Deal has expired and is no longer being offered. View the best current checking bonuses by clicking here.
Originally posted 07/23/17. Update 08/05/18: Offer is back, this time for $200 and this time available online. (Thanks to reader TT)
Offer at a glance
- Maximum bonus amount:
$100$200 - Availability:
In branch only, all branches are in CT[Branch locator] “Must reside in Fairfield or New Haven counties in Connecticut” - Direct deposit required: Yes, no minimum specified
- Additional requirements: Five debit card transactions
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Yes, Visa/MC/Discover(unknown limit)
- Monthly fees: One
- Early account termination fee: Unknown
- Household limit: One
- Expiration date:
August 31st, 2017Unknown
The Offer
- Open a new free smart checking account with BankWell and get a bonus of $100 when you complete the following requirements within 90 days of account opening:
- Set up a recurring direct deposit
- Complete 5 debit card transactions (no longer required?)
The Fine Print
- Smart Checking is free of monthly maintenance charges
- To qualify for $100 cash bonus, customers must open a Smart Checking account before 8/31/17 (which is subject to approval), set up a recurring direct deposit and perform 5 debit card transactions that post and clear within a monthly statement cycle. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
- You have 90 days to complete the requirements and earn the bonus.
- Once you have completed the checking requirements, we’ll deposit the $100 bonus into your new account within 120 days of account opening.
- A minimum of $100 is required to open the Smart Checking account. Offer effective 6/21/17 and may be withdrawn at any time.
- Offer good for personal accounts only and limited to customers who do not currently have a Bankwell checking account.
- Limit one cash bonus per address. Bonuses are 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
I wasn’t able to find the fee schedule so I’m unsure if there is any early account termination fee or not. There is no monthly fee to worry about.
Our Verdict
They offered a $150 checking bonus in the past with no direct deposit requirement, but it was difficult to keep the account fee free. This is a smaller bonus but easier to keep the account fee free. If anybody signs up, please share your datapoints in the comments below. We won’t add it to the best checking bonuses until we know more.
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
I think this one is dead
Can you close the account online?
DP: Just got 2nd part of bonus…weird that the 2 part bonus was split over 2 month period! Did not think I was going to get second part! (o:
8/7/18 open acct. $100 deposit
8/20/18 $100 push fm. Discover
8/27/18 $100 push fm. Chase
9/4/18 $110 push fm. Chase
9/5/18 $100 int. adj. (bonus)
9/16/18 $100 push fm. Cap 1
9/17/18 $100 push fm. Discover
10/2/18 $35 push fm. Discover
10/2/18 $100 push fm. Chase
10/30/18 $100 push fm. Chase
10/30/18 $30 push fm. Cap !
11/4.18 $100 int. adj. (bonus)
I posted a legit DD today, I’m still in 120 days so i should get it in dec.
Just got off the phone w/ them- apparently the “second electronic transaction” is a direct deposit in the second statement period… my 2nd payroll deposit posting on 8/31 screwed me over. As a side note, they seem to have wised up to fake DDs- my schwab brokerage DID NOT count for the month of october strangely enough..
My Schwab brokerage did not count for October either. Guess I’ll set up a legit payroll DD.
my legit dd triggered it, now to try to close
Did you end up closing account? Any ETF?
haven’t gotten around to it, seems to need a phone call
Got the 2nd $100 today. Opened on 8/5.
When did you post the second DD? I posted both DDs in Aug and haven’t been credited. They were both legit so I’m considering phoning them.
Can you post the timelines of your DDs? Did you continue the DD’s through September?
8/5 – Opened Account
9/5 – Bonus 1 posted for $100
10/4 – Bonus 2 posted for $100
All throughout I had employer DD happening every two weeks until I got the bonus.
Thanks – i think i misread the terms to mean only 2 DDs were needed, not ongoing
“When you have completed the second electronic transaction requirement, an additional bonus of $100 will be deposited into your account in the following statement cycle. “
Yep it wasn’t very clear to me so I kept it going to be sure
Did you ever receive the second bonus? I only posted 2 and never did. Gotta love unclear terms.
Nope I didn’t receive the 2nd bonus. I thought you just needed 2 DDs total, and they would post the bonuses on separate statements. I just started my DDs again (still within the 120 days) but not hopeful.
Sounds like it could be churnable? It says “Offer good for personal accounts only and limited to customers who do not currently have a Bankwell Smart Checking account ”
Full terms below:
“*Offer effective 5/14/18 and may be withdrawn at any time. To qualify for up to $200 cash bonus, customers must open a Smart Checking account, a minimum of $100 is required to open a Smart Checking account (which is subject to approval) and set up recurring direct deposit. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Once completed, we’ll deposit the first $100 bonus into your new account within the following statement cycle. When you have completed the second electronic transaction requirement, an additional bonus of $100 will be deposited into your account in the following statement cycle. You have 120 days to complete the requirements and earn the bonus. Offer good for personal accounts only and limited to customers who do not currently have a Bankwell Smart Checking account. Limit one cash bonus per address. Fees may reduce earnings. Bonuses are considered interest and will be reported on IRS Form 1099-INT.”
Opened from Hartford County, Funded with IHG Premier – $1500 – coded as purchase.
DP:
Chase counts as DD.
8/7/18 open acct. $100 deposit
8/20/18 $100 push fm. Discover
8/27/18 $100 push fm. Chase
9/4/18 $110 push fm. Chase
9/5/18 $100 int. adj. (bonus)
I don’t think it was the Discover push that triggered bonus…showed as
P2P with my name.
