State Bank's $300 Checking Bonus: A Straightforward Deal for Midwesterners

Looking for a solid bank bonus without jumping through a dozen hoops? If you live in Indiana, Ohio, or Michigan, State Bank (the one with the yourstatebank.com website) has a pretty clean offer on the table. It's a $300 bonus for opening a checking account and setting up a direct deposit. The requirements are refreshingly simple, but like any financial product, you need to know the specifics to make sure it's right for you. Let's break it down.

What You Actually Need to Do

The core requirement is straightforward: open a new Cash Rewards Checking account and get a direct deposit posted within the first 60 days. The bank's fine print clarifies what counts: an electronic credit of your salary, pension, Social Security, or other regular monthly income. Transfers you initiate yourself—like moving money from another bank via ACH, using Zelle, or making a mobile deposit—won't qualify.

You'll need at least $25 to open the account. Once that direct deposit hits, the clock starts for your bonus. State Bank says they'll deposit the $300 into your new account within 30 days after you've met the terms.

Navigating the Fees and Fine Print

This isn't a fee-free account by default. There's an $8 monthly service charge. The good news is it's easy to avoid. You can either keep a $500 minimum daily balance in the account, or use three of their free services each month. Those services include things like signing up for eStatements, making 15 debit card purchases, setting up two BillPay transactions, or having a direct deposit (which you'll already be doing for the bonus).

There's one fee you really need to plan around: a $25 early account termination fee. If you close the account within 180 days of opening it, you'll get hit with this charge. So, if you're just in it for the bonus, you need to be prepared to keep the account open for at least six months to avoid paying $25 of your $300 right back.

• The account does not earn interest.
• The offer is not valid if you already have a State Bank checking account.
• Business accounts are not eligible.
• You cannot combine this with other checking account promotions.

Is This Bonus Worth Your Time?

For a $300 payout, the effort is relatively low—one direct deposit. That's a great ratio. The main considerations are geographic and temporal.

First, you must live in Indiana, Ohio, or Michigan. Second, you need to be okay with parking the account for half a year to dodge the early closure fee. If you can use the account as a secondary spot for your direct deposit or some spending to meet the fee waiver, those six months will fly by.

Remember, the bank will send you a 1099-INT form for the $300, so you'll need to report it as interest income on your taxes. It's still free money, just not *tax-free* money.

A Quick Word on the Account Itself

The Cash Rewards Checking account has a unique perk: 5 cents cash back on every single debit card purchase. If you're a frequent debit card user, that can add up alongside the bonus. It also offers ATM fee refunds up to $10 per month if you meet certain conditions (like those 15 debit card transactions).

So, while you're waiting out the 180 days, you might find some ongoing utility here beyond just the sign-up incentive.

Bottom Line

• A high-value, low-complexity bonus if you live in the tri-state area.
• Plan to keep the account open for a full 180 days to avoid the $25 early closure fee.
• The $8 monthly fee is easily avoidable, so don't let it scare you off.
• Mark your calendar for 60 days from opening to ensure your direct deposit posts in time.

Common Questions