Webster Bank has a new offer that can get you a bonus of $300 for opening a new checking account. This bonus requires a Webster Premier Checking Account which is difficult to keep fee free.
Offer
To qualify for the $300 bonus you must:
- Have a direct deposit of $500 or more (Direct Deposit transactions are limited to payroll, social security, pension, and government benefits. PayPal® transactions are excluded) between the month the account was opened and 05/31/2020. OR
- Have an average account balance greater than or equal to $10,000 for the calendar month ending 05/31/2020.
Account must be in good standing at the time of payment; an account is considered to be in good standing if it has a positive balance and is not in the process of being closed. All funds will be transferred into the newly established checking account by 07/16/2020. All amounts will be reported to the IRS, and customer is responsible for any applicable taxes.
Eligibility
- Offer available only to residents located in MA, NY, RI and Ridgefield, Wilton, Danbury, Stamford, Darien, Norwalk, and Greenwich, CT at the time of account opening and promotion payout.
- To be eligible, the primary customer must qualify for Premier Checking and must not have had an open checking account since 11/01/2018 at Webster Bank.
Fees
You can avoid a $21.95 monthly maintenance fee on the Webster Premier Checking Account by keeping $20,000 in combined monthly average checking, money market, and savings balances or $50,000 by adding CDs, home equity, and installment loan balances as of the end of your statement period, and monthly average investment balances (excluding the last day of the month).
Guru’s Wrap-up
The bonus is a good one, since direct deposit is optional and you can just need to have an average account balance greater than or equal to $10,000 for the calendar month ending 07/31/2019. So you do not need to keep the money in the account the whole time for the bonus.
But the issue is the $22 monthly fee that comes with the Webster Premier Checking Account. You need a $20K balance to have it waived, and that’s a deal breaker probably for most people. You could also waive it with a combined $50K CDs, home equity, and installment loan balances. And the worst part is that the fine print says that bonus will be transferred to the account by 07/16/2020. It’s often quicker than that, but if you need to keep the account open till July, then that’s about 6 months of paying the monthly fee, or keeping money in an account that has 0.01% interest. This $250 bonus could be a better option, since you can use an account where you can easily waive the monthly fee. We’ve also seen bonuses as high as $350 in the past.
Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. 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
- PROMO PAGE
- Account Type: Premier Checking
- Availability: NY, MA, RI and CT
- Expiration Date:
3/31/201912/31/2019 - Inquiry Type: Soft Pull
- Credit Card Funding: No
- Direct Deposit Requirement: No (it’s an option)
- Monthly Fee: $21.95 (waiveable with $20K)
- Closing Fee: $15 if closed within 90 days
HT: DoC
Found a great Bank Offer? Share it with us, so we can share it with our readers!
