Offer at a glance
- Maximum bonus amount: $300
- Availability: CT only.
- Windsor (06095)
- South Windsor (06074)
- East Windsor (06088)
- Bloomfield (06002)
- Suffield (06078)
- Granby (06035)
- Direct deposit required: Yes, $500-$1,000
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $0-$12, avoidable
- Early account termination fee: $10, 90 days
- Household limit: None
- Expiration date: Unknown
Contents
The Offer
- Windsor Federal Bank is offering a bonus of $150/$300 when you open a new checking account. Tiers are as follows:
- Earn $150 when you open a Totally Free Plus Checking account and have monthly direct deposits of $500+
- Earn $300 when you open a Partnership Plus Checking and have monthly direct deposits of $1,000+
The Fine Print
- Bonus Eligibility: Offer is not available to existing Windsor Federal Bank checking customers unless a new account is funded with new money. “New money” is defined as funds not currently on deposit at Windsor Federal Bank. To receive a bonus, you must:
- Open a new Windsor Federal Totally Free Plus Checking or Partnership Plus Checking account during the promotional period (account opening is subject to approval); AND
- Receive qualifying direct deposits totaling $500 or more per month for the Totally Free Plus Checking account or $1,000 or more per month for a Partnership Plus Checking account.
- Bonus Payment: Bonuses are credited after the account has been open for 6 months, during the first 10 business days of month 7. The account must remain open, active, and unrestricted. Bonuses are considered interest and will be reported on IRS Form 1099‑INT (or Form 1042‑S, if applicable). Please consult your tax advisor.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Totally Free Plus Checking has no monthly fee.
Partnership Plus Checking has a $12 monthly fee, this is waived with:
- Daily Balance of $2,500 is maintained in the checking or
- Daily Balance of $10,000 is maintained in any combination of
the Performance Plus Checking, savings, money market,
certificate of deposit or IRA accounts.
Early Account Termination Fee
According to the fee schedule there is a $10 fee if closed within 90 days.
Our Verdict
Seems very location specific but share any datapoints you have in the comments below.
Hat tip to reader Bockrr
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
