[WI only] WaterStone Bank $204 Checking Promotion

• Maximum bonus amount: $200
• 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: March 31st, 2016

The Offer

Direct link to offer

• Receive a sign up bonus of $200 when you open a new free checking account with Waterstone bank
  • 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

• All bonus offers require a new WaterStone Bank SSB (WSB) Free Checking account to be opened by 3/31/2016 and requires account to be open and active for the entire statement cycle* in order to qualify for that statement cycle’s* bonus
• Offer(s) applies to new checking account customers only and does not apply to individuals that closed a WSB checking account within the past 180 days
• Offer is redeemable at any branch location, cannot be combined with other offers, is limited to one per customer and is not valid to individuals that received an incentive under another offer since 2010
• Account must be open and active for 90 days, or a $25.00 closing fee may be assessed at account closing
• $60 Automatic Deposit bonus offer requires a $200 minimum automatic deposit of payroll or government benefits to be received within 90 days of account opening
• E-Statements bonus offer requires enrollment in WaterStone Bank SSB’s Consumer Internet Banking and consent to receive e-statements to qualify to receive $3 recurring bonus
• CheckCard bonus offer of $3 on a recurring basis requires 3 or more CheckCard purchases of at least $10 each, posted and settled to the new checking account each statement cycle* (ATM transactions do not qualify) within 24 months of account opening
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There are no monthly fees on this account, it does need to stay open for at least 90 days otherwise you’ll be charged a $25 early account termination fee.

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.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• PSA: Don’t Call The Bank
• Introduction To 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