If you’re a resident of Florida, you have access to a fantastic bonus that can net you up to $600.
Seacoast Bank is an FDIC-insured (FDIC #131) National Bank that has been in business for nearly a hundred years. They have 90 branches and they’re all in Florida, it’s the only state in which they operate. You have to be a resident of Florida to take advantage of this offer (but you can open it online).
If you aren’t, you can always review our list of bank bonuses to find one that works for you.
The Seacoast Bank offer has two parts:
Checking Account Bonus – $400
- Open a Seacoast Classic, Senior Classic, Premium or Premium Elite Checking Account
- Establish Direct Deposits of $1,000 or more in the first 90 days
Money Market Account Bonus – $200
Open a new Seacoast Relationship Advantage Money Market and:
- Deposit $15,000 or more in new money within 10 business days of account opening
- Maintain an average balance of $15,000 or more over 90 days
That’s a total of $600.
Normally, getting $200 to deposit $15,000 is a bad deal if the money market account pays terrible interest. Fortunately, Seacoast pays a competitive interest rate if you meet a requirement.
If you four or more monthly transactions on the linked checking account, you get 4.95% APY on the account. You get a modest interest increase based on the balance of the account:
| Balance | APY Bonus |
|---|---|
| $0 – $49,999.99 | 0.01% APY |
| $50,000 – $349,999.99 | 0.03% APY |
| $350,000+ | 0.10% APY |
If you deposit the $15,000, you would get 4.96% APY on the account. It’s not the absolutely tippy top rate for a high yield savings account but it’s pretty close.
This promotional offer code is CON600 and it expires 12/31/2024.
How Does This Compare?
$400 to change a direct deposit of just $1,000 is a great offer – we’re seeing these offers be closer to $200 or so. For example, BMO Bank gives you $350 for a similar amount (you need $4,000 of direct deposits for 90 days).
The money market bonus of $200 for $15,000 is competitive because you get a higher interest rate if you meet the transaction requirements for the linked checking account. Otherwise, it’s only a middling offer on its own. Since it’s just one extra step, it’s one worth doing if you have the cash lying around.
Here’s how they compare against some of the best known offers out there:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Relationship Checking – $500 Cash
BMO Bank is offering a $500 Cash bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
