[NY, MA, RI and CT only] Webster Bank Up To $250 Checking Promotion – Direct Deposit Optional + $50 Referral

Reposting this because we now know that this is a soft pull thanks to reader Mike for providing additional information about this bonus. Please consider using his referral link: https://www.referlive.com/websterbankraf/newcustform/445D6F9E7F5F/4/0880061BVSMW4YD

Offer at a glance

• Maximum bonus amount: $250
• Availability: NY, MA, RI and CT only. Must live within 50 miles or they will close your account according to this comment.
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft
• Credit card funding: None
• Monthly fees: $5-$21.99, all waivable
• Early account termination fee: $15 if closed within 90 days
• Expiration date: None listed

The Offer

Direct link to offer (reader Mike’s referral link)

• Receive a sign up bonus of up to $200 in the form of a Visa gift card, bonus broken down as follows:
  • For $25: Complete the following by the end of the second full month that your account is open:
    • Set up a direct deposit, OR
    • Make 10 debit transactions (using PIN or signature), OR
    • Make 5 online bill payments
  • For $75: Complete the requirements for $25, PLUS:
    • Have an average monthly balance of $2,500 during the second full month that your account is open
  • For $250: Complete the requirements for $25, PLUS:
    • Have an average monthly balance of $10,000 during the second full month that your account is open

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
• Once all requirements have been met, you will receive a VISA Reward Card. Please allow 4-6 weeks for delivery.
• Average balance will be calculated as the average amount held in the account during the second full month that the account is open. (For example, if the account is opened on June 15th, the balance will be calculated as the average amount held in the account during the month of August.)
• To be eligible, referee must not have had an active Webster Bank Checking account within the past 60 day
• This offer may not be combined with other offers and may be withdrawn at any time without notice

Referral Bonus

Referrer will earn a $50 Visa Reward Card for each qualified referral. The referrer must submit a valid e-mail address for each referee. The referred account is qualified if it meets the deposit and activity requirements for the minimum reward, and is considered in good standing at the time of reward card issuance. An account is considered to be in good standing if it has a positive balance and is not in the process of being closed. The referrer may be paid for up to ten (10) referrals (max of $500) within a calendar year.

Feel free to share your referral information in the comments below, but please make sure you let us know more about this bonus when doing so.

Avoiding Fees

The following accounts are eligible for this bonus: ebster eChecking, Webster Value Checking, WebsterOne® Relationship Checking or Premier Checking Account. If you close your account within 90 days then you will be charged a $15 early account termination fee. Each account also comes with a monthly fee which can be avoided if you meet certain requirements, which we have listed below:

• eChecking: $5 monthly fee is waived if you receive a qualifying direct deposit of over $500 and use less than 5 paper checks
• Value checking: $11.95 monthly fee is waived if you have an average monthly balance of $1,000 or more
• Relationship checking: $16.95 monthly fee is waived if you have a monthly average balance of $4,000 or more
• Premier checking: $21.95 monthly fee is waived if you have an average monthly balance of $10,000 or more

Our Verdict

If you’re not going the direct deposit route, then Value checking will be the easiest account to keep fee free. All of the accounts have an APY of 0.01% for balances under $50,000. Here is what I’d do if I could complete this bonus (and had knew it was a soft pull):

• Open Value checking account, funding with rewards credit card if possible
• Make 10 debit transactions or 5 bill payments
• Wait till it was nearly the end of the month (but giving myself enough time for the transfer to go over), transfer $10,000 into the account
• Wait until that month had ended and transfer $9,000 out o the account (leaving $1,000 to keep it fee free)
• Wait for bonus to post and 90 day early termination period to pass
• Close account

If you have any experience with this bonus, please share in the comments below. Also feel free to share your referral information, I’m sure people will be happy to help you out as a thanks for providing more information about this bonus. Because we don’t know if it’s a hard or soft pull, we haven’t added it to our list of the best bank bonuses. We have of course added it to our page that has all of the current deposit account bonuses.