Posted by William Charles on August 25, 2019
Bank Account Bonuses

Published on August 25th, 2019 | by William Charles

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

Deal has expired, view more checking bonuses by clicking here

Update 8/25/19: Deal is available until September 30th, 2019. Hat tip to Chase-ing UR points

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: MA only
  • Direct deposit required: Yes, $1,000 minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None
  • Expiration date: October 31st, 2019

The Offer

Direct link to offer

  • Watertown Savings Bank is offering a bonus of $300 when you open a new checking account. Bonus is broken down as follows:
    • First $150 bonus:
      • Open any new checking with eStatements
      • Set up a recurring direct deposit of payroll and receive direct deposits totaling at least $1,000 or more within 60 days of account opening
    • Second $150 bonus:
      • Use your WSB debit card at least six times within 60 days of account opening
      • Set up Bill Pay by enrolling in online banking and making at least 1 payment through Bill Pay within 60 days of account opening

The Fine Print

  • Bonus will post within 4-6 weeks of requirements being met
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The WSB free checking account has no monthly fees to worry about.

Early Account Termination Fee

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

Our Verdict

They also offer a $200/$200 referral bonus, that’s a better deal if the person referring you will give you their $200 (e.g if it’s your spouse). Otherwise this is a better deal, requirements are the same. We need to know if it’s a hard or soft pull to open the account still.

Hat tip to reader Z

Useful posts regarding bank bonuses:



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Mimi
Mimi

Note that an MA zipcode must be entered before you can proceed with the application. It’s odd that applicant is asked to click and agree with account disclosures and agreements to proceed to next page where personal info is entered.

FYI, for out-of-state applicants who may try and see if there’s a work-around similar to m&t, know that whatever zipcode you entered is pre-filled and cannot be replaced with a different zipcode.

missjenniferd1🦉 🦁

thank you!!

Peek

Wow a bank that still uses ColdFusion for their application. Nothing like a 20 year old language to instill confidence. Ah well, process was easy anyway.

The Man
The Man

Funding limit?

Peek

If I remember correctly it was a max of $15, I just did $10.

Peek

Opened this account a few days ago and haven’t yet gotten any alerts from Credit Karma or Creditwise that this was a hard pull so I’d assume it’s not. They assigned me an account number but said my account wouldn’t be out of pending status until they received a paper application which I sent in early this week. Today I was able to use the account number to setup online access and they required some security questions some of which were really difficult because I’d owned two of the same model of car and it seemed they had crossed up the colors and years of the two of them (not a great process). I restarted the registration process and got questions I could answer the second time around. The account is open but for some reason the opening deposit of $10 dollars isn’t showing up. I’ll be waiting to setup DD until I hear back from the bank.

Jane
Jane

Chex sensitive. Nothing specified, but I opened a few other checking accounts recently.

Peek

I am at around 20 accounts opened for the last 24 months and I at least was told my account was opened and given an account number. I assume you got this denial online? I’m still wondering if they’ll run my Chex when they process the paper I had to mail in.

Jane
Jane

I received the confirmation email immediately, but denial was a follow-up by letter several days later. Account was never funded.

Peek

I tried this morning to login to my account and can’t anymore. I will try again tonight but looks like they may have closed my account.

Peek

William Charles I received the denial letter today and a check for my $10 opening deposit. In a separate letter I received a “Welcome to Watertown Savings Bank’s internet banking service” letter. This is definitely Chex sensitive.

Chase-ing UR points
Chase-ing UR points

William Charles The offer seems to have been extended (the bottom of the page mentions: Offer valid until September 30, 2019.”)

Mark
Mark

Requires the promo code “Checking” . See the fine print on the landing page:

“1. Open any new WSB checking account with eStatements, which is subject to approval. Minimum deposit at account opening is $10. To open an account go to watertownsavings.com and use the code: CHECKING”

Obtain the Grain
Obtain the Grain

Chex sensitive. Online application approved and congratulations email received. Follow up snail mail letter with decline due to Chex received one week later. DP: eight accounts in one year.

GM
GM

Not sure if the offer changed from when it first was offered, but it now states under the bonus terms that you need to open the account at a branch.

