Deal has ended, view the best current checking bonuses by clicking here.
Update 1/15/20: Deal is back and valid until June 30th, 2020. Only available to Lowell and Dracut residents. Hat tip to Peek
Update 1/27/19: Reposting as it’s been confirmed as a soft pull.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability: MA only [Branch locations]
- Direct deposit required:Â Yes, $4,000+ within 90 daysÂ
- Additional requirements:Â None
- Hard/soft pull:Â Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â One
- Expiration date:Â June 30th, 2019
Contents
The Offer
- Washington Savings Bank is offering a bonus of $300 when you open a new checking account and complete the following requirements:
- Receive qualifying direct deposits totaling $4,000 or more within 90 days
The Fine Print
- Get $300 Offer is intended for new qualifying direct deposits on a new or existing Cash Rewards Checking or Interest Rewards Checking account.
- A qualifying direct deposit is a new recurring direct deposit of a paycheck, pension, Social Security, or other eligible regular monthly income electronically deposited by an employer or outside agency.
- Direct deposits via ATM, online, teller deposits, P2P services like Paypal® or a transfer from a bank or brokerage account do not qualify.
- Customer will receive a $300 deposit into their account within 30 days from redeeming a “$300 Claim Form”and verification of eligibility.
- Offer expires June 30, 2019.
- Washington Savings Bank may change or discontinue this offer at any time before this date without notice.
- ne $300 offer per customer, per household, per account. A
- ll services must be activated after 12/01/2018.
- Offers can not be combined. Member FDIC. Member DIF. All deposits insured in full.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Cash rewards checking account has no monthly fees to worry about.
Early Account Termination Fee
Our Verdict
Pretty good bonus, given that it is a soft pull I do think it’s worth doing if you live in the eligible area. Because of that I’ll be adding this to the best checking bonuses. If anybody decides to go for this bonus then please share your experiences in the comments below.
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
https://www.washingtonsavings.com/promos/promo-january.html
Lowell and Dracut Only
YMMV – was initially denied last year, but told them I worked for a company in Westford (don’t know if they verify, I actually did) and had the account opened. They also offered $50 referral bonus, don’t know if they still do.
Sent in the form after the final DD (real) and was told via email that the bonus would post after the full 90 day period was up. Bonus posted on day 92
Negative DD data point:
State and Federal tax refunds don’t count as direct deposits. I reached out to the bank prior to opening the account and was told both would count towards the $4,000. I had emailed in the form and after not receiving the bonus within 30 days reached out and was told I didn’t meet the requirements. They refused to do anything and only apologized for giving me incorrect information
FYI, I received an email from their security and fraud division saying that I was pulling money out of the account via ACH too soon after getting the direct deposit (legit employer) and that if it continued then they would shut the account down. So either leave the money in or use it as your primary account while doing this one.
Strange, I did the same as you but didn’t hear anything about it. Sorry to hear that you’re encountering this obstacle.
No go using Fidelity. Got an email to the following effect:
Thank you for your business and submitting the $300 Direct Deposit Cash Bonus Claim form.
Unfortunately, the FID BKG SVC LLC MONEYLINE PPD deposits are not a qualifying deposits.
I realize this has expired, but here’s a successful DP for posterity:
4/23: Applied for account. I am out of state but used an address in one of the listed cities to apply. (Someone at the address sent me the debit card info.)
4/23-24: Corresponded via email with a banker who asked me in succession about:
1. Whether I authorized all my chex inquiries;
2. A lender and loan amount/monthly payment. I provided a credit card and current balance
3. Why my IP address shows that I’m out of state, and why my credit report shows a recent address that is out of state (they tracked my IP address?!?)
4/24: Account was opened/approved.
SkayDk wrote about earlier.
7/1: Met the $4k DD requirement using payroll DD. (It was spread over three months due to pursuing other bonuses as well.)
7/8: Mailed the $300 bonus claim form and the four $5 bonus claim forms that
7/11: The full $320 was deposited into my account, and I got an email notifying me as much, as well. Nice that they’re quick.
Thanks for considering Washington Savings Bank!
Please note: We only open a Cash Rewards Checking or Interest Rewards Checking for customers that live or work in the following areas.
* MA – Andover, Billerica, Dunstable, Dracut, Chelmsford, Lawrence, Lowell, Methuen, Tewksbury, Tyngsborough, and Westford.
* NH – Hudson, Nashua, Pelham, Salem
Must have been a recent change, applied in late feb and approved without working/living in the cities you listed
“Unfortunately we have to deny your application because we only open accounts for customers within 25 miles of market areas north of Boston, MA, NH, and ME.”
Mailed in my forms, got the $5 bonuses within a day, but still waiting on the $300 sign up bonus, terms say 30days, so i’ll wait it out. Found an interesting feature though – I signed up for the cash rewards checking (instead of interest rewards checking) and they pay you 7c for each time you use your debit card as a signature purchase, and that includes amazon reloads. I used amazon reloads to trigger the $5 for using 5x debit cards within 30 days and got 35c back. Doesn’t scale, but might do small 50c amazon reloads whenever i’m free!
Applied / Approved: 01/19/2019
DD on: 2/8/2019
Form Mailed: 2/11/2019
Bonus Paid: 4/19/2019
Terms said they would pay out within 30 days for the form being submitted but it did take a little longer than that. Good experience opening the account.