Posted by William Charles on August 10, 2019
Bank Account Bonuses

Published on August 10th, 2019 | by William Charles

7

[MA only] Dedham Savings Bank $250 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Must live near a branch. Branches are located in Dedham, Westwood, Needham, Walpole, Norwood, and Sharon in Massachusetts. [Locations here]
  • Direct deposit required: Yes, two direct deposits totaling $1,000 or more
  • Additional requirements: 5 debit card transactions, two online bill pays
  • Hard/soft pull: Soft
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: December 31st, 2019

The Offer

Direct link to offer

  • Dedham Savings Bank is offering a bonus of $250 when you open a new checking account and complete the following requirements within 60 days of account opening:
    • Receive at least two direct deposits totaling $1,000 or more
    • Pay at least two bills with Online Bill Pay
    • Make five purchases with dedham savings debit card

The Fine Print

  • Bonus valid for customers who do not have an existing or prior personal Checking account at Dedham Savings.
  • To receive $250 bonus, open any personal Checking account with funds not currently on deposit.
  • Within 60 days of account opening, receive at least two direct deposits to Checking account, totaling $1,000 or more (a direct deposit is a recurring deposit of a paycheck, pension, Social Security or other regular monthly income, electronically deposited by an employer or outside agency into your account).
  • Within 60 days of account opening, pay at least two bills with Online Bill Pay or make five purchases with Dedham Savings Debit Card.
  • $250 bonus will be deposited to Checking account within 90 days after qualifications are met and will be reported to the IRS for tax purposes.
  • One offer per customer.
  • Offer expires December 31, 2019.
  • No minimum balance required to earn bonus. Account must be opened in person at any Dedham Savings location.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account doesn’t have any monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Previous best bonus from Dedham savings was $100, so this is an extra $150 with very similar requirements. I do think this bonus is worth doing if you live near a branch and because of that I will be adding this to our best bank account bonuses.

Hat tip to reader fengmd

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binaryinfo
binaryinfo

Must live near a branch? Couldn’t find the wording in the offer page?

Chase-ing UR points
Chase-ing UR points

There’s also a 5% APY “Start Up Savings Account” on up to $1,000 guaranteed through 12/31 (the only requirements are that it has to be new money to the bank and enrolling in online statements within 30 days). I tried opening the account last summer for the $100 bonus and they were unable to verify my license and said I’d have to come into a branch to open. Unfortunately, this time around it has to be opened in branch. I didn’t see anywhere in the terms stating MA only, but I could’ve missed it. The website shows online accounts can only be opened for MA and RI residents, so it might be worth asking about if you live in Rhode Island. Also, there’s a branch in South Boston so it might be worthwhile for those around or north of Boston

brandon
brandon

Can you provide data point as what will count as direct deposit?

Gerald prosciutto
Gerald prosciutto

Last time I tried this neither ally or capital one 360 worked

REz
REz

I recently applied online (I live in Wilmington, MA). At the end of application a message told me it’s pending and I will be contacted, etc. Almost a week later I was called and told that I am not qualified to apply because I am not in the geography area!!

REz
REz

Sorry This comment was intended for East Hampton Savings Bank! I am going to apply to this in person.

NH4NO3
NH4NO3

First,
ChexSystems sensitive.

3/6 mo., 8/9 mo., 8/12 mo., 9/24 mo., including a Century Bank checking account opened about 30-minutes before (https://www.doctorofcredit.com/ma-only-century-bank-250-checking-bonus/#comment-822708). Denied in the Boston office with a printed-out “Notice of Action Taken” said I could contact ChexSystems for detailed reason.

One more IMPORTANT thing,
Your must show the landing webpage on phone to the banker to get the $250 bonus, or only $150 instead.

I showed them the webpage as I began to talk with them. They then gave me a piece of paper of fine print for easier reading which contained a sentence of “-Received a POST CARD- *if no postcard, use the offer $150 still valid to December 31, 2019”. When I asked what a post card was, they said because I showed them the webpage first so they just gave me the paper and that could be considered as the “post card”.

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