Offer at a glance
- Maximum bonus amount:Â $400
- Availability:Â Queens, Brooklyn, Suffolk, and Nassau counties in NY, as well as St. Johns University students
- Direct deposit required:Â Yes, 3 direct deposits $300+ within 120 days
- Additional requirements:Â None
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Maspeth Federal Savings is offering a bonus of up to $400.
- Receive $300 when you:
- Open your first MFS checking account
- Use promo code NEW300PROMO
- Set up direct deposit in your checking account and have 3 qualifying direct deposits of more than $300
- Receive $400 when you:
- Open your first MFS checking and savings account
- Use promo code: NEW400PROMO
- Set up direct deposit in your checking account and have 3 qualifying direct deposits of more than $300 and maintain $100 in your savings account
- Receive $300 when you:
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Don’t see any reason why you shouldn’t do the higher $400 bonus, only difference is you need to open a savings account at the same time as well. Please share if it’s a hard/soft pull in the comments below.
Hat tip to reader Massacrater
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Thank you for considering Maspeth Federal Savings. Regrettably, your application has been declined at this time.
Im in area. Perhaps chex, I’ve been denied by Flagstar and S&T as well
Anyone able to successfully apply with Chex and credit files frozen?
Went through application process and got this message at the end: We are unable to process your application at this time. Huh? No other explanation. I live in their footprint, so not sure what the problem is. Will call Monday for clarification.
the three DDs must occur within 120 days. Here’s the entire fine print:
Bonus/Account Information: This bonus offer is not available to existing Maspeth Federal Savings customers with an existing checking account, or those whose checking accounts have been closed within 180 days. Maspeth Federal Savings customers with an existing savings account are not eligible for the $400 bonus offer. You can receive only one new checking account opening related bonus per household. CODE / Coupon is good for one-time use. To receive the $300 bonus: 1) Open a new Maspeth Federal Savings Perks Checking or Interest Checking account, which is subject to approval,; AND 2) Have 3 qualifying direct deposits of at least $300 or more made to this account within 120 days of coupon enrollment. A qualifying deposit must be posted at least once a month. Eligible direct deposits include payroll, pension or government benefits (such as social security) from your employer or the government. Ineligible deposit include but are not limited to: Person to Person payments (such as Zelle), account transfers and wires, are not considered direct deposits. To receive the $400 bonus: You must complete steps 1 AND 2 listed above AND 3) Open your first Maspeth Federal Savings Statement Savings, Passbook Savings or Vault Savings account. AND 4) Deposit AND maintain a minimum of $100 for the 120 days offer period. After you have completed all of the above requirements, we’ll deposit the bonus in your new checking account in the statement cycle following 120 days after enrollment. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer availability is subject to change and may be cancelled at any time without notice.
Eligibility period is May 15th, 2025 through August 15th, 2025.
“$300+ for three months” isn’t quite correct. It just says three $300 direct deposits, so you could do three is less than three months. It remains to be seen if they require real DD.
It does say at least once a month however. It’s not clear to me if just 3x DD in 1 or 2 months span would count.
“Have 3 qualifying direct deposits of at least $300 or more made to this account within 120 days of coupon enrollment. A qualifying deposit must be posted at least once a month.”
I applied for the checking and savings so I need to have $100 in for the whole period. I’ll likely just do 1 each month to be safe.
Thanks for posting.
I just applied. At 15 accounts in the last 12 months, but I’m about to move out of NY so figured it was worth doing.
Got a message saying “a representative would be in touch within one business day”
@LakeMan did you get approved?