Malvern Bank's $300 Checking Bonus: A Solid Offer for Iowans

Looking for a decent checking account bonus without jumping through too many hoops? Malvern Bank, a community bank in Iowa, has a promotion that might catch your eye. They're offering a $300 welcome bonus for their Premier Checking account. It's not the flashiest offer out there, but for folks in Iowa who don't mind a bit of monthly activity, it could be a nice chunk of change for relatively straightforward requirements. Let's break down what you need to know to decide if it's worth your time.

What You Need to Do to Get That $300

The bonus itself is straightforward: open a new Premier Checking account, fund it with money that wasn't already sitting at Malvern Bank, and keep it active for three months. The catch, as with most bank bonuses, is in the monthly activity you need to maintain.

Each month (or statement cycle, to be precise), you'll need to hit four targets. First, get at least one direct deposit into the account. This is a common requirement, but it's worth checking what Malvern Bank actually counts as a direct deposit—sometimes transfers from other banks or payment apps don't qualify.

Second, you need to make ten debit card purchases. The bank's page specifies these can be PIN or signature-based transactions, so your regular swipes or taps should count. Third, log into online banking at least once. Finally, you must stay enrolled in electronic statements (e-statements). If you do all this for three consecutive months, the $300 should land in your account on the 91st day.

A Few Important Details and Caveats

Before you get started, there are a couple of specifics to note. The minimum to open the account is just $25, which is very low and accessible. However, if you're already a Malvern Bank checking customer, the rules change slightly for you. Existing customers need to bring in at least $1,000 of 'new money'—funds not already held at the bank—to be eligible for the bonus.

This is a checking account that also earns interest, which is a nice perk on top of the bonus. The interest rate structure is tiered, paying one rate on balances up to $10,000 and a different rate on anything above that.

Remember, the bonus is considered interest income by the IRS. That means Malvern Bank will send you a 1099-INT form for the $300, and you'll need to report it on your taxes. It's not a deal-breaker, but it's good to be aware so you're not surprised come tax season.

Is This Offer Right For You?

This promotion makes the most sense if you live in Iowa and your normal banking habits already align with the requirements. Needing ten debit card transactions a month can be a hassle if you primarily use a credit card for purchases to earn rewards. You'll have to decide if switching your spending pattern for three months is worth $300.

The direct deposit requirement is another key factor. If your employer's payroll can easily be redirected, great. If not, you'll need to confirm what other types of transfers Malvern Bank accepts as a qualifying direct deposit. It's always best to call the bank and ask directly before applying if you're unsure.

On the plus side, the account doesn't seem to have a monthly maintenance fee, so you won't get nickel-and-dimed while trying to earn the bonus. Just be sure to keep an eye on any other potential fees listed in the account agreement.

Practical Steps and What to Watch Out For

If you decide to go for it, start by reading all the fine print on the bank's official page. Document everything. Take screenshots of the offer terms when you apply. Note the date you opened the account and set calendar reminders for your monthly tasks and the 91-day mark when the bonus is due.

A common pitfall with these offers is missing one small requirement. Forgetting to log into online banking one month or accidentally opting out of e-statements could void the bonus. Stay organized. Maybe use the account's debit card for small, recurring purchases like coffee or streaming services to hit the ten-transaction mark without much thought.

Finally, be patient. The bonus pays on day 91, not immediately after you complete the third month. Don't close the account early in anticipation. Wait until the money is actually in your account and has cleared before you consider moving your funds elsewhere.

Bottom Line

• A $300 bonus is a strong incentive for a community bank offer, especially with a low $25 opening deposit.
• The ten monthly debit card transactions are the most active requirement; plan for them to avoid missing out.
• The offer is geographically limited to Iowa, which significantly narrows the audience.
• Always verify direct deposit qualifications directly with the bank before relying on an external transfer.

Common Questions