Posted by William Charles on October 27, 2018
Bank Account Bonuses

Published on October 27th, 2018 | by William Charles

31

[MA & NY] People’s United Bank $100-$300 Checking Bonus [Extended]

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, 2018

The Offer

Direct link to 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  •  If this offer is not withdrawn sooner, it will expire on 10/26/18.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:



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Thanks for the heads up and post! Doesn’t sound too lucrative though, tying up that much for so long

Does anyone have experience with how many months they waive fees for? If it’s 2 months, this could be worth considering for the $300. Otherwise, if you get hit with $150 in fees (5 months), it might not be worth the effort.

Perhaps we can switch/downgrade to the basic account type after the first three months?

Any CC funding for those that have tried the bonus?

I just applied and there was no option to fund with CC, only checking/savings.

Just called them:
No credit card funding online
No grace period (fee waiving period), must deposit all the money (Average Balance) right away or will be charge the monthly fee.
Lol, maybe rep doesn’t know what he is talking about as usually.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I would wait till October 25th to open. Do legit DD’s as fast as possible. Receive bonus then downgrade and keep open for 6 months to minimize fees.

Just read below that they don’t waive the monthly fee…

Can anyone else confirm?
$300 would be worth doing if they do waive monthly fees for 2 months and the bonus posts soon after you meet the conditions (hopefully not more than 30 days after meeting the 90 day requirement) and allow you to easily downgrade the account.

I just an account with them in branch in NYC. The process was quick and the bankers were very friendly.

This bank bonus can be quite interesting since:
(1) They are offering 2.3% APY on 12-month CD, which is a nice rate
(2) According to the materials I saw in branch, their Plus Account now has no monthly fee at all and refunds all domestic ATM fees, which is actually quite competitive compared to other banks.

This is weird. If you go to their website and look at their checking products, the Plus Checking has no monthly fee. But if you go through the link here, it has a fee. I wonder if it depends on zip code.

what’s your zip code?

11691

bro as all small banks they always hide the fees! and all fees nationwide as I know. please click “Account Guide” and there are fees…

My wife has the Plus account and there are no fees.

IDK maybe she got special promo! Here based on your zip code “$25 monthly service charge waived when you maintain a Combined Average Balance of $7,500 or more in personal deposit ” for Plus account in Far Rockaway, NY

That’s the Advantage Plus checking. Plus checking has no fees.

You are right! I cleared cache, and link here is attached with some specific zip code where they charge the fees. I changed to my zip code, NY zip code (11229) has no fees as well as yours. So as I checked with some other small banks they have similar method based on zip code they may have slight different fees for different accounts. Try this zip code 01002 (MA) and you will see fees. I guess DoC or someone who gave him link here are from the zip code area where they charge the fees. cheers

People’s United has a referral offer that gives the referrer and the referee each a $50 Visa Reward Card. Referee has to do either a $100+ direct deposit OR 10 $25+ debit card purchases within 60 days. Can’t be combined with other offers. Since my wife has an account there, we’re going to do this rather than the much more difficult $100 bonus in the post. Link is http://www.peoples.com/ReferFriends

Any shortcuts on locating your account number to set up faux DD? People’s coy language is “the best way is… look on your statement”, which I of course don’t have, after my account has only been open 1 week. The mobile phone widget is hilariously bare bones and also doesn’t have it.

Seriously, this system is so archaic.

I was logged out and somehow my userID doesn’t work anymore? Now I can’t log back in because I need my account # (which I couldn’t find) and they can’t give it to me over the phone. The nearest branch if over 5 hours away.

Guess I’m closing this one.

** Nevermind. I called in again and they said you have to wait for your signature card in the mail. They mask all account info online.

Will, the fine print disagrees with the bold print. Note the $1500 DD required.

“To qualify for the $300 checking reward, you must 1) Open a Premier Advantage Checking account; 2) Mention promo code FALL300; AND 3) Receive qualifying direct deposits of $1,500 or more at least monthly for 90 continuous days following account opening.”

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Opened this morning, only funding method is transfer from savings or checking account. Min $25. Had to answer identity questions. No spot to fill out promo code, clicked through link so hope it applied.

Were you approved? If so they must not be chex sensitive then right?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Yes I was approved. Correct

Does anyome know what codes as a DD besides bluebird or alliant (as I have neither) and yes I will try to be the dm I wanna see 🙂

Hey Doc, was just looking at and considering this offer. Looks like it has been extended to November 30 per the terms: “If this offer is not withdrawn sooner, it will expire on 11/30/18.“

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