If you're in Texas and looking for a simple, no-fuss checking account bonus, Schertz Bank & Trust has an offer worth a look. It's not the flashiest promotion out there, but sometimes a straightforward deal with clear requirements is exactly what you need. Let's break down what it takes to pocket that $300 and whether it makes sense for your banking habits.
What You Need to Do to Get the Cash
The requirements are laid out pretty clearly. First, you'll need to be approved for their DirectPLUS Checking account. This is a standard checking product, not a high-yield account, so don't expect stellar interest rates.
Once the account is open, you have two main jobs. You must arrange for a qualifying direct deposit of at least $500 to hit the account each month. Simultaneously, you need to keep a minimum of $500 in the account every single day for 90 consecutive days. The bank specifies that both the funds and the direct deposit must be 'new' to them, meaning you can't just shift existing money or payroll from another Schertz account.
The Fine Print and Potential Hiccups
While the offer seems simple, a few details deserve your attention. The most important one is the tax implication. That $300 will be reported to the IRS on a 1099-INT form, so remember to account for it when tax season rolls around.
Also, watch out for the paper statement fee. The account comes with online banking and e-statements by default. If you request paper statements, they'll charge you $5 per month, which could quickly eat into your bonus if you're not careful.
A common question with regional bank offers is about the credit check. The bank's official page doesn't specify if it's a hard or soft pull. For checking accounts, it's often a soft pull via ChexSystems, but if you're concerned about your credit report, it's wise to ask the bank directly before applying.
Is This Bonus Right For You?
This offer shines for Texas-based savers who can comfortably park $500 for three months without needing to touch it. The direct deposit requirement is moderate—$500 a month is less than some national bank bonuses demand.
However, the 90-day lock-up period for the minimum balance is key. You can't let your account dip below $500, not even for a day, or you might risk disqualification. This makes it less ideal if you need fluid access to all your cash.
Compare it to other offers: you're getting $300 for tying up $500 for a quarter. That's a great return on paper, but only if the account's other features (like branch access in Texas, online tools) work for you beyond the bonus period. If you were planning to switch your primary checking anyway and live in their service area, it's a nice perk.
Bottom Line
- A solid, regional bonus with clear, dual requirements: a monthly direct deposit and a consistent minimum balance.
- Perfect for someone who can lock away $500 for 90 days and has a steady paycheck or other qualifying deposit.
- Remember the tax liability and opt for e-statements to avoid fees.
Common Questions
What counts as a qualifying direct deposit?
The bank's offer page doesn't provide a specific list. Typically, ACH deposits from an employer, pension, or government benefits (like Social Security) qualify. It's best to confirm with the bank if your specific deposit source will meet the requirement.
Can I open this account online, or do I need to visit a branch?
The application link leads to an online application form, suggesting you can start the process digitally. However, as a community bank, they may require additional verification or an in-person visit to finalize the account opening, especially for new customers.
When will I receive the $300 bonus?
The terms state the bonus is paid "if conditions are met." You should expect it after successfully completing the 90-day period with both requirements satisfied. The exact timing isn't specified, so it's reasonable to anticipate it within 1-2 statement cycles after fulfilling the terms.
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