[CT] Guilford Savings Bank $200 Checking Bonus, Direct Deposit Not Required

Update 9/29/24: Bonus is still available but only for $200.

Update 6/3/23: Deal is back and back up to $350. Hat tip to reader snailrock

Update 10/15/22: Deal is back but has been reduced to $300 from $350. Hat tip to Bockrr

Update 9/14/21: Deal is back and Valid for consumers who reside or work in the following Connecticut towns only: North Haven, East Haven, North Branford, Wallingford, Hamden and New Haven. Hat tip to reader Peek

Offer at a glance

• Maximum bonus amount: $300
• Availability: You must reside in a New England State or New York to open an account with GSB [NY, CT, VT, RI, MA, ME, NH]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $15-$25, avoidable
• Early account termination fee: Unknown
• Household limit: One
• Expiration date: March 31, 2021

The Offer

Direct link to offer

• Guilford Savings Bank is offering a bonus of $350 when you open a new Prime Access, Preferred Access and Access checking checking account and complete the following requirements:
  • Use promo code SWITCH
  • Meet requirements to keep account fee free for 180 days

The Fine Print

• You must enter promotion code “Access350” if opening online or mention the promotion to a banker when opening in-branch.
• All account holders on qualifying account must be new GSB checking account customers.
• Existing Guilford Savings Bank (GSB) consumer checking customers ineligible for $350 Gift Card offer.
• Offer only available for new Prime Access, Preferred Access or Access checking accounts. Accounts subject to approval.
• Minimum Requirements to Avoid Monthly Service Fee must be continually met for the account and the account must remain open for 180 days in order to receive the Gift Card.
• After 180 days, a bank representative will contact the primary account holder to confirm an accurate email address for Amazon eGift Card delivery.
• GSB reserves the right to substitute a gift card of equal value.
• May be subject to 1099 reporting. Account holder is responsible for all applicable taxes.
• Offer is subject to change without notice and may be withdrawn at any time.
• Consumer accounts only.
• Limit 1 offer per household.
• Limit 1 per account.
• $50 minimum to open.
• Please refer to GSB-YOURBANK.COM/PERSONAL-CHECKING for the account terms including the Minimum Requirements to Avoid the Monthly Service Fee for the qualifying Prime Access, Preferred Access and Access checking accounts.
• 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 three accounts that qualify for this bonus: Prime Access, Preferred Access and Access checking

• Prime Access: $2500 checking minimum AND $50k aggregate [consumer deposits, loans (excludes first mortgages; lines of credit are measured as the amount outstanding and not the full line of credit) and/or wealth management accounts). Otherwise a $25 monthly fee is charged.
• Preferred Access: $1500 checking min and $25k aggregate (same as above). Otherwise a $20 monthly fee is charged.
• Access: $250 DD/month and 1 debit purchase/month. Otherwise a $15 monthly fee is charged.

Early Account Termination Fee

I wasn’t able to find a fee schedule, so unsure if there is an early account termination fee.

Our Verdict

Looks like an easy bonus to meet the requirements for with a $2,500 minimum balance, although you do need to maintain that for 180 days. Just need to know if it’s a hard or soft pull to open. If anybody goes for this bonus then please share your experiences in the comments below.

Hat tip to reader Laura G

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