Principal Bank Offering $25 Bonus to Open Checking Account

Principal Bank is offering customers a $25 bonus to open a checking account and set up a regular payroll direct deposit or some other regularly scheduled deposit. The bonus is paid out when $200 is received. The checking account pays .98% APY so this is an account to open only if you like Principal or want to get the $25. Admittedly, $25 is probably not be enough incentive for most people.

The account opening process at Principal Bank looks all electronic. They ask a series of questions pulled from your credit report to confirm your identity. Funding the account can be done in five different ways:

• Electronic deposit
• ATM deposits and transfers (where available)
• Regular mail
• Telephone transfers
• Wire transfers

Principal Bank is a subsidiary of Principal Financial Group, best known for their insurance products. Established in February 1998, Principal Bank was one of the first truly direct online banks approved and chartered by the Office of Thrift Supervision (OTS) as a federal savings bank. As of September 30 2008, Principal Bank had: More than 195,000 customers Just under $2.3 billion in assets More than 130 employees Principal Bank has a Bauer rating of 3 1/2 stars out of 5 (Good) for its safety and soundness rating.