Update 5/9/22: Bonus now $200
Update 3/27/22: Bonus reduced to $100 from $300
Offer at a glance
- Maximum bonus amount: $300
- Availability: RI. Looks like they have locates in MA & CT but they aren’t banking locations.
- Direct deposit required: Yes, no minimum specified must be recurring
- Additional requirements: Pay three different bills
- Hard/soft pull: Unknown
- ChexSystems: Unknown, sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: $100, 3 months
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Washington Trust is offering a bonus of $300 when you open a new free checking account. Bonus is broken down as follows:
- $150 when you receive a qualifying direct deposit, no minimum specified must be recurring
- $150 when you pay three different bills online
The Fine Print
- To receive the full $300 offer, it requires recurring payroll or social security direct deposit (one-time transfers do not qualify) and three different bill payee transactions within the first three months of account opening (payments through apps such as Paypal, Zelle and Venmo do not qualify).
- $150 will be credited to account when the first direct deposit is made.
- $150 will be credited to account when the first three different bill payee transactions are processed.
- Freedom Checking offer available for new accounts with funds from sources other than Washington Trust.
- Minimum balance to open account is $50. A $100 early account closing service fee will be charged if the account is closed within the first three months. Fees may reduce earnings. .
- 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
If the account is closed within the first three months a $100 ETF will be charged
Our Verdict
Nice big bonus, we need to know if it’s a soft pull and if you can fund it with a credit card. If you have any experience with this bank then please share your experiences in the comments below. I won’t be adding it to the best checking bonuses until we know more.
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
