Banks under the umbrella of Central Bancompany offers an attractive money in the bank deal with a $50 bonus when you open a checking account called MyChoice and another $50 bonus for opening a SaveUp Savings. Take note though that some banks in Missouri under the holding company only offers $25 each for the savings and checking account opening.

Central Bancompany offered a similar promo in 2009. We received some good feedback about this checking account and savings account bonus. According to some of our friends and readers, it is very easy to qualify for this promo.

Here are some important details to enjoy the checking account and savings account bonus:

• The promo is set to end by 31 October 2010-09-18
• The MyChoice Checkign requires an initial funding of $50
• The SaveUp Savings requires an initial funding of $250
• The bank does not require any minimum monthly balance
• It is advisable to stay above the $50 line on the SaveUp to avoid a $2 monthly fee
• Fees may apply if the account holders closes the account within the first 3 months
• Incentives should be reported as interest to the IRS

Another important detail you must know for the promo checking account is that it incurs a $3 fee you don’t maintain a $750 balance, or setup a recurring direct deposit via ACH, or complete at least 10 purchases using the debit card.

The current interest rate for the savings account is not that attractive at 0.50% APY so it is not really designed for maintaining high savings account balances. It also requires checking account automatic transfers or the savings interest rate will drop by half.

If you want another $50 incentive, you can get it in December by setting up a USaveFirst that basically transfer funds from your checking account to the SaveUp account when you transact using your debit card.

You can check out the complete list of the holding company’s bank on their website. It seems all of their banks’ websites show this promo. From the website you can click the links to visit each bank’s own website.

Central Bancompany has banks operating in Oklahoma, Kansas, and Missouri.

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