” To open an account visit a WSB branch location and mention code “CHECKING” at the time of account opening.”

frugalman
frugalman

[Update] I read the new term. It looks like they removed the online application option (probably due to the overwhelming DOC effect). Now you have to physically visit them to open the account to get the bonus. I copy and paste the old and new terms below:
Old: “To open an account go to watertownsavings.com or visit a WSB branch location.”
Now: “To open an account visit a WSB branch location and mention code “CHECKING” at the time of account opening.”

=====================================
To those who opened the account early without entering “Checking” promo code, I opened my account on 6/14 and I have a copy of the offer webpage and can testify the term did NOT include the promo code. They must have changed the term later.

I did all the DD, debit, billpay requirements by 7/17 and per the term, I should get bonus in 4~6 weeks after all requirements were fulfilled. It should be 8/28. However, so far (9/26) I still haven’t gotten it. Chatted online with their representative. It turned out I have never been in “promo mode” (No idea why. I did click the link on the offer page and there was no promo code then). So I guess many of you early-birds may be in similar situation. If so, chat with their representative or call them. They can send the request to the market department and I was told the credit should show up in 2 weeks. Let’s see. BTW, I don’t know if the promo code is the problem or others. But as a DOC veteran, I pretty sure what I am doing. I did everything correctly within the given time frame. I believe either the missing promo code (which is not our fault) or their internal system reason caused the issue.

Eddy Cue
Eddy Cue

Hello frugalman (frugalman), did you eventually get your bonus to post?
I opened online in June and met the requirements by the end of August and still no bonus to date. There was definitely no promo code to enter when i opened the account. I will have to reach out to the bank now and there’s nothing more that I hate because it can be time consuming and annoying.
I find it funny that no one else apart from you has made any mention of their bonus POSTING successfully (with data points) or NOT POSTING either in this thread (or the other Watertown thread for referrals). Is it that everyone else got their bonuses without issues?

Frugalman
Frugalman

Yes, I did in 2-3 days. So do contact them!

Eddy Cue
Eddy Cue

Thanks for the quick reply! Chatted with their rep and said to call in, gave my info to someone who said she would call the appropriate department and give me a call back. So we’ll see. Thanks again

Eddy Cue
Eddy Cue

Got a call back (same day 10/11) and was told the marketing department would check to see if i met the requirements and if i did they would credit my account. I got the credit today – 7 days later.

I find it ridiculous that I have to contact them to initiate a request for them to review before paying out. Sigh!

NH4NO3
NH4NO3

Permanent Residents (Greencard holders) or US Citizens only.

I went to the main office today. Showed the banker my MA driver license, foreigner passport & visa (with work permission, of course; and I am NOT from some specific countries those might cause extra investigation). He returned my passport and asked me for a second ID like “Social Security Number”. I gave him my SS card. And then he took them to a manager.
After one minute, the banker came back and insisted that it was not a “Social Security Number” nor a “Social Security Card” because there is a sentence “Valid for work only with DHS authorization” up on my SSN. He said if there was no such sentence, that would be a real “SS Number (Card, as I corrected again)”. I asked whether they need indeed was the customer should be a permanent resident aka greencard holder or a US citizen. Looks like he knew nothing about work visa or greencard but only repeated that’s their policy and it might be different to big banks. As I know, a SS Card without the DHS statement means PR or US citizen?
Anyway, I strongly suggested they put this requirement online to save all persons’ time, even though I doubt the banker understood what are visa, SS card, or green card.

The reason I took my SS Card with me today is because I went to their Waltham office last week. Another banker asked me for every documents (DL, Change of address proof, Passport, SS Card, Lease), one for a time, and went to the manager each time. Finally they refused me because where I live (Brookline, MA) or work (Cambridge, MA) was “out of their service area” — I know it’s radiculous for 6 miles so I went to the main office again. This time they asked me where I live & work as the first question and said oh yes we are pleasure to serve you.

gbpack
gbpack

Is there any credit card funding allowed?

sleepLover
sleepLover

Offer is no longer available.
08/30/2019 Opened account in Watertown,MA
10/10/2109 Completed all missions including DD, purchase and billpay.
11/01/2109 Received $300 bonus.
Also received $200 refer bonus at the same day.

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