Posted by William Charles on January 27, 2019
Bank Account Bonuses

Published on January 27th, 2019 | by William Charles

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[MA only] Washington Savings Bank $300 Checking Bonus

Update 1/27/19: Reposting as it’s been confirmed as a soft pull.

Offer at a glance

The Offer

Direct link to offer

  • Washington Savings Bank is offering a bonus of $300 when you open a new checking account and complete the following requirements:
    • Receive qualifying direct deposits totaling $4,000 or more within 90 days

The Fine Print

  • Get $300 Offer is intended for new qualifying direct deposits on a new or existing Cash Rewards Checking or Interest Rewards Checking account.
  • A qualifying direct deposit is a new recurring direct deposit of a paycheck, pension, Social Security, or other eligible regular monthly income electronically deposited by an employer or outside agency.
  • Direct deposits via ATM, online, teller deposits, P2P services like Paypal® or a transfer from a bank or brokerage account do not qualify.
  • Customer will receive a $300 deposit into their account within 30 days from redeeming a “$300 Claim Form”and verification of eligibility.
  • Offer expires June 30, 2019.
  • Washington Savings Bank may change or discontinue this offer at any time before this date without notice.
  • ne $300 offer per customer, per household, per account. A
  • ll services must be activated after 12/01/2018.
  • Offers can not be combined. Member FDIC. Member DIF. All deposits insured in full.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Cash rewards checking account has no monthly fees to worry about.

Early Account Termination Fee

Our Verdict

Pretty good bonus, given that it is a soft pull I do think it’s worth doing if you live in the eligible area. Because of that I’ll be adding this to the best checking bonuses.  If anybody decides to go for this bonus then please share your experiences in the comments below.

Useful posts regarding bank bonuses:



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BL
BL

Does anyone know if it is branch only or possible opening online?

Peek
Peek

It seems to be branch only. I’m planning to try next weekend because it’s the earliest I can get to a branch when it’s open.

SkayDk
SkayDk

You definitely can open in branch, but on a flyers about this promotion which they have in branch it is stated “apply online at ”
I guess only requirement is to send or bring them filled out from to claim the bonus when you meet the requirements (https://www.washingtonsavings.com/documents/$300%20Claim%20Form.pdf)

They also have other small bonuses for new accounts, see my comment below

Peek
Peek

I successfully opened this morning at the Lowell branch. Banker was very nice and did pull Chex but was only looking for derogatory marks as the other poster had stated. I have opened about 17 accounts in the last year.
Only hitch with opening was in my case I had to produce proof of address since my license still had an old address on it, I was able to pull up a utility bill on my phone. Banker only had to see and it didn’t take a copy of it. I have run into this same thing with opening online accounts so I wasn’t surprised. I was provided a prepaid envelope to send back my required form to claim the 300 bonus since I’m about 30 minute drive from the branch. This does seem to be a soft pull, I didn’t get any Credit Karma notifications anyway. Seems like an easy bonus other than having to go to the branch.

SkayDk
SkayDk

applied in branch.
they pull chex. not sensitive, though lady raised a brow at my lol amount of accounts (not so much actually).
Initial deposit only in cash (min $10)
They also has following bonuses for new accounts (info in welcome packet):
$5 for 5 debit transactions in 30 days
$5 for DD in 30 days
$5 for 3 online bill pays in 30 days
$50 for referral with $500 direct deposit

you have to give or mail them forms after completing these requirements (similarly to this promotion)

frugalman
frugalman

Thanks to SkayDk and Peek. I also live in MA and just called the Lowell Branch. I was told that I can open online and mail the form to them. So it saves me some time there. The representative does mention you have to be a MA resident. For the small bonus SkyadDk mentioned, which are not available online, the representative thinks you may receive those documents in the welcome package that is going to mail you once approved.

Update: I am in my online application process. In the online form, I notice it actually says, “Must be a resident of Massachusetts or New Hampshire to apply. Must be at least 18 to apply.”. So maybe it is also open to NH? You had better call first if you live in NH and want to apply

Update 2: Finished my submission now. Didn’t apply many checking accounts in the past, so I should be approved. Notice I actually can fund the checking with a credit card though the cap maximum is only $50. The result is pending and I was told a representative will reach me in 1 business day.

Thanks to all!

Peek
Peek

I never found an online link to apply. Is there a public link? Don’t forget the other $15 in bonus you’ll get if you do BillPay and debit transactions in addition to the direct deposit within 30 days. This was a second form in the packet when I went to the branch (mentioned first by SkayDk). I was going to just mail both forms in at once.

frugalman
frugalman

Peeks, thanks for the info. The link is obvious. Just click to the “compare account” button on the DOC’s linked webpage, which open this page: https://www.washingtonsavings.com/personal/rewards-card-checking/comparison-table.html. Scroll down at the bottom of the table, where you see “Apply Now”. Go from there.

Peek
Peek

So it is, I somehow missed that. Thanks.

Gaurav
Gaurav

I see language (maybe new) that says “Please note: We only open a Cash Rewards Checking or Interest Rewards Checking for customers that either live or work in the contiguous areas around the Bank’s branches in Dracut and Lowell MA.”

Pablo
Pablo

Hello,

Just curious where did you saw that tidbit of information?

Thanks!

Regan
Regan

I live in western MA and applied yesterday online. Looked all good but got an email today denying the application: “Unfortunately we have to deny your application because we only open accounts for customer in the market areas north of Boston, MA, NH, and ME. Please note, this application denial is not reported to any 3rd parties. Please consider us in the future if your ever move to or work in our service area.”

Pablo
Pablo

Interesting… so they don’t allow residents of Western Mass to apply? That stinks 🙁

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