Update 1/18/25: Deal is back and valid until 12/31/25.
Update 7/8/24: Bonus is now up to $750.
Update 1/21/24: Extended to December 31, 2024
Update 6/21/23: Extended until December 31, 2023.
Update 1/15/23: Extended until  June 30, 2023.
Update 1/5/22: Extended until 12/31/22.
Update 1/3/21: Deal is back and valid until 12/31/21.
Offer at a glance
- Maximum bonus amount:Â $250
- Availability: Must live near a branch. Branches are located in Dedham, Westwood, Needham, Walpole, Norwood, and Sharon in Massachusetts. [Locations here]
- Direct deposit required:Â Yes, two direct deposits totaling $1,000 or more
- Additional requirements:Â 5 debit card transactions, two online bill pays
- Hard/soft pull:Â Soft
- ChexSystems: Unknown, sensitive
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â December 31st, 2019
Contents
The Offer
- Dedham Savings Bank is offering a bonus of up to $750 when you open a new checking account and complete the following requirements within 60 days of account opening:
-
Bonus Amount Direct Deposit Requirement Dedham Savings Debit Card or Bill Pay Transactions Requirement $250 $2,500+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days $500 $10,000+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days $750 $20,000+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days
The Fine Print
- Bonus valid for customers who do not have an existing or prior personal Checking account at Dedham Savings.
- To receive $250 bonus, open any personal Checking account with funds not currently on deposit.
- Within 60 days of account opening, receive at least two direct deposits to Checking account, totaling $1,000 or more (a direct deposit is a recurring deposit of a paycheck, pension, Social Security or other regular monthly income, electronically deposited by an employer or outside agency into your account).
- Within 60 days of account opening, pay at least two bills with Online Bill Pay or make five purchases with Dedham Savings Debit Card.
- $250 bonus will be deposited to Checking account within 90 days after qualifications are met and will be reported to the IRS for tax purposes.
- One offer per customer.
- Offer expires December 31, 2019.
- No minimum balance required to earn bonus. Account must be opened in person at any Dedham Savings location.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account doesn’t have any monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Previous best bonus from Dedham savings was $100, so this is an extra $150 with very similar requirements. I do think this bonus is worth doing if you live near a branch and because of that I will be adding this to our best bank account bonuses.
Hat tip to reader fengmd
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
Post history:
- Update 4/19/20: Deal is back and valid until 12/31/20. Hat tip to reader EW
Tried this last fall with ACH pushes from Chase, didn’t work. The bank probably checks transactions manually, only attempt this if you can use a real DD.
[OOS attempt]: Applications are not accepted from your location
Offer is back, extended to 12/31/2025: https://www.dedhamsavings.com/select/
Data point DP – Long duration on this one. I did varied amounts on all these deposits so they didn’t appear as controlled as they were. These are all the deposit from real payroll. I dropped to $1100 at the end because I was doing other bonuses. Since I was a previous customer (2018) I didn’t want to risk other bonuses to make sure I reached 20k on this one.
07/24/2024 – Account opened with $25, had to call to get them to approve after no activity for 7 days after applying
08/02/2024 – ~3400 – Real DD
08/16/2024 – ~ $3400 – Real DD
08/30/2024 – ~ $3400 – Real DD
09/13/2024 – ~$3500 – Real DD
09/27/2024 – ~$1100 – Real DD
10/11/2024 – ~$1100 – Real DD
01/10/2025 – Bonus Payout $500
I also did Fidelity pushes in between, mostly in the first few months. Those were also uneven amounts I made look consistent so they were all around 700. I made it over $20k but only the real DDs counted. As mentioned I did have an account previously in 2018 which failed to pay due to a missing code so I was concerned they may have found that in their history and not paid because I was a previous customer but happily I got the bonus today. Wish it was the $750 but at least I got the $500.
Denied on 2024-12-04 by email
“Unfortunately, we cannot complete your application online at this time.”
I see inquiry on Chex though can’t know for sure Chex is the reason.
Chex inquiry history pulled after denial email:
0 in Nov
2 in Oct
2 in Sep
1 in Aug
3 in Jul
0 in Jun
Total 11 in 2024 before this.
The link now redirects to a $300 business checking bonus:
https://www.dedhamsavings.com/business/switch/
Didn’t see a personal bonus on the site.
The DoC page for the business checking bonus is at:
https://www.doctorofcredit.com/ma-dedham-savings-bank-300-checking-bonus/
The personal bonus is at https://www.dedhamsavings.com/select/
Even though I checked twice, once after the first Direct Deposit was setup and once on a phone call, that those deposits were good and that they counted.. So, I assumed the rest of the deposits would be good. When it came time to actually paying me the deposit, they tried to claim that they weren’t payroll deposits. Good thing that I have evidence of my previous conversations, so they relented. Without that evidence, not sure that they would have paid.
The moral of the story: keep good notes of any transactions so they can’t weasel out.
They put a limit on my account for individual withdrawal amounts after the first month of moving 95% of my money out and into my primary checking account.
For the second month I just did two separate transfers to get around the limit. Before those transfers went through they called me to ask why I was taking most of my money out each month and moving it to another bank.
TL;DR, yeah they are chex-sensitive and will stalk for churning behavior if you do get the account.
Good information. I’ve just been using bill pay to empty the account. Sounds like it was lucky that’s what I chose to do.
Does it has to be actual direct deposit?
Any bank that seems this small I try to do real direct deposit. I just assume it will be manually reviewed. I also use the account. In this case I did bill pays, debits, and didn’t do many transfers out.
They seem to be so Chex-sensitive.
Mind sharing your Chex numbers?
I didn’t open in branch. I applied online for the personal account and waited like 7 days, never heard anything. Called in and then a few hours later I was approved. I am in the Boston area, not conveniently near a branch where I would want to go there but close enough that I could. My Chex numbers are 28/24. And they did pull Chex, I see them on the report.
DailyGrindit
Thanks for the info! Glad you were able to get through with these Chex #.
Peek
Definitely worth a shot for this bonus.
Any successful account openings or data points?
“Must live near a branch” How near are we talking? Will Boston city proper work?
I couldn’t find the relevant fine print.
You can test it.
I couldn’t find anything in the terms either so I froze Chex and tried from OOS. Upon entering my zip, I got this popup:
“Applications are not accepted from your location.”
You would probably get the same from in-state but out of footprint. There’s no risk if you try it with Chex frozen.
They have a branch in Southie, so all of Boston proper should work. I live in Quincy and got approved, applied online. My Chex only had 2 new accounts opened in the last year, YMMV.
Update: Denied with chex 1/6, 2/12, 20/24. Location within 95 was accepted.