Score a $300 Bonus with Lake Forest Bank & Trust – Here’s How It Works

If you live in Illinois and have been thinking about switching checking accounts, Lake Forest Bank & Trust has a straightforward offer that might catch your eye. Right now, you can earn a $300 bonus just by opening a new qualifying checking account and meeting a few simple requirements. The bank is part of the Wintrust family, so you're dealing with a well-established institution that's been around since 1986. And the best part? There are no monthly maintenance fees on the accounts that qualify for this bonus.

What You Need to Do to Get the $300

The process is pretty simple, but you have to follow each step carefully to make sure you qualify. First, you'll need to open a new Total Access, Cubs, White Sox, Access Plus, or Premier Checking account. You can do this online or in a branch—just make sure you mention the offer or enter the promo code Echecking300 when applying online.

Once the account is open, you have to enroll in online banking and activate e-statements through the bank's website. That's a quick step you can do right after opening the account.

The main requirement is setting up direct deposits. You need at least $500 in monthly direct deposits for two consecutive calendar months after the month you opened the account. So if you open it in June, your qualification period would be July and August. The bank defines direct deposits as payments from a government agency, employer, or another third party via electronic deposit. Transfers between your own accounts, wire transfers, Zelle, Venmo, or debit card deposits don't count.

After you meet all the requirements, the $300 bonus will be deposited into your new account within 30 days after the qualification period ends.

• Open a new qualifying checking account (use promo code Echecking300 online)
• Enroll in online banking and e-statements
• Have $500+ in direct deposits each month for 2 consecutive calendar months
• Keep the account open with a balance greater than $0 until the bonus is paid

Why This Offer Stands Out

A lot of bank bonuses come with monthly fees that eat into your earnings, but that's not the case here. The Total Access, Cubs, and White Sox checking accounts have no monthly maintenance fees. That means you don't have to worry about maintaining a minimum balance or paying a fee just to keep the account open.

Another nice perk is the free ATM access. Lake Forest Bank & Trust refunds ATM fees nationwide, so you can use pretty much any ATM without worrying about charges. And if you set up direct deposit, you can get your paycheck up to two days early—a feature that's become popular with many banks.

The bonus itself is $300, which is a solid return for setting up direct deposits for just two months. There are bigger bonuses out there, but they often require larger deposits or more complex requirements. This one is pretty low-effort.

• No monthly fees on qualifying accounts
• Free ATM access nationwide with fee refunds
• Early pay with direct deposit
• Only $500/month in direct deposits needed

Things to Watch Out For

Before you jump in, there are a few important details to keep in mind. First, this offer is only available to new checking customers of Wintrust Financial Corporation and its subsidiaries. If you already have or recently had a checking account with any Wintrust bank (including Lake Forest Bank & Trust, Macatawa Bank, or others), you won't qualify. The same goes for employees.

You can only get one bonus per customer, even if you open multiple accounts. So don't try to open several accounts hoping for multiple payouts—it won't work.

The bonus is considered taxable income, and the bank will report it on a 1099-INT form. So set aside some of that $300 for tax time.

Also, make sure you understand what counts as a direct deposit. As mentioned, only electronic deposits from employers, government agencies, or other third parties qualify. Transfers from other bank accounts you own, peer-to-peer payments, and cash deposits don't count. If you're not sure whether your income qualifies, check with the bank before you commit.

Finally, the offer is available only in Illinois at Wintrust locations. If you live outside the state, you're out of luck.

• Not available to existing or recent Wintrust checking customers
• One bonus per customer, regardless of number of accounts
• Bonus is taxable (1099-INT)
• Only certain direct deposits qualify—no transfers or P2P payments
• Illinois residents only

Bottom Line

• Open a qualifying checking account, set up $500/month in direct deposits for two months, and you'll get $300.
• No monthly fees on the accounts that qualify, plus free ATM access and early pay.
• Offer ends July 31, 2025, so you have a few months to act.
• Make sure you're a new customer and your deposits meet the bank's definition of direct deposit.

Common Questions