Update 1/12/25: Deal is back until 12/31/25. Hat tip to reader Peek
Offer at a glance
- Maximum bonus amount:Â $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:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown, sensitive
- Credit card funding:Â UnknownÂ
- Monthly fees:Â None
- Early account termination fee:Â No/unknown
- Household limit:Â None
- Expiration date:Â December 31, 2024
Contents
The 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
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 was asked to mail in a notarized copy of my license, and then they still denied me due to Chex. They could have told me at the beginning that Chex was an issue.
Mailed notarized copy of your license…jeez
I know… but I wanted the bonus, and they already pulled the chex anyway.
They pulled your Chex first, asked you to do that, and THEN denied your app for Chex? damn
I wonder if the mailed notarized copy of your license was just a hoop they were hoping you wouldn’t jump through?
Denied, no reason given but guessing chex sensitive. Emailed for reason and no response
I remember applying in branch last year and got denied. As I was waiting at the teller, I can see that she’s printing something…about 10 pages later, she picks it up and comes to the window to tell me I’m denied due to check number. I remembered smiling at her and asking if that list of new accounts were impressive…it was like 30+ over that past year
..it was like a “mic drop” moment…at least in my head!
Applied 09/26/24 in state and in person. Denied due to Chex (Chex – 1:1, 1:2, 4:6, 25:9, 29:12, 29:24). Bank is very Chex-sensitive even for business accounts. Was asked for proof of business and provided a business certificate.
Can you add that it’s business checking in the title? thanks
William Charles
Yes
This bank is pretty Chex-sensitive, including in-branch https://www.doctorofcredit.com/ma-only-dedham-savings-bank-250-checking-bonus/#comments (As noted already previously on the “Which banks are Chex-sensitive” page)
I managed to get approved for an account this year but I did call in after no activity on my app for over a week. It could have just been a fluke that they approved me. I will try for the business account and see what happens.
I’m going to wait on this until my personal bonus posts in a month. Assuming this still exists then I’ll try. I don’t want to risk this much interaction with the bank until then. I didn’t realize you had to talk to a rep, bleh.
Instant denial in branch because of Chex. Even expressed interest to open CD. This was in April.