Update 4/12/23: Deal is back and valid until 6/30/23. Hat tip to reader Amy
Update 2/5/23: Extended to 2/28/23
Update 1/5/23: Extended till 1/31/23.
Update 7/4/22: Bonus has been increased from $200 to $400. Direct deposit requirement increased. Hat tip to reader alopez14
Update 4/17/22: Deal is back and valid until January 31st 2023
Update 3/19/20: Deal is back and valid until June 30th, 2020.
Update 10/05/19: Deal is back and valid until December 31st, 2019.
Update 8/12/19: Deal is available again and valid until September 30th, 2019. Hat tip to reader Dan R
update 2/10/19: Bonus has been increased to $200 from $150.
Offer at a glance
- Maximum bonus amount: $200
- Availability: MD & PA only
- Direct deposit required: Yes, $1,250
- Additional requirements:
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: $100, 90 days
- Household limit: None listed
- Expiration date:
March 31st, 2019 June 30th, 2019 September 30th, 2019 December 31st, 2019 June 30th, 202012/31/2022
- PeoplesBank is offering a bonus of $400 when you open a new checking account and complete the following requirements within 45 days of account opening:
- Receive a direct deposit of at least $1,250
The Fine Print
- One bonus will be credited to an eligible new PeoplesBank checking account opened online for new or existing clients who have not had an existing checking account relationship with the Bank within 24 months.
- To qualify, a minimum of one direct deposit in the amount of $350 or more must occur in the account within 45 days of account opening and the account must be in good standing with a positive balance.
- Qualifying direct deposits include electronic deposits from payroll, Social Security, or retirement benefits and do not include electronic transfers or credits such as account-to-account transfers or those made with internet payment services.
- Bonus will be paid in the form of a statement credit to the account after the 45 day period and may take up to two statement cycles to appear.
- Accounts must be opened online by September 30, 2019 to qualify.
- Limit one bonus per client regardless of the number of accounts opened or titling of accounts.
- Offer does not apply to employees of PeoplesBank and their immediate family members.
- Bonus paid to the client is reportable for tax purposes.
- A premature account closure fee of $100 will be assessed for accounts closed within 90 days of account opening.
- All checking accounts require a $25 minimum opening deposit.
This account has no monthly fees
Early Account Termination Fee
According to the fine print they do charge an early account termination fee this fee is $100 if closed within 90 days.
Previously they had a similar $150 checking bonus but that require making debit card transactions of $50 or more as well. This will be added to our best checking bonuses as it’s a relatively easy bonus to meet the requirements for and there is no monthly service fee to worry about.
Big thanks to reader, fST who let us know. Learn how to find bonuses and contribute to the site here.
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
Any DP for OOS success via online app or in branch app (will be in MD). Thanks
The minimum direct deposit on the website says $1250 but on here it says $350 :S
Does PNC transfer works for the bonus ?
1. Account opened with $1500 CC funding.
2. No account showing up after logging in, called them
3. Account showed up.
4. Pushed $100 *to* Cap1 (not from Cap1, from Peoplebank to Cap1)
5. $400 bonus
4/11/23: Applied online.
4/13/23: Account opened after phone verification. Funded $1,500 over the phone with CIU, took 4 days to post, coded as purchase.
4/26/23: $1,350 Ally push
5/5/23: $400 bonus shows as pending
How long does it take to show the online account? It has been 5 days but my online account has been empty. Is it surprising for small banks to set up online account that late? I can log in but no account found
i had that problem, made a new login and the accounts showed there. when they called to verify i opened the accounts and ask the KYC questions, i told them about this and they moved the accounts to the original login
Chex = yes
Successful Data Point
2/28/23: Opened account online with $400 Momentum Checking offer.
3/1/23: A bank rep emailed for verification using my driver’s license then called for account funding. I used a BofA Customized Cash Rewards card to fund the maximum $1500 over the phone. It coded as a purchase, Online Shopping category selected, Platinum Honors. I earned 5.25% ($78.25) cash back on the initial funding!
4/14/23: $1250 Real direct deposit posted
4/15/23: A $200 bonus posted. I emailed asking why it was not $400. They said because the account was “officially” opened on 3/1/23 after the verification, they applied the newest month’s promo which was $200 for the same requirements. I asked to please match the current ongoing $400 promo or accept the 2/28/23 application date.
4/18/23: Full $400 bonus posted to my account. Success!
I tried a fake DD using an Alliant ACH push, which coded as a transfer so I don’t think that worked but who knows.
Lesson learned: Don’t wait until the last day of a promotion in case they need verification.
Funded max $1,500 with CIU, coded as purchase. Funded over the phone after they called to confirm identity, not sure if the option would have been available online.
Only certain zip codes within Pennsylvania are permitted
Yes. My Philadelphia zip code did not work.