[Expired] [NY, MA, RI, or CT] Webster Bank $300 Checking Bonus

Deal has ended, view more Webster Bank deals by clicking here.

Offer at a glance

• Maximum bonus amount: $300
• Availability: must be a resident of NY, MA, RI, or CT
• Direct deposit required: Optional
• Additional requirements: Yes, see below
• Hard/soft pull: Soft
• Credit card funding: None
• Monthly fees: $21.95, avoidable
• Early account termination fee: $15 if closed within 90 days
• Household limit: None
• Expiration date: October 31, 2020

The Offer

Direct link to offer

• Webster Bank is offering a bonus of $300 when you open a new Premier checking account and complete ONE the following requirements:
  • Have a direct deposit of $500 or more between the month the account was opened and 03/31/2021 OR
  • Customer must have an average account balance greater than or equal to $10,000 for the calendar month ending 03/31/2021

The Fine Print

•  Promotion valid for new checking accounts opened between 09/01/2020 and 10/31/2020 and meeting minimum opening balance requirements.
• Customer must qualify for account and have a direct deposit of $500 or more (Direct Deposit transactions are limited to payroll, social security, pension, and government benefits. PayPal® transactions are excluded) between the month the account was opened and 03/31/2021. OR Customer must have an average account balance greater than or equal to $10,000 for the calendar month ending 03/31/2021.
• To be eligible, the primary customer must qualify for Premier Checking and must not have had an open checking account since 09/01/2019 at Webster Bank.
• Account must be in good standing at the time of payment; an account is considered to be in good standing if it has a positive balance and is not in the process of being closed. All funds will be transferred into the newly established checking account by 05/20/2021. All amounts will be reported to the IRS, and customer is responsible for any applicable taxes.
• Customer must be a resident of NY, MA, RI, or CT at time of account opening and promotion payout. Please speak to a Webster banker for details. Rates shown for any product or tier are subject to change at any time. Cannot be combined with any other Webster Bank cash incentive offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Webster Premier checking  has a $21.95 monthly fee, this is waived if you meet any of the following requirements during your monthly statement cycle:

• By keeping $20,000 in combined average checking, money market, and savings balances during your monthly statement period
• By keeping $50,000 adding CD, home equity, and installment loan balances as of the end of your statement period

Early Account Termination Fee $15

If account is closed within 90 days a $15 fee is charged.

Our Verdict

There is a $250/$400 bonus, but that has targeted language. The most annoying thing about this bonus is trying to keep the account fee free. Seems like the bonus won’t paid out until May 2021, so you’re going to need to keep the account open for about six months. If you pay the monthly fees that is $131.7 so doesn’t leave much after taxes. Otherwise you’d need to stick $20,000 in there for six months and that’s not a great savings bonus (if those same funds were in a 2% APY account you’d earn $200 over the same period). Because of that we won’t be adding this to the best bank bonus page for now.

Hat tip to BleedBlue__

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