Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $150
- Availability:Â MD, DC & VA only
- Direct deposit required:Â Yes, $500+ for four months
- Additional requirements:Â eStatements & debit card transactions
- Hard/soft pull:Â Soft
- ChexSystems: Yes,  according to this comment they are sensitive to too many frequent inquiries. Other datapoints below indicate they are not. This comment says they will deny if you have more than 3 in last 90 days.
- Credit card funding:Â Up to $250, Visa or Mastercard onlyÂ
- Monthly fees:Â None
- Early account termination fee:Â $25, 180Â days
- Household limit:Â None
- Expiration date:Â October 31, 2020
Contents
The Offer
- Sandy Spring Bank is offering a bonus of up to $150. Bonus is broken down as follows:
- $100 when you open a checking account and establish a direct deposit within 45 days of account opening of at least $500, must continue for a minimum of 4 months (3 statement cycles after opening cycle)
- $50 when you open a savings or money market account at the same time a checking account has been opened with a deposit of at least $300.
The Fine Print
- To receive the $100 bonus, open any checking account (excluding Student Banking) online or mention the offer when you call our client service center or visit our branches between September 1, 2020 and October 31, 2020, and establish direct deposit within 45 days of account opening. Initial direct deposit must be at least $500 and must continue for a minimum of 4 months (3 statement cycles after opening cycle).
- The direct deposit must originate from a paycheck, pension, social security or other monthly income electronically deposited.
- Transfers from one account to another or deposits made at the branch or ATM do not qualify as direct deposits.
- To receive the $50 savings bonus, open a savings or money market savings account at the same time the checking account is opened. A deposit of at least $300 is required to open the savings or money market account.
- Bonus will be deposited within 125 days of account opening, into the checking account meeting the bonus requirements.
- Account must be in good standing.
- All applicable taxes are the sole responsibility of the recipient.
- Limited time offer available only to individuals who currently do not have a personal checking account with Sandy Spring Bank or have not had one within the last 90 days.
- Offer subject to change and cancellation without notice and cannot be combined with any other offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The my free banking account has no monthly fee and also no monthly minimums. The savings account is the same
Early Account Termination Fee
According to this comment the early account termination fee is $25 if the account is closed within 180 days.
Our Verdict
We’ve seen a recent $220 bonus with less requirements and also a $150 bonus with less requirements. Probably makes sense to wait for one of those to return unless you can easily meet the direct deposit requirements and have already done the bigger bonuses available to you. Because of that I won’t add this to the best bank bonus page.
Hat tip to reader Jay
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- 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?
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