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I did a search and didn't come up with anything. Anyone have a downside to the Principal Bank offer ($50 for new checking account) ?

rad
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reallyalldone,

You wrote, I did a search and didn't come up with anything. Anyone have a downside to the Principal Bank offer ($50 for new checking account) ?

I don't have an account; but it appears to take 6 months before you get to keep the $50 -- they charge a $50 fee if you close the account before then. Also, the account doesn't earn interest unless the balance is over $2,500. At the $2,500 level you earn 0.25% APY.

I don't know if there is a minimum balance to avoid a fee as I couldn't find the fee schedule. The fact that they don't clearly post a fee schedule anywhere is worrisome; but the signup page suggests that there are no minimums and no fees for this basic online checking account.

- Joel
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