Offer at a glance
- Maximum bonus amount: $300
- Availability: NY & CT
- Direct deposit required: Yes, $300+
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown, sensitive. Seems you can get around them being sensitive by applying in branch
- Credit card funding: Cannot be funded with a credit card
- Monthly fees: $0
- Early account termination fee: None
- Household limit: None listed
- Expiration date: December 16, 2024
Contents
The Offer
- Ridgewood Savings Bank is offering a bonus of $300 when you open a new checking account and complete the following requirements:
- Receive $300+ in qualifying and recurring direct deposits
The Fine Print
- Bonus Offer is available from September 9, 2024, through December 16, 2024 (“Promotion Period”) for consumers who (a) do not currently hold a Ridgewood checking account either personally or as joint owner, (b) did not have a Ridgewood checking account either personally or as joint owner in the three-month period prior to opening the required account under this offer, and (c) open a new personal checking account during the Promotion Period that satisfies the applicable offer criteria set forth below (an “eligible customer”).
- Customer(s) must be an eligible customer and meet all existing checking account qualification requirements to qualify for this offer and must maintain a checking account in accordance with the Bank’s account terms, conditions and Disclosure of Service Charges.
- Minimum of $300 or more in qualifying and recurring direct deposits to be eligible for the bonus.
- The $300 bonus earned in accordance with the requirements of this offer will be credited to the new checking account within 180 days from account opening.
- The first direct deposit must be made within 90 days and the last qualifying direct deposit must be received within 150 days of new checking account opening date.
- Each eligible customer may only receive one bonus award.
- This offer cannot be combined with any other offer.
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security). Person-to-person and bank transfers between your Ridgewood Savings Bank accounts or accounts you have at other financial institutions or brokerages do not qualify.
- Payments received for goods sold do not qualify. The value of the bonuses paid under this promotion is considered interest, and Ridgewood Savings Bank will issue an IRS Form 1099-INT or other appropriate form.
- Offer may be withdrawn or modified at any time without notice.
- Ridgewood Savings Bank employees and immediate family members are not eligible to participate in this offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free green checking has no monthly fees to worry about.
Early Account Termination Fee
I couldn’t find any mention of an early account termination fee in their fee schedule, so I’m going to assume there isn’t one.
Our Verdict
Been awhile since we have seen a bonus from Ridgewood, last time it was $250-$350 but the requirements were more difficult and harder to keep fee free. This bonus seems relatively easy especially considering it’s for $300. Added to the best bank bonus page.
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
This is literally the sloppiest bonus requirement language I’ve ever seen. Talk about vague. Jeez. Might have to contact a rep to unpack this.
When applying in branch, is it a good idea to have your Chex frozen or no?
“Minimum of $300 or more in qualifying and recurring direct deposits to be eligible for the bonus.” To me that sounds like two or more DDs of $300+.
The DPs for this bank are being mixed up with Ridgewood Credit Union. Seems DPs are very few and far between anyway. If I wind up opening an account here, I’ll share my DPs.
No promo code I guess….