Score a $300 Bonus with Independent Financial's Checking Offer

If you live in Colorado or Texas and have been thinking about switching banks, here's a solid reason to give Independent Financial a look. They're currently offering a $300 bonus for opening a new checking account and setting up direct deposit. It's straightforward, and the bonus can hit your account within a few months. Let's break down exactly what you need to do.

Who Is Independent Financial?

Independent Financial has been around since 1913, so they're not some fly-by-night operation. They're based in McKinney, Texas, and rank as the 8th largest bank in the state. With over 100 branches and more than 1,500 employees, they have a solid footprint—especially if you're in Texas or Colorado. They also carry an A+ health rating, which is reassuring if you care about stability.

What You Need to Do for the $300

The process is pretty simple. First, open a new consumer checking account with at least $25. Then, within the first 90 days, you need to have $1,500 in qualifying automated direct deposits hit that account. Think payroll, pension, Social Security—regular income streams. Person-to-person transfers like Venmo or PayPal won't count, and neither will tiny test deposits. Once you meet that threshold, the $300 bonus should show up in your account within 120 days.

• Open a new checking account with $25 minimum deposit.
• Set up $1,500 in direct deposits from a qualifying source within 90 days.
• One bonus per household—so no doubling up with a spouse or roommate.

Watch Out for the Monthly Fee

The standard Personal Checking account comes with a $10 monthly fee. But you can avoid it by keeping your balance at $500 or more. That's pretty easy to do if you're parking the direct deposit money there anyway. Just be aware: if your balance dips below that threshold, the fee will kick in. So set a reminder or keep a little extra cushion.

A Few Things to Keep in Mind

This offer is only for new customers, so if you already have an account with Independent Financial, you're out of luck. Also, the bonus is considered taxable income—you'll get a 1099-INT form next tax season. And remember, the offer expires on July 31, 2024, so don't drag your feet if you're interested.

Bottom Line

• Open a new checking account with $25, then deposit $1,500 via direct deposit within 90 days to earn $300.
• Available only in Colorado and Texas; offer ends July 31, 2024.
• Avoid the $10 monthly fee by keeping a $500 minimum balance.
• Bonus is taxable—expect a 1099-INT.

Common Questions