[Expired] [CT only] Union Savings Bank $250/$500 Business Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: $250/$500
Availability: You must be a CT resident, or current USB customer, to apply online. If not CT resident, must apply in-branch.
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown, Sensitive when applying online, not sensitive in branch
Credit card funding: None
Monthly fees: Avoidable
Early account termination fee: None listed
Household limit: None listed
Expiration date: November 20, 2021

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
  - 3.1.1 Basic business checking ($250 bonus)
  - 3.1.2 Business relationship checking ($500 bonus)
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

Union Savings Bank is offering a business checking bonus of up to $500. Bonuses are as follows:
- $250 when you open a Basic Business checking account and complete the following requirements:
  - Have a minimum opening deposit of $100
  - Complete 10 or more qualifying electronic transactions
  - Minimum daily balance of $2,500 must be maintained for a 90-day period beginning on the 31st day after account opening
- $500 when you open a Business Relationship or USB Advantage Business checking account and complete the following requirements:
  - Have a minimum opening deposit of $100
  - Complete 10 or more qualifying electronic transactions
  - Minimum daily balance of $25,000 must be maintained for a 90-day period beginning on the 31st day after account opening

The Fine Print

Receive a $250.00 bonus by opening a new Basic Business Checking account, with a minimum opening deposit of $100, and completing 10 or more qualifying electronic transactions. Minimum daily balance of $2,500 must be maintained for a 90-day period beginning on the 31st day after account opening. Qualifying electronic transactions must also occur during this same period.
Receive a $500.00 bonus by opening a new Business Relationship Checking account or a USB Advantage Business Checking account, with a minimum opening deposit of $100, and completing 10 or more qualifying electronic transactions. Minimum daily balance of $25,000 must be maintained for a 90-day period beginning on the 31st day after account opening. Qualifying electronic transactions must also occur during this same period.
Qualifying electronic transactions include debit card purchases, mobile deposits, ACH (credits or debits), wire transfers (debit or credits) and online bill payments.
Offer is valid from September 29, 2021 through November 20, 2021.
In order to be eligible, neither the business nor any of the authorized signers on the account may have an existing USB business checking account.
Limit one bonus per business and authorized signer.
Promotion may be canceled without notice
. Bonus amounts will be credited to checking account between March 1, 2022 and May 1, 2022, depending on the account opening date. Account must be open and in good standing to receive bonus.
The checking bonus is subject to 1099 IRS reporting requirements.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Basic business checking ($250 bonus)

This account has no monthly fee, if a $500 minimum daily balance is maintained.

Business relationship checking ($500 bonus)

This account has no monthly fee, if a $25,000 minimum daily balance is maintained.

Early Account Termination Fee

I wasn’t able to find any mention of an early account termination fee.

Our Verdict

Bonus won’t posted until March or May 2022, so will need to lock up funds for 6+ months. Having the $25,000 in the account that longer compared to the extra $250 bonus works out to be 2% APY. That’s a competitive rate when compared to basic savings account rates, although a lot of people will either not have $25,000 spare or will just prefer the smaller bonus. Will add this to our list of the best business checking bonuses.

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