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[NJ] Blue Foundry Bank $300 Checking + $300 Savings Bonus


Offer at a glance

  • Maximum bonus amount: $300
  • Availability: NJ only
  • Direct deposit required: Yes, $500+ for six months
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: $10, three months
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • Blue Foundry Bank is offering up to $600 in bonuses. Bonuses broken down as follows:
    • $300 when you open a Blue Axis Edge® Checking and receive a direct deposit of $500+ per month for six months
    • $300 when you open a Blue Axis Edge® Savings, deposit $15,000+ and maintain it for six months

The Fine Print

  • Only one bonus per tax id, per product. Blue Foundry Bank reserves the right to modify or discontinue the bonuses at any time.
  • Accounts opened online require eBanking enrollment.
  • Bonus is not available to existing Blue Foundry Bank Checking customers or customers that have closed their checking account within the last 12-months.
  • Bonus will be earned when account maintains a consecutive combined direct deposit of $500 or more each month during the 6-month (182 days) qualification period.
  • The direct deposit must be credited to the account within the first 60 days of account opening. Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
  • For tax purposes, bonus will be reported on form 1099. 2 Unlimited ATM fee rebates apply to cash withdrawals using your Debit Mastercard® at all participating Accel and Cirrus ATMs worldwide.
  • ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your account. Blue Foundry Bank® makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from ATM operators.
  • Blue Foundry Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
  • Bonus will be earned when a single deposit of $15,000 or more of new money is deposited into the account and the balance is maintained for a 6-month (182 days) qualification period. New money is defined as money not currently on deposit with Blue Foundry Bank.
  • Once the qualification period has concluded, the account will be credited the $300 bonus within 60 days.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

These accounts have no monthly fees to worry about.

Early Account Termination Fee

$10 fee if closed within three months. Account needs to be kept open for six months to get the bonus anyway.

Our Verdict

Savings bonus works out to be 6.8% APY when you add both the bonus and interest rate on the savings account (5% APY for the first $5k and then 1.75% for the next 10k), probably not worth considering due to other high interest accounts on the market. The checking bonus is annoying as it requires a direct deposit for six months.

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