[MA] Dedham Savings Bank $300 Business Checking Bonus

Offer at a glance

• Maximum bonus amount: $300
• Availability:  Need to open in branch or near a branch. Branches are located in Dedham, Westwood, Needham, Walpole, Norwood, and Sharon in Massachusetts. [Locations here]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown, sensitive
• Credit card funding: Unknown 
• Monthly fees: None
• Early account termination fee: No/unknown
• Household limit: None
• Expiration date: December 31, 2024

The Offer

Direct link to offer

• Dedham Savings Bank is offering a $300 bonus when you open a new business checking account and complete the following requirements:
  • Deposit a minimum of $2,000 in new money within 30 days of account opening and maintain that balance for at least 60 days
  • Complete at least 5 qualifying transactions within 60 days of account opening. Qualifying transactions include:
    Dedham Savings Debit Card purchases, Bill Pay payments, ACH credits or debits, wires (credits or debits), and mobile or remote deposits

The Fine Print

• Bonus offer available for qualified business accounts: Basic Business Checking (Minimum deposit of $10 required to open account), Business Interest Checking (Minimum deposit of $10 required to open account), Community Checking, Cash Management Checking, or Municipal Checking accounts. $50 minimum deposit required to receive Debit Card.
• New accounts only; one offer per business relationship.
• To receive $300 bonus offer, open a qualified business checking account with funds not currently on deposit at Dedham Savings.
• Within 30 days of account opening, deposit a minimum of $2,000 in new money to the account and maintain that balance for 60 days.
• Within 60 days of account opening, complete 5 qualifying Dedham Savings transactions. Qualifying transactions include: debit card purchases, Bill Pay payments, ACH credits or debits, wires (credits or debits), mobile or remote deposits.
• $300 bonus will be deposited to qualified business checking account within 90 days after qualifications are met and will be reported to the IRS for tax reporting purposes.
• Offer expires December 31, 2024.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

There are no monthly fees on this account

Early Account Termination Fee

I wasn’t able to find an early account termination fee in the fee schedule but I’m unsure if this one is the most current one or not.

Our Verdict

Easier to meet the requirements than the last business bonus that was for $200. Might be worth doing if you live near a branch.

Hat tip to ShawntheShawn

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