Update: Offer has now expired, but the $250 bonus is still going.
Important Update: You can no longer stack the referral bonuses and the regular bonus!
We’re reposting again because Ivy Jiang who is a banker at Webster Bank has offered to help readers with set up and any questions they might have. You can contact Ivy the following ways:
Offer at a glance
- Maximum bonus amount: $600
- Availability:Â Valid for branches in the places: Cambridge, Boston, Lexington, Newtown, Needham, Burlington, Brookline, Wellesley, Quincy. [Branch Locator Here]
- Direct deposit required: Optional
- Additional requirements: See below
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: $5-$21.99, all waivable
- Early account termination fee: $15 if closed within 90 days
- Expiration date:Â April 1st, 2016
Contents
The Offer
Personal Offer
- Webster Bank has taken over the Citi branches in Boston and to celebrate they are offering a $350 bonus on their premier checking account and complete the following requirement:
- Set up a direct deposit, OR
- Make 10 debit transactions (using PIN or signature), OR
- Make 5 online bill payments
Business Offer
- Receive a bonus of $350 when you open a Complete Business Checking and one of the following:
- Make 10 debit transactions (using PIN or signature), OR
- Make 5 online bill payments
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- In the fine print it says that the banker must enter the code “Boston-$350” for both the personal and business accounts
- Cannot have had an account open with Webster in the previous 60 days
- Qualifying requirements must be completed before April 29th, 2016
- Direct deposit requiements are limited to payroll, social security, pension & government benefits (Paypal excluded)
Avoiding Fees
Personal
There is a $21.95 monthly maintenance fee  waived with $10,000 in combined average checking, money market and savings balances during your monthly statement period or $50,000 adding CD, home equity and installment loan balances as of the end of your statement period.
Business
This account also has a $21.95 monthly maintenance fee that’s waived if you have a $7,500 monthly average balance.
Our Verdict
Personal Bonus
This is slightly better than the $250 bonus that is available in NY, RI and CT as well and you can open online. Here’s what I’d do if I was completing this bonus:
- Open Premier Checking account
- Add $10,000 in funds to keep account fee free
- Make 10 debit transactions or 5 bill payments
- Wait for bonus to post and 90 day early termination period to pass
- Close account
You could also just eat the $21.95 monthly fee for a few months if you don’t have $10,000 spare, most banks usually waive the fee for the first two months anyway. If you want to go for the lower bonus that’s open to more regions, consider using reader Alex’s referral link found here who let us know about this offer.
Business Bonus
I don’t know of any other business bonus on these accounts, so this is as good as it gets. Here’s what I’d do if I lived in the qualifying area:
- Open Complete Business checking account
- Add $7,500 in funds to keep account fee free
- Make 10 debit transactions or 5 bill payments
- Wait for bonus to post and 90 day early termination period to pass
- Close account
I’ve added these bonuses our best bank bonus page. They will be added to our complete listing of all bank bonuses though. Full offer details and fine print can be found in these two images.
