Deal has ended, view more bank account bonuses by clicking here.
Update 3/3/24: Offer is back until April 14
Update 11/17/23: Offer is back and valid until November 30, 2023. Hat tip to reader EN
Update 3/17/23: Deal is back and valid until April 30, 2023. Hat tip to ShawntheShawn
Update 5/17/22: Extended until August 31, 2022.
Update 4/21/22: Extended until 6/30/22 with this link.
Update 2/19/22: Deal is back and good through April 30, 2022. Now available in more states: DC, MD, VA, DE, PA, or WV
Update 10/16/21: Bonus has been increased to $200 and valid until November 15, 2021.
Update 4/22/21: Deal is back and valid until 4/30/21. Hat tip to ShawntheShawn.
Offer at a glance
- Maximum bonus amount: $300
- Availability: DC, MD, VA, DE, PA, or WVÂ only
- Direct deposit required: Yes, $500+
- Additional requirements: eStatements & debit card transactions
- Hard/soft pull: Soft
- ChexSystems: Yes,  according to this comment they are sensitive to too many frequent inquiries. Other datapoints below indicate they are not. This comment says they will deny if you have more than 3 in last 90 days.
- Credit card funding: Up to $1,000, Visa or Mastercard onlyÂ
- Monthly fees: None
- Early account termination fee:Â $25, 180Â days
- Household limit: None
- Expiration date:Â
February 28th, 2017May 31st, 2017 October 31st, 2018 March 31st, 2019April 30th, 2019August 31st, 2019October 31st, 2019April 30, 2021
The Offer
- Open a new checking account with Sandy Spring Bank and receive a bonus of $300 when you complete the following requirements:
- Receive a direct deposit of $500+ within 60 days of account opening. Then continue to receive a monthly direct deposit of at least $500 for 4 months
The Fine Print
- Open any checking account (excluding Student Banking) online or mention the offer when you call our client service center or visit our community offices between September 1, 2018 and October 31, 2018.
- Establish direct deposit of at least $300 within 45 days of account opening from a paycheck, pension, social security or other regular monthly income electronically deposited. Transfers from one account to another or deposits made at the branch or ATM do not qualify as direct deposits. Then continue to receive a monthly direct deposit of at least $300 for 4 months.
- Limited time offer available only to individuals who currently do not have a personal checking account with Sandy Spring Bank or have not had one within the last 90 days.
- Offer subject to change and cancellation without notice and cannot be combined with any other offer.
- Only one bonus per individual.
- Bonus will be deposited within 125 days of account opening, into the checking account meeting the bonus requirements.
- Accounts must be in good standing.
- All applicable taxes are the sole responsibility of the recipient.
Avoiding Fees
The my free banking account has no monthly fee and also no monthly minimums. According to this comment the early account termination fee is $25 if the account is closed within 180 days.
Our Verdict
Previous years it required no direct deposit, or only a direct deposit for one month. This new offer requires it for 5 months. It’s at least better than the $10 monthly bonus they offered earlier in the year. It sucks that this bank is inquiry sensitive, because this is actually a pretty good bonus.I guess if you don’t have too many inquiries on your ChexSystems report then this is worth it, otherwise you’ll most likely be denied. As always please share your datapoints in the comments below. Might add it to our best checking sign up promo page if we can get some more datapoints on how sensitive they are to inquiries.
Big thanks to reader, Curmudgeon & Fork who let us know. Please consider sharing bank bonuses with this site so we can make it even better.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
Post history:
- Update 9/15/19: Deal is back and valid until October 31st, 2019. Now requires a $500 direct deposit instead of $300. Hat tip to reader TK
- Update 7/13/19: Deal is back and valid until August 31st, 2019. Hat tip to Andrea
- Update 2/10/19: Deal is back and valid until March 31st, 2019. Hat tip to reader Gadget.
- Bonus is back for 2018. Hat tip to reader YAR.
4/12 Instant approval, chex pull, Chase Ink Cash $1000 post as sale. Enrolled online. Debit card 7-14 days. Chex 2/3. Applied using link, no promo code.
P1: Went to review/pending. Chex is 2/3, not counting Sandy Spring, inquiries/months.
