Deal has expired again, view the best current checking bonuses by clicking here.
Update 5/4/19: Deal is back and valid May 31st, 2019. Hat tip to reader IS250
Update 10/27/18: Offer extended until November 30th, 2018. Hat tip to reader XenaWP
Offer at a glance
- Maximum bonus amount: $300
- Availability: NY & MA
- Direct deposit required: Yes, amount required varies
- Additional requirements: Use promo code
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $10-$35, avoidable
- Early account termination fee: Six months, bonus forfeit
- Household limit: None listed
- Expiration date:
October 26, 2018 November 30th, 2018May 31st, 2019
Contents
The Offer
- People’s United Bank is offering a bonus of up to $300 when you open a new checking account. There are three different bonuses:
- Receive a $100 bonus when you open a new Plus Checking account with the promo code FALL100 and receive direct deposits of $500 or more at least monthly for 90 continuous days
- Receive a $200 bonus when you open a new Advantage Plus Checking account with the promo code FALL200 and receive direct deposits of $1,000 or more at least monthly for 90 continuous days
- Receive a $300 bonus when you open a new Premier Advantage Checking account with the promo code FALL300 and receive direct deposits of $1,500 or more at least monthly for 90 continuous days
The Fine Print
- This offer is only available for new accounts opened in a People’s United Bank location in New York and Massachusetts.
- To receive this offer, you must mention a promo code (specific to the checking account you are opening) when you open your new Plus Checking, Advantage Checking, Advantage Plus Checking or Premier Advantage Checking account held individually or jointly between 9/7/18 and 10/26/18 with a $25 minimum opening deposit. Student Checking, ePlus Checking, Interest Plus Checking and HSA accounts are not eligible.
- This offer is not available to existing People’s United Bank personal checking account customers.
- It is for new personal checking customers only, which means any account owner cannot currently have a People’s United personal checking account or have had a People’s United personal checking account within the last 180 days.
- If this offer is not withdrawn sooner, it will expire on 10/26/18. Other restrictions may apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Plus Checking ($100 Bonus)
This account has a $12 monthly service fee ($10 with eStatements). Fee is waived if you complete any of the following:
- $1,000 Minimum Daily Balance
- Direct Deposit of paycheck or government benefit
- Over age 65
Advantage Plus Checking ($200 Bonus)
This account has a $25 monthly service fee. when you maintain a Combined Average Balance of $7,500 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle
Premier Advantage Checking ($300 Bonus)
his account has a $30 monthly service fee. when you maintain a Combined Average Balance of $75,000 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle
Early Account Termination Fee
If the account is closed within 6 months of opening they will deduct the bonus at closing.
Our Verdict
I don’t think the $300 bonus is worth considering due to the $75,000 required to keep fee free. For the $200 bonus you’re locking up $7,500 for an extra $100 bonus, keep in mind the account needs to be kept open for six months. If you put that $7,500 into a 2% account you’d end up earning $75 so that might be worth considering (keep in mind the $100 bonus also requires $1,000 to keep fee free or direct deposit so the opportunity cost is actually even lower). Previously they have offered a $100 bonus but that required opening in branch. Looks like this one can be opened online. I’ll be adding this to our list of the best checking bonuses.
Big thanks to reader, g.u.r.u who let us know. Learn how to find bonuses and contribute to the site here.
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