The Chase showed as
JP Morgan Chase Ext Trnsfr
Wi
thank you super helpful
Never got the second part of this bonus although I used the same various ACH transfers for the past 2 months…
)o:
Did you try any other methods? Cuz nothing posted for me yet 🙁
09/29 – opened in branch
10/02 – $100 Santander ACH push, coded as payment
10/04 – $100 WF ACH push, coded as WF IFI DDA TO DDA
10/05 – $100 Chase ACH push, coded as Ext Transfer
10/09 – $100 Discover Savings ACH push, coded as P2P
Schwab brokerage coded for DD
What did it code as? Did two $25 transfer from Schwab coding as “Schwab Bank P2P ****** WEB”. This was a push from Schwab investor checking, not brokerage acct.
It coded as schwab moneylink.
8/7/18 open acct. $100 deposit
8/20/18 $100 push fm. Discover
8/27/18 $100 push fm. Chase
9/4/18 $110 push fm. Chase
9/5/18 $100 int. adj. (bonus)
I don’t think it was the Discover push that triggerd bonus…showed as
P2P with my name.
The Chase showed as
JP Morgan Chase Ext Trnsfr
Will try same next month for ‘part 2’ of bonus.
(o:
8/6 – Opened Acct, $2,000 CC Funding failed (not attempted)
8/16 – Legit DD ($100)
8/30 – Legit DD ($100)
9/4 – First Statement Cut
9/4 – $100 Showing – “Interest Adjustment”
Terms say the second $100 will be deposited in the next statement cycle, so I’ll check back in in October. So far, easy bonus.
Anybody who has gotten a bonus from this bank know if there is a minimum on the DD requirements?
None specified in details.
I did $100 for DD and got the bonus.
Thanks for the DP TG! (o:
DP
I opened and funded (ACH) account from out of state (NY).
Could not access online banking. Called CS and they said I had to go into
branch and have them manually change the state on my original on-line application from CT to NY. I went into a branch today (only 20 minute drive from where I live) and they took care of it in 10 minutes. So, they don’t seem to mind if you are from out of state but it is a shame they can’t take care of through SM or through a CS rep over the phone. Will try a couple of ACH pushes before having to do a true work DD. Post when I know what works! (o:
Applied online, with CC funding in the thousands coded as purchase and no ChexSystem hit. About everything you could want really. I went to the (very nice) Norwalk branch today in Fairfield county to withdraw and saw a sign they use EarlyWarning systems. Explains why Chex was never used instead.
Update! Had to secure email in order to get a direct deposit form since they don’t provide a routing number. Was provided same-day.
Each branch has a different routing number so it was a bit hard to pinpoint which was mine since I applied online.
Went through for me in Hartford County.
How do we know we have to fulfill 5 debit transactions? I do not see it in the terms? or are we relying on the old terms?
Applied 8/6 and funded $2k with Discover Miles. Account auto approved and account number provided.
As of 8/7 no charge pending on either Discover or in the account.
I just called. Maximum is $1500. I tried funding $3900 and they didn’t even try. No pending on my Chase card.They advised me to just open another account and try funding that way. Although it really stinks to take another Chex hit.
Citi Double Cash posted as purchase for $200, approved in hartford county CT.
C1 Savor posted as purchase for 1k, approved in New Haven, CT
Funded $2k with Citi AA Biz, account auto approved. I’ll update once charges post.
Are you from CT?
Yes, Hartford County – not the Fairfield or New Haven county mentioned above.
Did the funds automatically appear in your account and did you see the charge on your credit card right away? I confirmed that they have no credit card funding limit at all-essentially unlimiited. Yet I tried to fund $3800 with my Chase Ritz and was told there was an error. They didn’t try charging my card and Chase has no record of the call.
Nope, never saw a charge pending on my card or money in the acct. Looks like you commented later of a $1500 max so that’s probably why.
I later tried a $1500 fund and it didn’t go through either. The bank said they were having an issue with the people who process the credit cards. I don’t believe it. Now I took two chex hits for nothing.
I put an application through for Hartford County CT, lets see if it works.
Just got EXPLICIT confirmation that anywhere in CT is totally fine.
Since this is online, has anyone not in CT tried to open an account?
I am giving this a try from NY. They ask what county in Ct. you are from and I put “other”. Automatically puts the state Connecticut in when you fill out your address. I just went ahead with further personel information correctly. Gave my bank account for funding. They gave me an account number. Will let the board know how this goes.
Thanks! Hopefully it goes through
Following as I’d like to jump on this as well from CA if this works.
More importantly they allow you to sign up for an account even if you’re in a different part of the state. Thanks DoC!
Funded $200 with Discover IT. Coded as a purchase. Account approved instantly.
Not chex sensitive. I’m 17/24 on Chex and had no problems.
FINE PRINT seems different from above. $200 two-step bonus, no debit card needed, etc.
*Offer effective 5/14/18 and may be withdrawn at any time. To qualify for up to $200 cash bonus, customers must open a Smart Checking account, a minimum of $100 is required to open a Smart Checking account (which is subject to approval) and set up recurring direct deposit. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Once completed, we’ll deposit the first $100 bonus into your new account within the following statement cycle. When you have completed the second electronic transaction requirement, an additional bonus of $100 will be deposited into your account in the following statement cycle. You have 120 days to complete the requirements and earn the bonus. Offer good for personal accounts only and limited to customers who do not currently have a Bankwell Smart Checking account. Limit one cash bonus per address. Fees may reduce earnings. Bonuses are considered interest and will be reported on IRS Form 1099-INT.
**Smart Checking is free of monthly maintenance charges.
Any idea what is the requirement for the second $100? Second electronic transaction seems vague
I presume two direct deposits.
Reader TT tells us that you can fund with Visa, MC, or Discover. They funded $100, but limit might be higher.
Reader also says it was a soft pull.
Chuck,
Maximum is $1500 for CC funding. I just confirmed with a manager.