I’m always on the hunt for bank bonuses that offer solid payouts without making you jump through impossible hoops. When I spotted Flushing Bank’s $350 Complete Cash Rewards offer, I had to dig deeper – that’s a substantial bonus for a regional bank, especially one focused on the competitive New York market.
After analyzing the details, I think this might be one of the better banking deals available in the NYC area right now. Let me break down why this offer caught my attention and whether it’s worth your time.
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Flushing Bank’s $350 Complete Cash Rewards: A Three-Part Bonus
What makes this offer interesting is that it’s structured as three separate rewards that add up to $350:
$10 bonus for simply opening a new Complete Checking account
$40 bonus for maintaining a $2,000 average balance for three months
Up to $300 bonus for making direct deposits ($100 per qualifying deposit, maximum of 3)
This tiered approach means you can earn money immediately while working toward the larger bonuses over time.
Breaking Down Each Reward Component
Let’s analyze what you actually need to do for each piece of this $350 puzzle:
The $10 Account Opening Bonus
This is the easiest money you’ll ever make in banking. Simply open a new Complete Checking account and you’ll receive a $10 statement credit in the month following account opening. No additional requirements, no waiting periods beyond one month.
Trending Checking Account Deal:
The $40 Balance Maintenance Bonus
You need to maintain a three-month average balance of $2,000 for the first three full calendar months after account opening. The bonus will be credited around the 15th of the month following your three-month anniversary.
This is more manageable than many bank bonuses that require $5,000-$10,000 minimum balances. If you typically keep $2,000+ in checking anyway, this is essentially free money.
The $300 Direct Deposit Bonuses
This is where the real money is. You can earn up to three $100 statement credits for direct deposits of $500 or more occurring within the first six months of account opening. Each qualifying direct deposit earns you $100, credited in the month following the deposit.
Important note: Tax refund direct deposits don’t qualify, so you’ll need actual payroll or government benefit deposits.
Is This Bonus Worth Your Time? Let’s Do the Math
I always calculate the effort-to-reward ratio before chasing any bank bonus. Here’s my analysis:
Time investment:
- Account opening: ~20 minutes online or ~30 minutes in branch
- Setting up direct deposit: ~15 minutes
- Total time: Approximately 35-45 minutes
Money requirements:
- $25 minimum opening deposit
- $2,000 average balance for three months
- $1,500+ in direct deposits over six months (to get all three $100 bonuses)
For less than an hour of your time and maintaining a modest $2,000 balance, you’ll earn $350. That’s an exceptional return that beats almost any side hustle I can think of.
The Fine Print You Need to Know
As with any bank bonus, the details matter:
Eligibility Requirements
- Must be a new Complete Checking customer
- Existing checking account customers are not eligible
- A new checking account is defined as one with no authorized signatures in common with existing Flushing Bank checking accounts
- An existing customer is anyone who currently has or has had a Flushing Bank checking account within the last 24 months
The “New Money” Requirement
Flushing Bank specifies that deposits must be “new money” – meaning money not currently on deposit with Flushing Bank. This prevents you from simply moving existing funds around to trigger bonuses.
Six-Month Commitment
Your new Complete Checking account must remain open, active, and in good standing for six months. If you close it earlier, you’ll forfeit any unreceived reward credits.
Tax Implications
A 1099 will be issued for the bonuses, meaning you’ll owe taxes on the $350. For someone in the 22% federal tax bracket, that reduces the effective bonus to around $273 after federal taxes.
Trending Savings Account Deal:
Who Should Jump on This Offer?
This bonus is particularly attractive for:
1. New York Area Residents
Flushing Bank is based in New York with branches primarily in Queens, Brooklyn, Manhattan, Nassau, and Suffolk counties. This is most convenient for local residents.
2. Those with Regular Direct Deposits
If you receive regular paychecks or government benefits of $500+, earning the three $100 direct deposit bonuses will be straightforward.
3. Moderate-Balance Banking Customers
The $2,000 average balance requirement is much more accessible than many competing offers that require $5,000-$15,000 minimums.
4. Community Bank Enthusiasts
If you prefer banking with smaller, local institutions rather than national megabanks, Flushing Bank offers that community feel with competitive products.
Who Should Pass on This Offer?
This bonus might not be worth it if:
1. You Live Outside Flushing Bank’s Service Area
While they may accept customers from other areas, this is most convenient for those in the New York metropolitan area.
2. You Recently Had a Flushing Bank Account
If you’ve had a checking account with them within the past 24 months, you’re not eligible.
3. You Can’t Maintain the $2,000 Balance
If keeping $2,000 in checking would strain your finances, the opportunity cost might outweigh the bonus.
4. You Don’t Have Regular Direct Deposits
Without consistent income that can be direct deposited, you’ll miss out on the largest portion of the bonus ($300).
How to Maximize Your $350 Bonus
Based on my experience with bank bonuses, here’s my strategy for ensuring you get every penny:
1. Set Up Direct Deposit Immediately
Don’t wait to establish direct deposit. The sooner you start, the more likely you are to get all three $100 bonuses within the six-month window.
2. Front-Load Your Balance
Aim to have your $2,000 balance in place from day one rather than trying to average it over three months. This removes any risk of falling short.
3. Space Out Your Direct Deposits
Since you can earn up to three $100 bonuses, try to space your qualifying direct deposits across different months to maximize your rewards.
4. Track Your Progress
Keep notes on when you’ve completed each requirement and when you should expect each bonus payment.
5. Plan for the Six-Month Commitment
Make sure you can comfortably keep the account open for the full six months to avoid forfeiting any bonuses.
My Take: A Solid Regional Bank Bonus Worth Pursuing
After analyzing hundreds of bank bonuses over the years, I can confidently say this Flushing Bank offer is worth considering if you’re in the New York area. The $350 total bonus is substantial for a regional bank, and the requirements are reasonable for most working adults.
What I particularly like is the immediate gratification of the $10 opening bonus, followed by achievable milestones for the larger rewards. The $2,000 balance requirement is much more accessible than many competing offers, and the direct deposit bonuses reward normal banking behavior.
The six-month commitment is standard for bonuses of this size, and the “new money” requirement, while restrictive, is fairly typical for preventing bonus abuse.
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How to Apply for the Flushing Bank $350 Bonus
Ready to claim your $350? Here’s how to get started:
- Visit a local Flushing Bank branch or apply online
- Open a new Complete Checking account with at least $25
- Set up direct deposit with your employer or benefits provider
- Maintain a $2,000 average balance for the first three full calendar months
- Ensure you receive qualifying direct deposits of $500+ (aim for three to maximize the bonus)
- Keep your account open for at least six months
- Watch for your bonuses to be credited according to the timeline outlined in the offer
Final Thoughts: New York Banking Done Right
Bank bonuses are one of my favorite ways to earn extra money with minimal effort, and this Flushing Bank offer is particularly compelling for New York area residents. The combination of immediate rewards, achievable requirements, and a substantial total payout makes this worth serious consideration.
While $350 won’t change your life, it’s essentially free money for establishing a banking relationship you might need anyway. Plus, Flushing Bank’s focus on the local community and personalized service could make this a valuable long-term banking partnership beyond just the bonus.
Have you taken advantage of regional bank bonuses before? Let me know your experiences in the comments below!
Disclaimer: Terms and conditions are subject to change. Always verify current offer details directly with Flushing Bank before applying.
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