BankVibe reader Justin submitted a pretty sweet checking account bonus over the weekend. It comes from M&I Bank and is available to residents in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin.
From now until February 12, 2010, when you open a M&I Bank “Cash Back Checking Account” you’re entitled to a $100 bonus. Plus, in addition to the bonus there is also a cash back option that will help you earn a little extra. Here’s how it works:
- 0.25% cash back on signature based check card purchases.
- $0.25 for every deposit made up to maximum of $2 per billing cycle.
- $0.25 for every monthly online statement you receive.
- Plus, $0.05 for every online payment made from your account for up to $2 per billing cycle.
Although these aren’t drastic payouts, it’s still a nice kicker to have on a checking account!
Watch out for fees - M&I Bank has 3 checking account offers available to individuals. Their “EveryDay Checking” is their most basic checking account but still comes with a $10 fee if you don’t either have a direct deposit set up of $500 or more per month or if your average daily balance slips below the $1k mark. This is slightly steeper than the minimum balance requirements of most personal checking accounts.
Their intermediate checking account is called “Select Checking” and imposes a fee when/if your average daily balance dips below $5,000. This account is also accompanied with an interest rate (currently less than 0.50% APY).
The last checking option with M&I Bank is known as their “Portfolio Checking” account and comes with a number of additional benefits not associated with the first two accounts. A monthly fee will be imposed if you’re daily balance dips below $25,000.
Compare all terms, conditions, benefits and features of these three accounts side by side here.
About M&I Bank:
M&I Bank operates under Marshall & Ilsley corporation, a diversified financial services company based in Wisconsin. Marshall and Ilsley provide comprehensive financial products and services and to personal, business, corporate and institutional customers nationwide. They are a publically traded company on the New York Stock Exchange under the ticker “MI.”
Fun Fact: M&I was founded in 1847 in one half of a cobbler shop. They have been in business for over 160 years.