Posted by William Charles on April 21, 2019
Deals

Published on April 21st, 2019 | by William Charles

25

[Expired] [MA only] Clinton Savings Bank $300 Checking Bonus

Deal is no longer being offered, view the best current checking bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: MA only
  • Direct deposit required: Yes, recurring direct deposit of $1,000+ per month
  • Additional requirements: eStatements
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes, does pull
  • Credit card funding:  Up to $1,000 (first page of application mentions debit & credit card as a funding option, so should be possible).
  • Monthly fees: $5, avoidable
  • Early account termination fee: Bonus forfeit, six months
  • Household limit: None
  • Expiration date: July 31st, 2019

The Offer

Direct link to offer

  • Clinton Savings Bank is offering a bonus of $300 when you open a new checking account and complete the following requirements:
    • Use promo code 300
    • Have a recurring direct deposit of a minimum  $1,000 per month within 45 days of account opening (this needs to continue until the bonus posts)
    • Enroll and accept eStatements

The Fine Print

  • This offer is valid from March 31, 2019 to July 31, 2019 and applies to the Basic Checking account only opened with either the “300” promotion code entered online or with this mailer presented at any branch location.
  • The $300 bonus offer applies to consumers who do not have an existing CSB consumer checking account relationship, or have not had a consumer checking account in the last six months.
  • To receive the $300 checking bonus: 1) Open a Basic Checking account with a minimum of $10.00, which is subject to approval; 2) Have your recurring direct deposit of a minimum of $1,000 per month made to the account and each month thereafter starting within 45 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension, or government benefits (such as Social Security) from your employer or the government. 3.) Enroll and accept in e-statements within 30 days of account opening.
  • After you have completed all the above requirements Clinton Savings Bank will deposit the $300 into your new Basic Checking account no later than 90 business days from account opening.
  • Account must remain in open, active, in good standing, and in the same product type through the qualifying period to receive the bonus.
  • Offer cannot be combined with any other offers and is limited to one bonus per customer. $300 bonus will generate a 1099-INT.
  • Offer is limited and may be withdrawn at any time.
  • A monthly maintenance service charge of $5.00 will be assessed against your Basic Checking account
  • . This service charge is waived if you maintain a recurring monthly direct deposit into this account or if the balance is $100 or more every day of the monthly statement cycle. CSB employees are excluded from this offer.
  • Account closing: If the Basic checking account is closed by the customer or CSB within six months after opening, we will deduct the bonus amount for that account at closing.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The basic checking account has a $5 monthly fee. This is waived if you have a minimum balance of $100 daily or if you have a recurring monthly direct deposit

Early Account Termination Fee

If the account is closed within six months the bonus is forfeit and a $25 fee is charged

Our Verdict

Previously they have offered a bonus of $200, that deal was a little easier to meet the requirements for but I do think this $300 deal is much better as it’s an extra $100. I do think this bonus is worth doing, because of that I’ll add it to our list of the best checking bonuses.

Useful posts regarding bank bonuses:



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Mark
Mark

According to the terms, it seems that a $1k DD is required in each of the six months the account is open. Or am I misunderstanding the phrase “each month thereafter…”?

Dan
Dan

I think you need to continue direct deposit until bonus is received or 90 days, whichever comes first.

“After you have completed all the above requirements Clinton Savings Bank will deposit the $300 into your new Basic Checking account no later than 90 business days from account opening.”

If you want to keep the bonus you need to keep account open for at least 6 months. If you want to waive the monthly fee in months 4-6, you’ll need to have a direct deposit post each statement period or keep a min daily balance of $100.

So strictly speaking you only need to have DD for at most 90 days. Or less if the bonus posts sooner than that.

Edit: 90 *business days*, which is more like 4 months

Mark
Mark

Sounds reasonable. I just opened the account (I am a Mass. resident). I needed to temporarily lift my Equifax freeze. Not sure if the bank is accessing ChexSytems as I am LOL/24 there.

Also, I believe I may have tried to open an account when the bonus was $200, but was denied. I do not recall there being a box asking me to authorize access to Equifax when I previously applied, so maybe that’s new?

I have an account number, but let’s see what happens on the next business day.

Dan
Dan

Does that mean it’s a HP? Or does a freeze prevent soft pulls too?

Mark
Mark

As of today, no hard pull on Equifax. There was a check-box asking to approve access to Equifax prior to completing the application; I unfroze Equifax and then went back to complete the account application.

Dan
Dan

Got it, thanks for the info

Dan
Dan

One other nuance concerning DD req:

“Have your recurring direct deposit of a minimum of $1,000 per month made to the account and each month thereafter **starting within 45 days** of account opening.”

