If you're in California and looking for a solid bank bonus, Metropolitan Bank is currently running a promotion that can put up to $300 in your pocket. It's not the quickest bonus out there, but with a bit of planning, it's pretty achievable. Let's break down what you need to do.
How the Bonus Breaks Down
The $300 bonus isn't just one lump sum – it's built from smaller milestones. You'll get $50 just for opening a qualifying checking account online with the promo code WELCOME. Then you can earn up to $200 more by setting up recurring monthly direct deposits and bill payments. Finally, using your new debit card for a purchase gets you another $50.
- $50 for opening the account online with code WELCOME
- $50 for each recurring direct deposit of $500+ per month (up to 2) – that's $100 max
- $50 for each recurring monthly bill pay (up to 2) – another $100 max
- $50 for using your debit card to make a purchase
What Counts as a Direct Deposit?
Metropolitan Bank is pretty specific here. They want an electronic deposit of your salary, pension, or government benefits like Social Security. Transfers from apps like Zelle or small test deposits (micro-deposits) won't cut it. So make sure you're routing a real payroll or benefit payment into the account each month.
Avoiding That Monthly Fee
The account has an $8 monthly maintenance fee, but you can dodge it easily. For the Value Checking account, keep an average daily balance of at least $1,500, or combine balances across your Metropolitan accounts to hit $5,000. The Premier Interest Checking requires $2,500 daily or $10,000 combined. If you're 62 or older, the Senior Citizen Checking has no monthly fee at all.
Bottom Line
- You must keep the account open for at least 6 months to keep the bonus.
- Direct deposits need to be recurring and at least $500 each – person-to-person transfers don't count.
- The bonus is taxable and will be reported on a 1099-INT.
- Only one bonus per customer, and you can't have closed a Metropolitan account in the last 90 days.
Common Questions
Can I open this account if I live outside California?
No, this offer is only available to California residents. You need to open the account online, but your address must be in CA.
How long does it take to get the bonus?
After you've completed all the requirements, the bonus is deposited within 30 days. But you must keep the account open for the full 6-month period.
What if I already have a Metropolitan Bank account?
You're still eligible as long as you haven't closed a checking or savings account within the past 90 days and don't have a negative balance history. You can only get one bonus per customer.
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