People’s United Bank Bonus, Get Up To $500 with New Checking & Savings
People’s United Bank is offering a new bonus that is available online. You can earn up to $500 for opening a checking and a savings account. The offer is available in MA and NY only, through February 28.
Offer
This offer is available for new accounts opened in a People’s United Bank branch or online. For accounts opened online, you must use the “Open Now” link on the offer page and use promo code JAN2022 (automatically applied). You cna earn up to $400 with the checking account and another $100 with the savings account.
To qualify for the $300 or $400 personal checking offers, you must:
- Mention promo code JAN2022 when you open your new Advantage, Advantage Plus or Premier Advantage checking account held individually or jointly between 1/7/2022 and 2/28/2022 with a $25 minimum opening deposit,
- Receive qualifying direct deposits in the account totaling $2,500 or more within 60 days of account opening.
To qualify for the $100 savings reward, you must:
- Open a savings or money market account linked to a new Advantage, Advantage Plus or Premier Advantage checking account within 5 business days of opening the checking account with a $25 minimum opening deposit between 1/7/2022 and 2/28/2022;
- Mention promo code JAN2022; AND
- Maintain a Minimum Daily Balance in the account of at least $10,000 for 60 continuous days following account opening.
This offer is not valid for multiple accounts and is only available for one savings or money market account per checking account and per household. Reward will be credited to your personal checking, savings or money market account on May 20, 2022 if your account is open and has a positive balance at the time of reward payout.
Eligibility
- The personal checking offer and savings and money market offer is not available to existing People’s United Bank personal checking, savings or money market account customers, respectively, which means any account owner cannot currently have or have had a People’s United personal checking, savings or money market account, as applicable within the last 365 days.
- Fiduciary accounts are not eligible.
- One reward per household.
- Available in MA and NY only.
Fees
- Advantage Checking or Advantage Plus Checking account
- $25 monthly fee – Waived with 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
- Premier Advantage Checking account
- $30 monthly fee – Waived with 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
- Savings and Money Market accounts have no monthly fees.
If the checking account is closed within 6 months of opening, bonus amount might be deducted.
Referral Bonus
There is also a $50 referral bonus for both parties, but I am not sure if it stacks with the $400 bonus. Let me know if it has worked for you in the past. I would guess not, but here are the requirements:
- Complete one (1) direct deposit of at least $100 or more into the new personal checking account, OR
- Make at least ten (10) debit card purchases of at least $25 each that post to the new personal checking account
Guru’s Wrap-Up
To get the $400 checking account bonus you would need a balance of $75K to waived the $30 monthly fee. So it’s probably best to go for the $300 checking bonus. You would need a combined average balance of $7,500 to waived the $25 monthly fee, and direct deposits of $2,500 or more to get the $300 bonus. You then need a $10K balance for 60 days in a new savings or money market account to get an additional $100.
If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
Offer Details
- OFFER PAGE
- Promo Code: JAN2022
- Bonus: Up to $500
- Account Type: Advantage Plus Checking or Advantage Checking, Premier Advantage Checking
- Availability: MA, NY
- Inquiry Type: Soft pull
- Opening Deposit Credit Card Funding: Unknown
- Direct Deposit Requirement: $2,500 (see what works)
- Other Requirements: $10K deposit and balance for 60 days in savings
- Monthly Fee: $25/$30 (waived with $7,500 or $75K balance)
- Early Closing Fee: None (must keep it open for 6 months to receive bonus)
- Expiration Date: 2/28/22
