[Expired] People’s United Bank $100-$300 Checking Bonus [NY, CT]

Deal has expired, view more checking bonuses by clicking here.

Update 2/21/20: This offer is available online as well with promo code FEB20P. I’m assuming only NY and CT, let us know if it works for you elsewhere. (Note: Only the $200 and $300 offers are available online, the $100 deal is only in Stop&Shop locations.)

Offer at a glance

• Maximum bonus amount: $300
• Availability: NY & MA
• Direct deposit required: Yes, $1,500
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $10-$35, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: One per household
• Expiration date: March 20, 2020

The Offer

Direct link to offer

• People’s United Bank is offering a bonus of up to $300 when you open a new checking account. There are three different bonuses:
  • Receive a $100 bonus when you open a new Plus Checking account with the promo code FEB20SS and receive direct deposits totaling $1,500 or more within 90 days of account opening.
  • Receive a $200 bonus when you open a new Advantage Plus Checking account with the promo code FEB20SS and receive direct deposits totaling $1,500 or more within 90 days of account opening.
  • Receive a $300 bonus when you open a new Premier Advantage Checking account with the promo code FEB20SS and receive direct deposits totaling $1,500 or more within 90 days of account opening.

 

The Fine Print

• Offer available only at People’s United Bank branches located within Stop & Shop in Connecticut and Long Island, New York.
• To receive this offer, you must mention a promo code (specific to the checking account you are opening) when you open your new Plus Checking, Advantage Checking, Advantage Plus Checking or Premier Advantage Checking accounts.
• This offer is not available to existing People’s United Bank personal checking account customers.
• It is for new personal checking customers only, which means any account owner cannot currently have a People’s United personal checking account or have had a People’s United personal checking account within the last 365 days.
• One reward per household.
• Reward will be credited by 7/24/20.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.

Avoiding Fees

Monthly Fees

Plus Checking ($100 Bonus)

This account does not have any monthly fees.

Advantage Plus Checking ($200 Bonus)

This account has a $25 monthly service fee. Fee is waived when you maintain a Combined Average Balance of $7,500 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle

Premier Advantage Checking ($300 Bonus)

This account has a $30 monthly service fee. Fee is waived when you maintain a Combined Average Balance of $75,000 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle

Early Account Termination Fee

If the account is closed within 6 months of opening they will deduct the bonus at closing.

Our Verdict

I don’t think the $300 bonus is worth considering due to the $75,000 required to keep fee free. For the $200 bonus you’re locking up $7,500 for an extra $100 bonus, keep in mind the account needs to be kept open for six months. If you put that $7,500 into a 2% account you’d end up earning $75 so that might be worth considering (keep in mind the $100 bonus also requires $1,000 to keep fee free or direct deposit so the opportunity cost is actually even lower). I’m not sure I’ll add this to our list of the best checking bonuses given there’s no online signup option, but could be worthwhile for some.

Big thanks to reader, bmanamex who let us know. Learn how to find bonuses and contribute to the site here.

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
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• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times