Update 7/12/26: Bonus is now $100-$300 (previously max was $400 but required the level 2 account). Hat tip to reader SDubbs
Offer at a glance
- Maximum bonus amount: $400
- Availability: HI
- Direct deposit required: Yes, $2,000+ – $3,500
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $3.95 – $20
- Early account termination fee: 180 days, $70
- Household limit: None listed
- Expiration date: None listed
The Offer
- Bank of Hawaii is offering a bonus of up to $400 when you open a new checking account. The bonuses are as follows:
Earn $400 with a Bankohana III or Bankohana II account with an initial deposit of at least $500 and $3,500 in Qualifying Direct Deposits within 60 days of account opening- Earn $300 with a Bankohana I account with an initial deposit of at least $500 and $3,500 in Qualifying Direct Deposits within 60 days of account opening
- Earn $100 with a Convenience Checking account with an initial deposit of at least $500 and $2,000 in Qualifying Direct Deposits within 60 days of account opening
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
- Convenience checking ($100 bonus). $3.25 through 9/30/24 $5.00 from 10/1/24 and after
- Bankohana Level I ($300 bonus). $15 (or waived with Combined Balance of $6,000)
Bankohana Level II ($400 bonus). $20 through 9/30/24 $25 from 10/1/24 and after (or waived with a Combined Balance of $20,000)
Early Account Termination Fee
Bankohana Accounts closed within 180 days of account opening will be assessed an early closing fee of $70
Our Verdict
The $400 bonus isn’t worth considering as you need to have $20,000 in funds to keep it fee free. The $300 bonus is worth doing especially as it’s rare to see a Hawaiian bonus.
Hat tip to Gerry
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
I get savings bonus tracker emails but never received anything for checking.
Has anyone who has applied for checking or savings account been notified by email that you were enrolled in the promotion?
My checking is still showing Bankohana Level II after downgrading 9/29 eve. I was told up to three business days for the downgrade to process but figured it would have happened by end of day yesterday.
James Do you ask for a refund with US Bank? Starting to wonder if I should stop doing it with each biz checking account I open. Luckily, I dodged a fee with my second account but don’t know if I’ll be so lucky with the LLC account.
It seems to be a crapshoot. Others like Pickle Rick🔗 and Jim were downgraded the day after they called.
Bedu Correct, hence the attempt the appeal it.
P2 and I did the bonus months ago. The system does take a few days to downgrade the account. And if you happen to downgrade near the end of a statement cycle, you will get hit with a monthly fee if downgrade hasn’t completed
Monty I get where you’re coming from, but I would find it hard to believe that they received dozens upon dozens of requests to downgrade accounts on a single day, maybe I’m wrong. But even if that is the case, I can’t imagine it being a long process to complete it. In any event, I will definitely be giving it a try. I won’t be over the top pushy but a little more so than during my first attempt with an argument that I requested the downgrade pretty early in the day on 9/29 which, in my view, should have made for sufficient time to downgrade it before month end.
Jack I did, and was not successful. I feel fine with letting that one go, since there is no good reason to waive the first one except for the generosity of a rep. But in a case like this, it definitely is worth another try and maybe even reaching out to a manager if need be.
This falls along my line of thinking too, and this is why I almost never ask for fee waivers chasing all these bonuses lol.
to be fair, your account was L2 for ~97% of the month, so a fee is fair. if all last-minute churners called at once to convert accounts, then it very well could take 2-3 days. personally I think we should be on the hook financially for the $25. if a rep is kind enough to waive it, then great. but we don’t want to piss them off with demands to the point where they shut down future app/churns to mainlanders.
Did you already appeal one $25 fee?
Sucks they decided to start with us when everyone before got downgraded the next day. 🥲
6/29 here. I guess I pretty much guaranteed two fees for me.
If it doesn’t post tomorrow, I think we’re all cooked. When did you open? 6/27 here.
P2 signed up on 6/25. No bonus yet.
Opened 6/23 Chase biz payroll Bonus 9/22
ink_me_please Do you recall if you saw the bonus posted in the morning hours of 9/8? I opened on 6/21 and am expecting my bonus today, 9/22, based on your DP but do not see it as of the writing of this DP.
were you able to downgrade P1 & P2 with only one call? was P2 required to be on the phone?
it looks like that is a copy paste error. you can probably disregard until that section is updated. William Charles typo above? see TDD comment
1 time courtesy waiver for $25 monthly fee was received today for 3rd statement cycle.
any luck with the waiver?
2 statements
I just got L1 checking. For how many months is the fee waived?
can confirm, just got bonus today doing this.
Waived by phone call to customer service.
Called to downgrade last week and was charged the maintenance fee for level II today anyway. God dammit this stupid bank
Yes, I see it. Thanks!
Yes, that’s the standard description. In the middle of the page, there should be insights/simplify money which can show you if something is categorized as direct deposit/paycheck.
Has anyone used Chase Biz ACH “payroll” and it posted as credit? I really hope I didn’t screw myself, I didn’t check until the 63rd day.