Offer at a glance
- Maximum bonus amount: $204
- Availability: Wisconsin only
- Direct deposit required: Optional, $200+ (will receive a $60 bonus)
- Additional requirements: eStatements (+$3 per month for 24 months), 3 CheckCard transactions over $10 per month (+$3 per month for 24 months)
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $25, 90 days
- Expiration date:
June 30th, 2015September 1st, 2015
The Offer
- Open a free checking account with Water Stone Bank and get over $200:
- Receive a $60 bonus when you receive a $200+ direct deposit of your payroll or government benefits within 90 days of account opening
- Receive $3 per month that you’re enrolled in eStatements (maximum of $72/2 years)
- Receive $3 per month that you complete at lease 3 or more CheckCard purchases of at least $10 each (maximum of $72/2 years)
The Fine Print
- Valid until June 30th, 2015
- Offer is valid for new checking customers only, those with a current WSB checking account or one that has been closed in the past 180 days are not eligible
- Those who have received an incentive under another offer since 2010 are not eligible.
- Limited to one offer per customer
- Offer is redeemable at any branch location (it looks like you can also open online as well)
- Requires an opening balance of $100
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is an early account termination fee of $25 if the account is closed within 90 days. The checking account does not come with any fees, although it does not earn any interest either.
Our Verdict
I hate offers that slowly pay out (except the Santander $20 a month deal), especially when the requirements are annoying to meet and they are in this case. Keep eStatements on isn’t a problem, but three CheckCard transactions of $10+ a month is a bit of a hassle to remember. If you put those transactions on a 2%+ cash back card, you’d be netting at least $1.2, so that portion of the bonus is really only worth $1.8 a month instead of $3.
That brings the total bonus down to $175.2, which is still more than most other checking bonuses. The other downside to this bonus is you’re going to have to deal with 1099 forms for tax purposes for two years, rather than just the one like most bonuses.
I still think this bonus is worth doing (if you can confirm it’s only a soft pull to open) if you live within the service area but it’s not such a remarkable deal that you have to stop what you’re doing right now and jump on it. Also, make sure you’ve completed all of the best bank bonuses first.
Direct link to offer | Screenshot of offer
