Deal has ended, view more bank account bonuses by clicking here.
Update 3/3/24: Offer is back until April 14
Update 11/17/23: Offer is back and valid until November 30, 2023. Hat tip to reader EN
Update 3/17/23: Deal is back and valid until April 30, 2023. Hat tip to ShawntheShawn
Update 5/17/22: Extended until August 31, 2022.
Update 4/21/22: Extended until 6/30/22 with this link.
Update 2/19/22: Deal is back and good through April 30, 2022. Now available in more states: DC, MD, VA, DE, PA, or WV
Update 10/16/21: Bonus has been increased to $200 and valid until November 15, 2021.
Update 4/22/21: Deal is back and valid until 4/30/21. Hat tip to ShawntheShawn.
Offer at a glance
- Maximum bonus amount: $300
- Availability: DC, MD, VA, DE, PA, or WV only
- Direct deposit required: Yes, $500+
- Additional requirements: eStatements & debit card transactions
- 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 $1,000, Visa or Mastercard only
- Monthly fees: None
- Early account termination fee: $25, 180 days
- Household limit: None
- Expiration date:
February 28th, 2017May 31st, 2017 October 31st, 2018 March 31st, 2019April 30th, 2019August 31st, 2019October 31st, 2019April 30, 2021
The Offer
- Open a new checking account with Sandy Spring Bank and receive a bonus of $300 when you complete the following requirements:
- Receive a direct deposit of $500+ within 60 days of account opening. Then continue to receive a monthly direct deposit of at least $500 for 4 months
The Fine Print
- Open any checking account (excluding Student Banking) online or mention the offer when you call our client service center or visit our community offices between September 1, 2018 and October 31, 2018.
- Establish direct deposit of at least $300 within 45 days of account opening from a paycheck, pension, social security or other regular monthly income electronically deposited. Transfers from one account to another or deposits made at the branch or ATM do not qualify as direct deposits. Then continue to receive a monthly direct deposit of at least $300 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.
- Accounts must be in good standing.
- All applicable taxes are the sole responsibility of the recipient.
Avoiding Fees
The my free banking account has no monthly fee and also no monthly minimums. According to this comment the early account termination fee is $25 if the account is closed within 180 days.
Our Verdict
Previous years it required no direct deposit, or only a direct deposit for one month. This new offer requires it for 5 months. It’s at least better than the $10 monthly bonus they offered earlier in the year. It sucks that this bank is inquiry sensitive, because this is actually a pretty good bonus.I guess if you don’t have too many inquiries on your ChexSystems report then this is worth it, otherwise you’ll most likely be denied. As always please share your datapoints in the comments below. Might add it to our best checking sign up promo page if we can get some more datapoints on how sensitive they are to inquiries.
Big thanks to reader, Curmudgeon & Fork who let us know. Please consider sharing bank bonuses with this site so we can make it even better.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
Post history:
- Update 9/15/19: Deal is back and valid until October 31st, 2019. Now requires a $500 direct deposit instead of $300. Hat tip to reader TK
- Update 7/13/19: Deal is back and valid until August 31st, 2019. Hat tip to Andrea
- Update 2/10/19: Deal is back and valid until March 31st, 2019. Hat tip to reader Gadget.
- Bonus is back for 2018. Hat tip to reader YAR.
3/26: Opened online with $1000 CC funding. Rep called to ask verification questions.
3/29: $500 DD
4/3: $500 DD
5/3: $500 DD
6/3: $500 DD
7/6: no statement because I didn’t have any account activity. Ooops.
7/10: $500 DD
7/30: I sent a very kind SM asking about the status of the bonus since it had been 125 days since account opening.
8/6: 5th statement date. Received reply and $300 bonus posted.
Opened account on 4/15 funded 1k with Chase Visa
5/21 Chase transfer
6/25 Wells fargo transfer
7/18 Chase transfer
8/6 $300 Bonus posted as CD Renewel Promo
I thought I had to do this for 1 more month but I logged in and to my surprise, I saw the bonus posted. I guess the initial funding counted too?
No, the initial funding doesn’t count. See Gadgets comment below and keep in mind you had 45 days to make the first DD, so since you didn’t do that until the 2nd statement cycle you would have only needed three. Even if you had opened with just $25 initial funding you would have gotten the bonus 8/6. Theoretically, the minimum is two DDs, I may try that next round just for kicks.