So you don’t need a DD in month 1 of 6 either. Two things to keep in mind in this scenario:
– Keep $100 in the account during month 1 to waive the fee
– Your first DD will be made within 45 days of opening, not 45 business days.

You can safely evacuate the $100 once you start DD (once the statement period containing your first DD begins, more accurately). I would leave a penny to maintain a positive balance.

Dan
Dan

If you stop making DD after the bonus posts, make sure to replace the $100 for the remainder of the 6 months since opening. (And beyond, until you actually close the account.)

Although it doesn’t seem to be required per the terms, I’d recommend continuing the $1k monthly DD until 6 month period ends. If DD stops before then, especially if you’ve absconded with the $300 bonus, the bank could exercise its right to close your account before the qualifying period ends. In which case you would owe the money back.

JuicyJosh
JuicyJosh

They do pull chex. My account was not denied for chex surprisingly. They funded in my cc but later closed the account for opening out of target area. Mailed me a bank check to refund balance.

Sa
Sa

There does not seem to be any requirement for a basic savings for the bonus.

Chase-ing UR points
Chase-ing UR points

I had to file a CFPB complaint to get my account closed after last year’s $200 bonus. I zero’ed out my account and messaged to close multiple times and called. They charged the monthly fee giving a negative balance on the account. Tried to get them again to close which never happened and they charged $4.95 for bill-pay making a larger negative balance. Kind of stupid to charge for bill pay with the number of banks offering it free. I only set up bill pay because they charge $3 to ACH to an external bank. They also mailed a letter demanding I pay the fees to get the balance back to $0 or they’d continue to overdraft and potentially report me to a collection agency. Eventually, CFPB got FDIC involved before CFPB was able to have the bank waive these fees as a “courtesy” and close the account

JuicyJosh
JuicyJosh

Use a hub account to do all your ACHs from. No more depending on bonus banks with their stupid rules and fees for everything.

Dan
Dan

Crackhead from Chappelle show- you forgot to mention the stupid bonus money

Chase-ing UR points
Chase-ing UR points

Thanks, appreciate the suggestion

Dan
Dan

How would a hub account have helped him. Withdrawing his funds while the account was still active is what caused this situation. The same stupid rules and fees would have applied whether he used a hub account or smoke signal to move his money, it doesn’t change anything in this case.

JuicyJosh
JuicyJosh

Dan You sound pretty emotionally attached to this bank/issue. Op said “I only set up bill pay because they charge $3 to ACH to an external bank.” My hub, Ally, charges no fees for anything. All of my ACHs are done from here so bonus bank’s transfer fees, limitations, awful UI, etc dont apply. Sure there is a learning experience here and that is probably dont do anything other than what is required to get a bonus. Account closed. Next!

Dan
Dan

Are we talking billpay or transfers to your external bank accounts. Two different things. It sounds like he was trying to use billpay to send himself money, since the bank charges for outgoing transfers to your other accounts. He said the billpay fee hit later on, after he had been trying for some time to get them to close the account without paying the monthly fee first. Which shouldn’t have been an issue in the first place.

Dan
Dan

Well that’s one way to do it. Textbook case of how NOT to close a bank account.

There’s a min daily balance req… if you hadn’t jumped the gun on draining the account it would have been easy. When you’re in the closure process don’t do anything that might trigger a fee, duh! You didn’t even bother to cancel payments you had scheduled? Lmao. Why would you even put yourself in this position?

I regret that they waived your fees. I wouldn’t have. It was a completely unnecessary situation that you created.

Chase-ing UR points
Chase-ing UR points

I didn’t have bill pays scheduled. You only get the first 3 months of bill pay for free and then it’s $4.95 a month. And I’ve closed plenty of accounts where the banks have flat out said to bring the account to zero and then they can close it if you don’t want them mailing you a check. Plus lots of people on here do the exact same thing zero-ing out their account and then asking for it to be closed, so guess we all jump the gun sometimes

Dan
Dan

Absolutely, but you empty it with their go ahead. You coordinate with them and ask for instructions if appropriate. You don’t just drain your account and tell them you’re peacing out, especially not if there’s a fee for failing to keep $100 in the account.

Mark
Mark

Can one opt-out of bill pay after the first three months and not incur a fee or are you charged only if you use bill pay after the first three months? I will ask the bank once the account is up and running.

I just opened this account and then read their fee schedule which, for Basic Checking, is a bit of nickel-and-dimeing for transfers.

I guess I will close the account in person after six months as their branches are on my regular back-country rides.

Ben
Ben

DP: used CITI double cash credit card to fund $1000, coded as purchases.

thecontes

seems to be dead; the promotions page just redirects back to the main page now

s
s

Hey all,

Pretty sure Cap One 360 worked for this last year. I have it all set up, will report if successful in a few months.

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