Metropolitan Bank is offering up to $300 in cashback for new checking accounts, and honestly, their approach is pretty different from most bank bonuses I’ve seen lately.
But here’s what caught my attention: they’re not just throwing money at you for opening an account. They want you to actually use their banking services—which could work in your favor if you’re looking for a real banking relationship.
Let me break down exactly how this works and whether it’s worth your time.
This offer is available to residents in the bank’s service area. If youwant the best bank bonuses available nationwide, check out our top picks here—including huge offers from BMO and Chase that you won’t want to miss!
The Offer: Up to $300 in Tiered Bonuses
Here’s the breakdown:
- $50 for opening a checking account online (promo code: WELCOME)
- Up to $200 for setting up direct deposits ($50 each, max 2)
- Up to $100 for setting up bill pay ($50 each, max 2)
- $50 for getting a debit card and making a purchase
The timeline:
- 6-month commitment required
- Bonus paid 30 days after the 6-month period ends
- Direct deposits must be set up within 30 days of opening
Trending Checking Account Deal:
What You Actually Need to Do
This isn’t a “deposit and forget” bonus. Metropolitan Bank wants to see you actively using their services:
The Requirements:
1. Open online with promo code WELCOME
Has to be done through their online account opening system. In-branch applications don’t qualify.
2. Set up recurring direct deposits ($500+ each)
You can set up 1-2 direct deposits of at least $500 each per month. This needs to be actual payroll, pension, or government benefits—not P2P transfers like Zelle.
3. Establish recurring bill pay
Set up 1-2 monthly bill payments from your account. Each one gets you $50.
4. Get and use their debit card
Order the card and make at least one purchase.
Trending Checking Account Deal:
Account Options and Fees
You’ve got three checking account choices, and the fees matter:
Value Checking:
- $100 minimum to open
- $8 monthly fee (waived with $1,500 average daily balance or $5,000 combined balance)
- No interest earned
Premier Interest Checking:
- $100 minimum to open
- $8 monthly fee (waived with $2,500 average daily balance or $10,000 combined balance)
- 0.05% APY
Senior Citizen Checking (62+):
- $100 minimum to open
- No monthly fees or minimums
- No interest earned
Trending Savings Account Deal:
The Fine Print That Actually Matters
New money requirement:
This works for both new and existing customers, but you need to fund with new money (not transfers from other Metropolitan Bank accounts).
Account history restrictions:
- Can’t have closed a Metropolitan Bank account in the last 90 days
- Can’t have closed any account with a negative balance in the last 3 years
- One bonus per customer
6-month commitment:
Your account needs to stay open and in good standing for 6 months. The bonus gets paid 30 days after that period ends.
Is This Actually Worth It?
Let me be honest about what you’re signing up for here.
The good:
- Flexible bonus structure—you can earn something even if you don’t hit all requirements
- Works for existing customers with new accounts
- 6-month timeline is reasonable for building banking habits
- Senior account option eliminates fee concerns for 62+ customers
The reality check:
- You need $1,000+ in monthly direct deposits to maximize the bonus
- 6-month commitment plus 30-day waiting period means you’re looking at 7 months total
- Monthly fees can eat into your bonus if you don’t maintain minimums
- Bill pay requirement means you need actual bills to set up
My Take on This Promotion
Metropolitan Bank is clearly looking for customers who’ll actually use their services, not just bonus hunters. The 6-month requirement and activity-based bonuses tell you they want real banking relationships.
This works if:
- You have steady direct deposit income
- You pay bills regularly and don’t mind switching some to this account
- You can comfortably maintain the minimum balances to avoid fees
- You’re genuinely looking for a new primary banking relationship
Skip it if:
- You’re just chasing quick bonus money
- Meeting the direct deposit minimums would be a stretch
- You don’t want to commit to 6+ months with a new bank
Bottom Line
The $300 maximum is solid, but you’ll need to work for it. If you’re already planning to switch banks and have the income to support the requirements, Metropolitan Bank makes it worth your while.
Just remember: that promo code WELCOME is required for online applications, and you’ve got to actually use their services to earn the full bonus.
The 6-month commitment isn’t nothing, but if you’re looking for a banking home rather than just bonus money, this structure actually works in your favor.
Analysis based on promotion terms effective on the publishing date. Always verify current requirements directly with Metropolitan Bank before making financial decisions.
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