Also note with this bank, the bonus paid out on the closing date of the 4th statement…
5/6 1st statement close
6/6 2nd
7/6 3rd
8/6 4th statement close = bonus payout
This is with a 4/9 & 4/11 opening date. (larger DP went to SPAM)
P2 DP: 4th DD not required IF you skip the DD in the first month. (In the most recent terms, they give you 60 days to start the DD. DoC terms are old.)
Treasury Direct works as a DD.
P2:
04/09 Account approved Online – In-state but few hours away from a branch.
$1000 CC funding – Citi Double Cash purchase
04/17 Linking Treasury Direct shows a $0.00 transaction for: Tax Payment to Treasurydirect / TREASURY DIRECT TREAS DRCT 240417
05/21 $500 “U S Treasury Fms”
Description Salary/Regular Income from U S Treasury Fms
Original Description APA TREAS 310 MISC PAY 240521
06/18 $500 “U S Treasury Fms”
07/16 $500 “U S Treasury Fms”
08/06 $300 bonus “CD RENEWAL PROMO”
P1 DP: Still up for debate, I think they go by statement months or 30 day periods from opening date – NOT calendar months, for your “monthly” DD’s. P1 had no qualifying DD for the month of June, OR Wells Fargo counted as a qualifying DD.
P1:
04/09 Online application
04/11 Account approved
$250 CC funding – Citi Double Cash purchase (only $250 because I didn’t know it was $1000)
05/01 $501 Real DD
05/31 $501 Real DD
06/06 $501 Wells Fargo ACH (just to get a June DD in there – likely did not count)
Description Wells Fargo Deposit
Original Description WELLS FARGO IFI DDA TO DDA 240606
07/01 $501 Real DD
08/01 $501 Real DD
08/06 $300 bonus “CD RENEWAL PROMO”
P1 could have skipped the August DD.
03/09/2024 Open account
03/15 Employer DD
04/26 Employer DD
05/24 Employer DD
06/21 Employer DD
07/19 Employer DD
No bonus so I called them on 08/05, they said I didn’t attach a promo code(which I don’t think there was one?).
08/06 $300
Pretty sure there isn’t any code to attach. I opened an account around the same time in March 2024 and accidentally used the link from the offer that expired last November. Still received the bonus automatically, but it posted as the expired 2023 offer and not the CD renewal people are seeing now. Seems like their QC isn’t very robust…lol
10/2023 Old acct closed after 2x $200 bonus posted
04/06/2024 New acct opened
04/17 $501 Charles Schwab
05/13 $501 Charles Schwab
06/12 $501 Charles Schwab
07/18 $502 Charles Schwab
08/06 $300 bonus posted
Closed as soon as bonus hit. No fees.
3/29/24 opened account funded with $50
4/19/24 Employer DD but no money was deposited, listed as $0
5/3/24 Employer DD $500
5/17/24 Employer DD $500
5/31/24 Employer DD $500
6/14/24 Employer DD $500
6/28/24 Employer DD $500
7/5/24 FCMA DD $500
7/6/24 CD Renewal Promo $300
Same as below, either they recognized the $0 DD as counting for April or only three months were required.
3/20/24: opened account, funded $1K with Chase Marriott Bonvoy Boundless card
3/21/24: trial deposits posted to account to link a Fidelity CMA account, has the description “Salary/Regular Income from National Financial Services” on the transaction ledger at Sandy Spring
5/1/24: $510 real DD, has the description “Salary/Regular Income from [my employer]” on the transaction ledger at Sandy Spring
5/31/24: $510 real DD
7/1/24: $510 real DD
7/6/24: $300 bonus posted as “CD RENEWAL PROMO”
I had only 3 real DD. I speculate that one of these three things happened:
1. The promo was coded incorrectly and only needed 3 total DD to register as complete.
2. The promo was coded incorrectly and didn’t require a $500 DD for at least the first deposit, and it recognized my trial deposits as DD.
3. The promo was coded incorrectly and Sandy Spring recognized my opening deposit from my Chase card as a DD.
Only 3 are needed, one in each of the full monthly statement cycles following the initial partial cycle. Possibly you could get away with just 2 if your first full statement closed before the 45 day deadline to make the first deposit, but then they might not pay you until the 4th full cycle so you’ll still need the third DD.
Ah I see, the terms were a little confusing so I thought 4 total DDs were needed: “To receive the $300 bonus, open any personal checking account online or mention the offer when you call our client service center or visit our branches by April 14, 2024, 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).”
My bonus posted on 6/6/24 for the account opened on 3/3/24. It posted as a “CD RENEWAL PROMO.”
Same timeline as CreditCaper. Used Fidelity Brokerage as DD.