Town Bank's $500 Bonus: A Solid Deal for Illinois and Wisconsin Residents

If you live in Illinois or Wisconsin, Town Bank has a few checking and savings bonuses worth checking out. The standout is the $500 offer on their Total Access Checking account, but there's also a $300 option if you'd rather not jump through as many hoops. Let's break down what you need to know.

Two Paths to a Bonus

Town Bank makes it straightforward: open a Total Access Checking account, enroll in online banking and e-statements, and then set up direct deposits. The bonus amount depends on how much you have deposited each month.

For the $300 bonus, you need at least $500 in direct deposits each month for two consecutive months after opening. For the $500 bonus, that requirement jumps to $2,000 per month. Both require you to keep the account open and with a positive balance throughout the qualification period.

There's also a $200 savings bonus if you open a Statement Savings account and deposit $15,000 in new money, maintaining that balance for three months. But the checking bonus is the easier one to snag for most people.

• $300 bonus: $500+/month in direct deposits for 2 months
• $500 bonus: $2,000+/month in direct deposits for 2 months
• $200 savings bonus: $15,000 new money held for 3 months

What Makes This Account Stand Out

Beyond the bonus, the Total Access Checking account itself is pretty solid. There are no monthly maintenance fees, no minimum balance requirements, and you get unlimited ATM fee refunds nationwide. That means you can use any ATM and Town Bank will reimburse the fee.

Another nice perk is early direct deposit. If you set up direct deposit, you can get your paycheck up to two business days early. That's not a game-changer, but it's a nice little boost to your cash flow.

One thing to watch out for: the bonus is considered taxable income, so you'll get a 1099-INT at the end of the year. Also, you can only get one bonus per customer, regardless of how many accounts you open. So if you're eyeing both the checking and savings bonuses, you can only get one.

• No monthly fees or minimum balance
• Unlimited ATM fee refunds
• Early direct deposit available
• Bonus is taxable (1099-INT)

Who Should Apply

This offer is best for people who already have a steady direct deposit and can easily meet the $500 or $2,000 monthly threshold. If you're self-employed or get irregular income, you might struggle with the direct deposit requirement since transfers from other accounts or peer-to-peer payments like Venmo don't count.

Also, keep in mind that you need to live in Illinois or Wisconsin to open an account. Town Bank is part of the Wintrust family, so if you've had an account with any Wintrust bank before, you're not eligible for this bonus.

The offer runs through July 31, 2025, so you have plenty of time to plan. Just make sure you read the fine print carefully, especially the definition of direct deposit, to avoid any surprises.

• Best for those with regular direct deposits
• Not available to existing Wintrust customers
• Offer valid until 7/31/2025

Bottom Line

• Earn up to $500 with direct deposits of $2,000/month for 2 months
• No monthly fees and free ATMs nationwide
• Offer ends 7/31/2025, IL and WI only
• Bonus is taxable and limited to one per customer

Common Questions