Offer at a glance
- Maximum bonus amount: $100
- Availability: CT only, have to open in branch. Check out offer link for bank locations.
- Direct deposit required: No
- Additional requirements: Keep $7,500 invested for twelve months across two accounts
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None (need to keep account open for 12 moths)
- Expiration date: March 31st, 2016
The Offer
- Receive a sign up bonus of $100 when you open a free checking account and personal MAX Money Market Account with Darien Rowayton Bank and complete the following requirements:
- Open a MAX Money Market Account with a minimum of $5,000
- Keep at least $5,000 in that account for twelve months
- Open a free checking account with a minimum of $5,000
- Keep at least $2,500 in that account for twelve months
- Open a MAX Money Market Account with a minimum of $5,000
The Fine Print
- Limit one $100 bonus per customer
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
These accounts don’t have monthly fees, you need to keep them open for twelve months so I doubt you’d be charged a monthly fee.
Our Verdict
The free checking account doesn’t earn any interest and the Max Money Market account has a 0.4% APY on balances under $24,999 (maximum APY of 0.9% so not worth putting more into the account as it’s easy to get at least 1% APY). This is really a savings account bonus, let’s see if it makes any sense or not.
If you we compare it to a 1% APY account you’d be losing $25 in interest on the checking account $40 on the Money Market Account. If you put it in a 5% APY account you’d be losing even more. I don’t think bank account bonuses are worth it unless you’re making more than $100 before taxes, this deal is basically $35 before taxes, so definitely not worth it.
Useful posts regarding bank bonuses:
- PSA: Don’t Call The Bank
- Introduction To 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?
