Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $220
- Availability:MD, DC & VA
- Direct deposit required: Yes, $500+, must be maintained for four months
- Additional requirements: None
- Hard/soft pull: 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: Up to $250, Visa or Mastercard only
- Monthly fees: None
- Early account termination fee: $25, 180 days
- Household limit: None
- Expiration date: June 30th, 2020
- Sandy Spring Bank is offering a bonus of $220 when you open a new personal checking account and complete the following requirements within 60 days of account opening:
- Establish a direct deposit of at least $500 (this must be maintained for four months)
- Enroll in eStatements
- Order a debit card (order it here)
The Fine Print
- To receive the $220 bonus, open any personal checking account (excluding Student Banking) online or mention the offer when you call our client service center by June 30, 2020.
- Establish direct deposit, electronic statements and order a debit card within 60 days of account opening.
- An initial direct deposit of at least $500 must be received within 60 days of account opening 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.
- You must continue to receive a monthly direct deposit of at least $500 for 4 months.
- 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.
- Only one bonus per individual.
- 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.
he my free banking account has no monthly fee and also no monthly minimums.
Early Account Termination Fee
According to this comment the early account termination fee is $25 if the account is closed within 180 days.
Main issue with this bank/bonus is how Chexsystems sensitive they are. I suspect most readers won’t be able to get this bonus because of that. This is better than the previous $150 offer they had. I do think this bonus is worth doing if you have a low amount of ChexSystems inquiries, because of that I will be adding it to our list of the best bank account bonuses.
Hat tip to DDG
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