Update 1/21/24: Extended to December 31, 2024
Update 6/21/23: Extended until December 31, 2023.
Update 1/15/23: Extended until June 30, 2023.
Update 1/5/22: Extended until 12/31/22.
Update 1/3/21: Deal is back and valid until 12/31/21.
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
Contents
The 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
- two bill payments OR five debit card purchases
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
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
Post history:
- Update 4/19/20: Deal is back and valid until 12/31/20. Hat tip to reader EW
Extended to December 31, 2024. In addition to the $1000 total direct deposits, the offer requires two bill payments OR five debit card purchases.
This is very Chex-sensitive. I applied online and received a rejection email the next day. I then went to the local branch in Boston and was denied again with a print-out “Notice of Action Taken” saying that I could contact ChexSystems for a detailed reason. I had 4 recent inquiries on my Ches report over the last year.
6/16 account open
7/19 2 cap1 360 transfers of 500+
7/24 2 bill pays
7/25 5 amazon reloads
7/26 2 chase transfers of 500+
9/29 $250 payout with desc “DEPOSIT TLR xxx BR xx”
I am going to keep the account open for a few months then close.
Extended again. Offer expires December 31, 2023 now
I noticed that your List of Methods Banks count as Direct Deposits do not have any data points for Dedham Savings Bank. I just got this $250 bonus using 2 $501.00 pushes from my Chase personal checking account.
ChexSystems sensitive…
Applied in branch, was told – “we’re a small bank and don’t like when people open many accounts like you”
🙂
Had ~6 openings within last 12 months per Chex, in reality had more but weren’t showing on the version of Chex I obtained.
Broken link
Extended for another year, 12/31/2021, on the end of the page when click the “See Our Switch Kit” button.
(The first landing page has not changed.)
Another year again, to 12/31/2022 now ~
Anyone in Boston proper able to do this one? also wondering if it can be opened online given the circumstances..
Just called; it cannot. 🙁 You can’t open accounts online at all I think they said, and it can’t be done over the phone either (just for the bonus I think) because you have to fill out certain paperwork. Either do drive-up or call to make an in-person appointment they said.