FIRE Finance: $100 Bonus from LaSalle Bank!

Edit Post Sunday, November 25, 2007

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

To take advantage of the holiday season, LaSalle has joined the gaming of wooing customers with a sign-up bonus. Currently they are offering a $100 sign-up bonus when we open a checking account with them. But this particular deal is not an easy one.

Highlights

Online Deal
Bonus: $100 - To get this bonus, we have to follow 3 steps:

Step 1: Open a Checking account.
Step 2: Open a Statement Savings Account.
Step 3: Use your new LaSalle Money Card debit card to make a purchase within 60 days of account opening.

Minimum Balance(s): To earn the $100 cash bonus:

Checking account: $250.
Statement Savings Account: $100.
Bonus will not be considered part of the new checking or savings minimum opening deposit.

Bonus will be credited to the savings account within 120 days from the date of account opening provided the stated requirements have been met.
Bonus is limited to one per household, may not be combined with any other offer, is not transferable, and may be considered income to you for tax purposes.
Offer available for a limited time and is for new accounts only with funds not currently on deposit.
The monthly fee for falling below the minimum balance requirement on a Statement Savings Account will be waived for the first six months from the date of account opening.

That was quite a deal! La Salle is really making us sweat hard to earn some FREE Money. But if we manage to go through all the stated requirements, then an earning of $100 on an investment of $350 is not that bad! What are your views and opinions?

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Sick of Debt said...

I don't know if you can do this one and the Bank of America one as well, since LaSalle Bank is now owned by Bank of America. If we're blessed with a little extra cash this month, I might be daring to try it out.

Anonymous said...

If you're going to post a deal like this, you should at least get all the details.

For example:

Although the opening amounts are as stated above, there are MINIMUM DAILY BALANCES that you have to maintain in order to avoid fees.

For the most basic Checking account, you have to maintain $250 daily, else you're charged $6/month. For the most basic Savings, you have to maintain $250 daily, else it's $5/month.

In addition to that, if you close your account within 6 months then they will take back the $100 bonus.

So you basically have to tie up $500 for 6 months to get this promotion.

On the plus side, they don't do a hard credit pull to open your account, and bill pay is free.

FIRE Finance said...

@SickOfDebt:
Let us know if you could do both BOA and LaSalle.
@Richard:
Thanks for your valuable contributions. We did mention the Minimum Balances :) but did not specify the exact fees for falling below the min balances. We appreciate your detailed feedback.
On reflection, we see that a return of $100 on an investment of $500 for 6 months amounts to a 10% APY! Since there is no hard credit pull, this seems like a worthwhile bonus!

Richard said...

@FIRE
The balances you mentioned in your original post are the minimum OPENING requirements, which are separate and apart from the minimum DAILY BALANCE requirements...

@Richard:
You are right:), apologies for the oversight.

$100 Bonus from LaSalle Bank!

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