Score Up to $300 with Old Second Bank's Checking & Savings Offer

If you live in Illinois and have been thinking about switching banks or just want a little extra cash, Old Second Bank has a deal that might catch your eye. They're offering up to $300 when you open a new checking account and pair it with a Money Builder Savings account. The best part? It's a soft pull on your credit, so your score won't take a hit just for applying. Let's break down how this works and what you need to watch out for.

How the Bonus Breaks Down

Old Second structures this promotion in three tiers, so you don't have to do everything at once to get something. Here's the quick version:

First, you get $50 just for opening a new personal checking account with the promo code PK2 (or mentioning it in a branch), getting and activating a debit card, and signing up for eStatements. That's the easy part.

Next, once you've done all that, you can earn an additional $100 by making two or more direct deposits that total at least $500 within 90 days of opening the account. This could be your paycheck, a government benefit, or another qualifying electronic deposit.

Finally, there's a $150 bonus waiting if you also open a Money Builder Savings account and deposit enough to bring the balance to $5,000 or more by day 90. That savings account requires a $1,000 minimum to open, so plan accordingly.

What You Need to Know About the Fine Print

Before you get too excited, there are a few important details. First, you can't have had an Old Second personal checking account in the last 12 months, and you can't have received a checking bonus from them in the last 24 months. So this is really for new customers or those who've been away for a while.

Also, the bonus is limited to one per person, no matter how many accounts you open. And if you close your account within 180 days, you'll be charged a $50 fee and could lose the bonus. So it's worth sticking around for at least six months.

One thing I really like: the application uses a soft credit pull, so it won't ding your credit score. That's a nice touch compared to some other bank offers.

Avoiding Monthly Fees

The O2 Checking account has no monthly fee as long as you choose eStatements. That's the simplest option. But if you go with a different checking account, like Premier Plus or Convenience Plus, there are ways to waive the fees:

For Premier Plus ($17/month), maintain a $5,000 average daily balance in that account or a combined $20,000 across all deposit accounts. If you're 65 or older, the fee is waived automatically.

For Convenience Plus ($5.95/month), keep a $1,000 average daily balance, or a combined $5,000, or set up a direct deposit. Again, age 65+ gets you a waiver.

The Money Builder Savings account has a $15 monthly fee, but that's waived if you keep at least $1,000 in the account every day. Since you'll need $5,000 to get the $150 bonus anyway, this should be easy to manage.

Bottom Line

• You can earn up to $300 by opening a qualifying checking and savings account with Old Second Bank.
• The bonus is paid in three parts: $50 for account setup, $100 for direct deposits, and $150 for savings deposits.
• Use promo code PK2 when applying online or mention the ad in a branch.
• No monthly fees on O2 Checking with eStatements; other accounts have waivable fees.
• Soft credit pull means no impact on your credit score.
• Offer valid until December 31, 2026, so you have plenty of time.

Common Questions