Offer at a glance
- Maximum bonus amount: $300
- Availability: Only valid at the Beverly Bank Danvers Branch Location
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: Waivable
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: None listed
The Offer
- Beverly Bank is offering a bonus of up to $150 when you open a new checking account at their Danvers Branch, broken down as follows:
- Open a new personal NOW or Cooperative checking account
- Initiate and maintain a direct deposit with a minium of $500 per month
- Enroll in eStatements
- Apply for debit card and complete a minimum of 15 debit card transactions per month over a 3 month period
- Enroll in eStatements
- Enroll in online banking and use Billpay with a minimum of 3 bill payments per month
- You can get another $150 when you open a new Money Market Account. There is a $25,000 deposit requirement to get the 1.3% APY but it isn’t clear if that is needed for the $150 money market bonus or not.
The Fine Print
- Special Offers only valid at the Beverly Bank Danvers Branch Location.
- Not eligible for online account opening.
- Offers may be withdrawn at any time without notice.
- Offers are not open to employees of Beverly Bank, its affiliates and subsidiaries and the immediate families of each.
- Earn one $150 deposit into your new personal checking account when you open a new personal NOW or Cooperative checking account with these Beverly Bank services: Initiate and maintain a direct deposit with a minimum of $500 in direct deposits per month, Enroll in E-statements, apply for a debit card and complete a minimum of 15 debit transactions per month over a 3 month period, Enroll in online banking and use Billpay with a minimum of 3 bill payments per month.
- The $150 will be deposited into your new account on the 120th day after account opening provided the terms are met. If the 120th day is on a weekend or holiday, the $150 deposit will be deposited on the next business day.
- Limit one personal checking account $150 deposit promotion per household.
- Offer not available on account conversions. Account opening is subject to approval. There is no minimum balance requirement to earn the $150 deposit.
- The $150 is considered interest and will be reported on IRS Form 1099-INT.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Their cooperative checking account doesn’t have a monthly fee as long as you have an average monthly balance of at least $100. I’m unsure if there is any early account termination fee as I was unable to find the fee schedule.
Our Verdict
They offer another bonus of across all branches for military/former military members. Would be good to get some clarity on the money market account, obviously a fantastic deal if there are no requirements. If it requires a deposit of $25,000 then it’s significantly less-good. For now we won’t be adding this to the list of the best highly location restrictive bonuses.
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