P2: Instant approved. Chex is 0/3. 🙂
P1: Approved.
Both P1 & P2 received calls from fraud prevention… asking basic questions about the application. P1 had a couple more in-depth questions, like two former addresses. Rep let me get by with listing one.
Applied 3/18/24, approved 3/20/24. I had 2 other Chex inquiries within 90 days, then 3 more in the 90-105 range. $1000 on the Chase Marriott Bonvoy Boundless card coded as purchase.
Can’t get by with OOS. It won’t let me go past the address input:
“Must be a resident of Delaware, District of Columbia, Maryland, Pennsylvania, Virginia or West Virginia”
$1000 on Bank of America cash back credit card worked as purchase.
I have a potentially interesting DP to share. I got my Chex report on 3/17.
P1 (resident alien with SSN):
P2 (resident alien with ITIN):
ATTENTION
I opened a checking account online, and my $500 direct deposit didn’t go through. My employer let me know that the ACH deposit was returned with the error message R23-Credit entry refused by receiver. I called the bank, and after a long wait, I was able to talk to a representative, who told me that my account was frozen and that I need to provide two forms of ID at a branch. The call took me 18 minutes, so I probably waited like 10-15 minutes.
Same, got a voicemail from someone in security regarding recent account application, returned the call and left messages but heard nothing back, meanwhile two billpays got reversed. P2 will be thrilled to learn another trip to a bank will probably be needed, lol…
OTOH, it looks like you can also open a savings account (max 1.5k CC fund) simultaneously for a total of 2.5k CC funding. You can also later open a second checking and savings for another 2.5k, but it’ll cost a second Chex hit (this happens as soon as you submit your PII). There’s a limit of two checking and two savings accounts linked to each debit card.
ETA: still counts as online spend for BoA CCR
Did you open second checking and savings account after you login at your account? Or Did you go from a new link to open second account?
Pretty sure I was logged in and scrolled down to the ‘open another account’ link, but not 100% certain.
Thanks!
One more question:
Did you get second account $300 bonus too?
Haven’t even gotten the first one yet, but based on the terms I wouldn’t expect to get it. The application is still on hold (they save it for 30 days) as I was waiting for the new quarter to start and for the security freeze on the first one to be resolved.
Thanks. I need credit card funding and if can get 2nd bonus which would be great. I know it would not get it. My bonus just post yesterday and I did 4 payroll direct deposits.
Did your 2nd account already opened and 2.5k credit card founding post to your account?
That was for P2 and the application is still on hold, but I don’t see any reason why it wouldn’t open and fund. I signed myself up for the bonus and added the regular savings yesterday, funded 2.5k total, which showed up in the accounts as pending almost right away.
You said you did 4 payroll DD, but were they paid bi-weekly? Or did you spread them across 4 months/statements?
Yes. i got paid bi-weekly and made one payroll DD in each statement cycles and the bonus did not post after 125days then I filed CFPB and shot a security message and got bonus paid after 3 days.
Did your credit card funding post to your account?
yes, all of them have
Thanks. My savings account was declined because ChexSystems.
Wow, that sucks that they are chex sensitive even to current account holders. Just left them some negative survey comments regarding P2’s account hold and reversed billpays, hopefully if we get dinged any fees they will reimburse.
“Unfortunately, your application was declined”.
Chex stats are:
5/1 month.
10/2 months.
13/3 months.
Despite the DPs, I figured it was worth a shot.
Looks like credit card funding is up to $1000 now.
Which card did you use?
Thanks, 1000$ CC funding went through, I am 4/24 Chex
Successful DP;
19/11/23 – Account Opening
22/11/23 – Pushed $600+ from US Bank
20/12/23 – Pushed $500 from US Bank
17/01/24 – Pushed $500 from US Bank
14/02/24 – Pushed $500 from US Bank
pulled the money out of the account days later on each occasion.
06/03/24 – $300 bonus posted from Spot.
This was surprising though since I thought it was supposed to post 125 days after account opening and was expecting it next week.
Will wait until after the EATF period expires
Is that us bank push from personal or business account?
personal
Did it say Moneylink on your pushes from US Bank
No. It says “US Bank Transfer Transfer”
Chex sensitive. I’m lol/24, automatically denied.