People’s United Bank, $100-$300 Checking Bonus Available Online (NY, CT)

People’s United Bank Bonus

People’s United Bank is offering some new bonuses that can earn you up to $300 when you open a new account. This offer is only available for new accounts opened online, in a People’s United Bank branch, or over the phone.

Offer

Here are the available bonuses through this promotion:

To qualify for the $100 reward, you must:
- Open a Plus Checking account;
- Mention promo code FEB20P; AND
- Receive direct deposits made to this account totaling $500 or more within 90 days of account opening.
To qualify for the $200 reward, you must:
- Open an Advantage Checking or Advantage Plus Checking account;
- Mention promo code FEB20P; AND
- Receive direct deposits made to this account totaling $1,000 or more within 90 days of account opening.
To qualify for the $300 reward, you must:
- Open a Premier Advantage Checking account;
- Mention promo code FEB20P; AND
- Receive direct deposits made to this account totaling $1,500 or more within 90 days of account opening.

Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. The account must remain as the original account type opened through 7/24/20 to receive the reward payment.

Eligibility

Offer available only at People’s United Bank branches located in NY and CT (and maybe MA).

One reward per household.

Fees

Plus Checking account
- No fee
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

If the checking account is closed within 6 months of opening, bonus amount might be deducted.

Referral Program

They also have a referral program where you can earn up to $500 by referring 10 friends.

But with the referral offer, your friends and family can only earn a $50 sign up bonus by completing the same requirements. I doubt you can stack both bonuses. If you prefer to use the referral program, you can do it here.

Guru’s Wrap-Up

The $300 bonus requires a large balance to keep the account fee-free so I think they wouldn’t be worth it. Their CD rates are terrible so even that will not work to meet the minimum balance requirement. The $100 bonus is the easiest, and even the $200 bonus could be worth considering, with a balance of $7,500 required to keep the account fee-free. And now it is easier to open the account since it is available online.

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.