Posted by William Charles on February 3, 2018
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Published on February 3rd, 2018 | by William Charles


[Expired] [MD, DC & VA only] Sandy Spring Bank $10 Monthly Checking Bonus

This deal has expired and is unfortunately no longer available. Never miss another deal again by signing up for free and instant notifications of new posts.

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MD, DC & VA only
  • Direct deposit required: Not required
  • Additional requirements:
  • Hard/soft pull: Soft
  • ChexSystems: Unknown, but according to this comment they are sensitive to too many frequent inquiries. Other datapoints below indicate they are not.
  • 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: Cash back through December 2018. Must sign up by  March 2nd, 2018
  • ChexSystems: Unknown

The Offer

Direct link to offer

  • Open a new My Free Banking checking account with Sandy Spring Bank and receive $10 cash back per month (maximum of $100) when you make 5 debit card purchases which total $50 or more.


The Fine Print

  • To receive the $10 a month bonus, open any personal checking account (be sure to bring in the certificate if opening at a community office or mention offer if opening by phone) between 1/12/18 and 3/2/18, enroll in e-statements, and order a Sandy Spring Bank Debit Mastercard.
  • Each statement cycle, through December 2018, when you make 5 debit card purchases (PIN or signature) which total $50 or more, you will receive a $10 credit in your checking account.
  • 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, cannot be combined with any other offer, and is not transferable
  • . Only one Bonus per individual.
  • Bonus will be deposited within 30 days of the end of each statement cycle, into the checking account meeting the bonus requirements, to accounts in good standing.
  • All applicable taxes are the sole responsibility of the recipient. Member FDIC.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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

Better than the previous bonus that required spending $2,500 to get the full $100 back. This one requires $500 in spend ($50 per month). Considering they have offered a $150 bonus in the past that didn’t require this large spend requirement I wouldn’t seriously consider this bonus. Because of this I won’t be adding this to our list of the best bank account bonuses.

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One small upshot is that this bank bonus wouldn’t be taxable since it is a rebate. Typically, bank bonuses are taxed at about 1/3 (30% federal tax plus a small amount of state tax). So in that sense this non-taxable $100 bonus is equivalent to a $150 typical taxable bonus.


Also, since PIN purchases are included, one trip to the post office and 3 money orders would suffice, and you’d get $100 rebate for a total fee of $4.40 (or $2.10 at Walmart). So there’s no opportunity cost at all compared with using a credit card for everyday purchases.

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