Update 7/20/24: Deal is back and valid until 8/31/24.
Offer at a glance
Maximum bonus amount: $250
Availability: MA only
Direct deposit required: Yes, $1,000+
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown, sensitive
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None
Expiration date: August 31, 2024
The Offer
Watertown Savings Bank is offering a $250 bonus when you open a new checking account and complete the following requirements:
Receive at least two direct deposits totaling at least $1,000 or more within 45 days of account opening
The Fine Print
Offer available to new Watertown Savings Bank (“WSB”) Customers or current WSB customers who do not have a checking account on or before June 1, 2024. Requirements:
(1) Open any new WSB checking account, subject to Bank approval. Minimum deposit at account opening is $10. To open an account, visit a WSB branch location or submit an online application and mention/put in promo code Checking at the time of account opening.
(2) Receive at least two direct deposits totaling at least $1,000 or more within 45 days of account opening.
(3) Maintain an active account. A checking account is “Active” if not dormant. A dormant account is a checking account showing no activity other than posting interest for a period of greater than 90 days. Maintain an active account by using the WSB debit card and enrolling in WSB Online and/or the WSB Mobile Banking app.
The $250 reward will be deposited to your new WSB Checking account within 6 weeks of satisfying the foregoing requirements. Any taxes due related to this Offer are the responsibility of the recipient. Offer valid until August 31, 2024. Not valid if combined with other offers. Offer subject to change without notice.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The WSB free checking account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
There have been bigger bonuses in the past but they are no longer available. Unfortunately seems to be ChexSystems sensitive.
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