Update 6/3/23: Deal is back and back up to $350. Hat tip to reader snailrock
Update 10/15/22: Deal is back but has been reduced to $300 from $350. Hat tip to Bockrr
Update 9/14/21: Deal is back and Valid for consumers who reside or work in the following Connecticut towns only: North Haven, East Haven, North Branford, Wallingford, Hamden and New Haven. Hat tip to reader Peek
Offer at a glance
Maximum bonus amount: $300
Availability: You must reside in a New England State or New York to open an account with GSB [NY, CT, VT, RI, MA, ME, NH]
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: None
Monthly fees: $15-$25, avoidable
Early account termination fee: Unknown
Household limit: One
Expiration date: March 31, 2021
The Offer
Guilford Savings Bank is offering a bonus of $350 when you open a new Prime Access, Preferred Access and Access checking checking account and complete the following requirements:
Use promo code SWITCH
Meet requirements to keep account fee free for 180 days
The Fine Print
You must enter promotion code “Access350” if opening online or mention the promotion to a banker when opening in-branch.
All account holders on qualifying account must be new GSB checking account customers.
Existing Guilford Savings Bank (GSB) consumer checking customers ineligible for $350 Gift Card offer.
Offer only available for new Prime Access, Preferred Access or Access checking accounts. Accounts subject to approval.
Minimum Requirements to Avoid Monthly Service Fee must be continually met for the account and the account must remain open for 180 days in order to receive the Gift Card.
After 180 days, a bank representative will contact the primary account holder to confirm an accurate email address for Amazon eGift Card delivery.
GSB reserves the right to substitute a gift card of equal value.
May be subject to 1099 reporting. Account holder is responsible for all applicable taxes.
Offer is subject to change without notice and may be withdrawn at any time.
Consumer accounts only.
Limit 1 offer per household.
Limit 1 per account.
$50 minimum to open.
Please refer to GSB-YOURBANK.COM/PERSONAL-CHECKING for the account terms including the Minimum Requirements to Avoid the Monthly Service Fee for the qualifying Prime Access, Preferred Access and Access checking accounts.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There are three accounts that qualify for this bonus: Prime Access, Preferred Access and Access checking
Prime Access: $2500 checking minimum AND $50k aggregate [consumer deposits, loans (excludes first mortgages; lines of credit are measured as the amount outstanding and not the full line of credit) and/or wealth management accounts). Otherwise a $25 monthly fee is charged.
Preferred Access: $1500 checking min and $25k aggregate (same as above). Otherwise a $20 monthly fee is charged.
Access: $250 DD/month and 1 debit purchase/month. Otherwise a $15 monthly fee is charged.
Early Account Termination Fee
I wasn’t able to find a fee schedule, so unsure if there is an early account termination fee.
Our Verdict
Looks like an easy bonus to meet the requirements for with a $2,500 minimum balance, although you do need to maintain that for 180 days. Just need to know if it’s a hard or soft pull to open. If anybody goes for this bonus then please share your experiences in the comments below.
Hat tip to reader Laura G
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull 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
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times