Here’s what caught my attention about this Iowa community bank: they’re offering a $300 welcome bonus that’s actually achievable, plus ongoing high-yield checking that puts most big banks to shame.
But here’s the thing about smaller banks—sometimes the best deals come from places you’ve never heard of. Let me break down whether Malvern Bank’s Premier Checking is worth your consideration.
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What You Get: More Than Just Bonus Money
The Welcome Offer:
$300 bonus paid on day 91 if you meet their requirements (I’ll detail these below)
The Ongoing Value:
Premier interest rate on balances up to $10,000, plus a secondary rate on amounts over $10K. While they don’t publish the exact rates on their main page, the fact that they’re promoting it as a high-yield option suggests it’s competitive.
The Real Appeal:
This isn’t just about the bonus—it’s about finding a checking account that actually pays you meaningful interest on money you’d keep there anyway.
Trending Checking Account Deal:
The Requirements: Straightforward but Specific
To earn that $300 bonus, you need to:
- Fund with new money (not previously held at Malvern Bank)
- Keep the account open for 90 days
- Meet monthly requirements for each statement cycle:
- At least one direct deposit
- Ten debit card transactions
- Access online banking once
- Stay enrolled in e-statements
Want to keep earning the premier interest rate? Same monthly requirements apply ongoing.
The Reality Check: Small Bank Considerations
What Works:
- $25 minimum opening deposit (refreshingly low)
- FDIC insured (your money is protected)
- Requirements are reasonable for active checking users
- Community bank often means better customer service
What to Consider:
- Limited to one physical location in Malvern, Iowa
- Online account opening only for personal checking
- You’ll need to call for business accounts or minor accounts
- ATM network likely smaller than major banks
Trending Savings Account Deal:
Who Should Consider This Deal?
Perfect for:
- People comfortable with online/mobile banking
- Those who naturally meet the monthly requirements
- Anyone wanting higher yields on checking balances
- Customers tired of big bank fees and low rates
Think Twice if:
- You need extensive branch access
- You rarely use your debit card (10 transactions monthly)
- You prefer mega-bank convenience and ATM networks
- You can’t commit to the 90-day requirement
The Smart Money Move
Here’s what I like about this offer: the requirements align with normal banking behavior. If you’re already using direct deposit, making debit purchases, and checking your account online, you’re basically getting paid $300 to do what you’re already doing.
The ongoing interest earning potential makes this more than a one-time bonus grab. While they don’t publish exact rates, community banks often offer competitive yields because they have lower overhead than national chains.
The best part? No mention of minimum balance requirements to avoid fees, and the $25 opening deposit won’t break anyone’s budget.
Remember: Small banks often provide more personalized service and competitive rates because they’re fighting for customers against the big players. Sometimes that works in your favor.
Trending Savings Account Deal:
Before You Apply
Since this is a smaller institution, I’d recommend:
- Calling (712) 624-8686 to confirm current interest rates
- Asking about their ATM network and fee reimbursements
- Understanding their online banking platform capabilities
- Verifying the bonus terms haven’t changed
The $300 bonus timeline is clear—paid on day 91—but getting specifics on ongoing rates will help you decide if this is a long-term fit.
Bottom line: If you’re comfortable with community banking and can easily meet the requirements, this could be a solid addition to your banking strategy. The combination of welcome bonus plus ongoing high yields beats parking money in a big bank checking account earning nothing.
See the Best Checking & Savings Account Bonuses and Start Earning Free Cash Today
Have you tried community banking before? Sometimes the best deals come from the banks that have to work hardest for your business.
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