[Expired] [PA & MD] NWSB Bank $200 Checking Bonus

This offer has expired, click here for a full list of current checking bonuses.

Note that NWSB is a division of ACNB and they have had this same $200 bonus in the past. I assume the hard/soft pull information is the same.

Offer at a glance

• Maximum bonus amount: $200
• Availability: PA & MD.
• Direct deposit required: Yes, $250+
• Additional requirements: Yes, see below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: 120 days, $100
• Household limit: One
• Expiration date: November 3rd, 2017

The Offer

Direct link to offer

• NSWB is offering a sign up bonus of $200 when you open a new checking account. Bonus is broken down as follows:
  • $100 for doing the following within the first 60 days:
    • Establish a recurring direct deposit of at least $250 or more
    • Establish and log into Online Banking
    • Enroll in eStatements
    • Establish a debit card and conduct 10 unique, Non-PIN based transactions
  • The second $100 is deposited at the year anniversary of the account as long as the account is active and in good standing. It’s consider active if at least one transaction per month, has a positive average monthly balance, receives eStatements, and maintains a qualifying direct deposit

The Fine Print

• Offer valid September 5, 2017 through November 3, 2017, but is subject to change without notice.
• This offer cannot be combined with any ongoing offers, promotions or discounts.
• $200 Cash Gift: Offer does not apply to existing NWSB Bank personal checking account customers.
• The first $100 gift is deposited after completing the following steps within the first 60 days of opening a new CareFree Checking account: (1) Establish a recurring direct deposit of at least $250 or more. This is limited to Social Security, pension or payroll. (2) Establish and log into Online Banking. (3) Enroll in eStatements. (4) Establish a Mastercard® debit card and conduct 10 unique, Non-PIN based transactions. It may take more than two days for a transaction to post and clear.
• A $100 early closure fee will apply if the account is closed within the first 120 days of account opening.
• The second $100 is deposited at the year anniversary of the account as long as the account is active, meaning at least one transaction per month, has a positive average monthly balance, receives eStatements, and maintains a qualifying direct deposit.
• Limit of one $200 gift per account and per household/address.
• Gift will be deposited in the new account after steps have been verified.
• Customer may be subject to 1099 MISC reporting.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The CareFree checking account has no monthly fees to worry about. You do need to keep the account open for a year to get the full $200 bonus, in addition if you cancel within 120 days you will be charged a $100 early account termination fee.

Referral Bonus

You can get $25 per friend/family member you refer and they also receive the $200 bonus outlined above. More details here. Feel free to share your referral details in the comments as long as you also provide your experience with this bank.

Our Verdict

It’s annoying that you have to meet the requirements for a full year to get the full $200 bonus. With ACNB you also had to go in branch even if you opened online, if that’s the case here as well I don’t think this bonus is worth doing. As always share your experiences in the comments below.

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