so consider what that money is currently doing for you. If it's sitting in a high-yield account elsewhere, you're missing out on interest during the qualification period.

It's a fantastic deal for residents of the covered states who want a new local banking relationship. The soft pull is a major plus for your credit score. However, if you don't live in Alabama, Florida, Louisiana, Mississippi, or Texas, you're not eligible—this is strictly for the bank's regional footprint.

If you can meet the requirements without much financial gymnastics, the effective return on your $5,000 deposit (combined with the checking bonus) is quite good for a short-term hold.

Bottom Line

• The full $600 requires opening two accounts and meeting two distinct sets of requirements.
• Monthly fees are easy to avoid, especially during the bonus qualification period.
• Plan for the bonus to arrive up to 4.5 months after opening the accounts, and keep them open.
• This is a regional offer; you must live in AL, FL, LA, MS, or TX to apply.

Common Questions