Posted by William Charles on March 8, 2016
Bank Account Bonuses

Published on March 8th, 2016 | by William Charles

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[CT only] Charter Oak $100 Annual Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100 
  • Availability: CT only
  • Direct deposit required: Optional, direct deposit of $1,500 or more or 4 unique bill payments
  • Additional requirements: Maintain a deposit or loan balance of $20,000 or more
  • Hard/soft pull: Unknown
  • Credit card funding: Unknown
  • Monthly fees:
  • Early account termination fee: Have to keep account open for at least one year
  • Expiration date: None listed

The Offer

Direct link to offer

  • Receive a bonus of $100 annually when you meet the monthly criteria for “Gold Rewards” for 12 months beginning in January of each year. The criteria are as follows:
    • Maintain a checking account
    • Maintain either a Direct Deposit of $1500 or more within the month, or have BillPay with a minimum of 4 unique payments posted within the month
    • Have a minimum combined deposit and loan balance of $20,000 or more

charter oak

The Fine Print

  • In addition to the benefits listed above, each year a Special Bonus will be paid to “Gold Rewards” Members who meet the monthly criteria for “Gold Rewards” for 12 months beginning in January of each year
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account has no monthly fees and you need to keep it open at least a year to get the full bonus, so I doubt any early account termination fee will be charged.

Our Verdict

I like on going bonuses, but the $20,000 requirement is an absolute killer (as well as the on going monthly requirements). They do have an account that earns an APY of 3% on accounts up to $10,000, but you’d still need to have $10,000 in funds earning basically no interest. Because of that I can’t recommend this bonus (even if that was parked in a 1% account you’d be earning $100 a year). Only way this bonus would make sense is if you already had a loan with Charter Oak or you can fund a massive amount with a credit card.

Please feel free to share your experiences with this bank in the comments below. Also check out our recommended bank bonuses here.

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