Offer at a glance
- Maximum bonus amount: $100
- Availability: MA only, seems like account can be opened via phone or in branch [Branch locations]
- Direct deposit required: Yes, $100+ per statement cycle for two statement cycles
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $10, avoidable
- Early account termination fee: $15, 90 days
- Household limit: None listed
- Expiration date: None listed
The Offer
- Mutual Bank is offering a $100 checking bonus when you meet the following requirements for two monthly statement cycles from opening:
- Keep an average monthly balance of $1,500
- Have direct deposits totaling $100 or more post to your account
The Fine Print
- Get $100 when you open a new Bonus Checking ($50 minimum opening deposit) while this offer lasts and keep an average monthly balance of $1,500, plus have direct deposits totaling $100 or more post to your account, for two monthly statement cycles from opening.
- You will receive the $100 Bonus credit to your account within 30 days thereafter.
- To qualify for bonus, you must be the primary account holder and be 18 years of age.
- Offer not available if any account owner already has a Mutual Bank checking account at time of account opening.
- One bonus per customer.
- If multiple accounts are opened with same signer, only one account will be eligible for bonus
- . Bonus will be reported to the IRS. Offer may be withdrawn without notice.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is a $10 monthly fee that is charged if the balance dips below $1,500 during the monthly statement cycle, in addition there is a $4 inactivity fee in any statement cycle if balance dips below $250 and account has had no activity for sixty days or more. According to the fee schedule there is also a $15 early account termination fee if the account is closed within 90 days of account opening.
Our Verdict
Need to know if you can open with a credit card and if it’s a soft or hard pull, it’s also important you don’t get this confused with BankMutual as well. I won’t be adding this to the best checking sign up promotions page 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