[MA & CT only] PeoplesBank (Bankatpeoples) $300 Checking Bonus

Update 3/30/24: Deal is back and valid until 5/5/24. Requires a direct deposit now so not worth considering. Hat tip to reader ShawntheShawn

Update 11/4/23: Good through 11/8/23.

Update 8/7/23: Deal is back and valid until 9/13/2023.

Update 10/8/22: Deal is back and valid until 10/21/2022. Has also been increased to $350 from $250.

Offer at a glance

• Maximum bonus amount: $250
• Availability: Offer available only to residents of Hampden/Hampshire/Franklin counties in Massachusetts and Hartford county in Connecticut
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: $500 per application
• Monthly fees: None
• Early account termination fee: 90 days, $15
• Household limit: One
• Expiration date: September 30th, 2020 10/21/2022

The Offer

Direct link to offer

• PeoplesBank is offering a checking bonus of $300 when you open a new PeoplesBank checking account using promo code Simple300 and complete the following requirements:
  • Have a minimum of $1,500 in direct deposits within 60 days of the account open dat
• Get an additional $150 with a $10,000 minimum daily balance or $300 with a $25,000 minimum daily balance (must remain for 90 days).

 

 

The Fine Print

• Customers who have received promotional payouts previously are not eligible. Cannot be combined with any other offer. Offer available in Hampden/Hampshire/Franklin counties of Massachusetts and Hartford/Tolland counties in Connecticut.
• Minimum opening deposit of $10 required. The Free Checking account must be opened online at bankatpeoples.com/checking250 with the promotion code of Get250 by 9/30/2020.
• To qualify for the offer you must perform 30 point of sale (POS) debit card transactions and have a minimum of $2,000 in aggregate of mobile deposits and/or direct deposits to the new account within 60 days from the account open date.
• Although not all debit card POS transactions appear in your account immediately or may appear as ‘pending’ due to merchant processing times, these transactions will count toward the total POS debit card transactions.
• Qualifying direct deposits are electronic deposits (such as salary, pension, Government Benefits or other monthly ACH deposits) made into your PeoplesBank Free checking account from third parties.
• If you meet the criteria you will receive $250 in your account within four (4) weeks from meeting the criteria.
• Customers who have had an open PeoplesBank checking account within 12 months of new account opening are not eligible for the offer.
• PeoplesBank associates are not eligible.
• Personal accounts only.
• Limit of one promotional account per household.
• Cannot be combined with any other offer.
• Offer available only to residents of Hampden/Hampshire/Franklin counties in Massachusetts and Hartford county in Connecticut. Offer subject to change without notice.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The free checking account has no monthly fees to worry about

Early Account Termination Fee

According to comments on previous bonuses there is an  early account termination fee of $15 if the account is closed within 90 days.

Our Verdict

Previous bonus was $400. Might be better to wait for that offer to return, but before that bonus the best bonus was $300 with a direct deposit. We will add this to our best bank bonus page even though we’ve seen that bigger bonus in the past.

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
• Bank Bonus Posting Times