[Expired] [VA, In Branch] Essex Bank $250 Checking Bonus – Direct Deposit Not Required

Sadly it looks like this deal has expired and is no longer being offered. For the best current checking bonuses by click here.

Offer at a glance

• Maximum bonus amount: $250
• Availability: Timberlake, Old Forest, Fairfax and Stonehenge branch locations only
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Unknown
• Monthly fees: $9.95
• Early account termination fee: Unknown
• Household limit: One
• Expiration date: None listed

The Offer

Direct link to offer

• Essex Bank is offering a bonus of $250 when you open a new cash back checking account. You can earn $50 for the first 5 full monthly statement cycles. To qualify you need to complete the following requirements:
  • Qualify for the monthly fee waived ($1,500 minimum daily balance or $500 direct deposit)
  • Conduct at least 5 non-pin, signature- based debit card transactions
  • Conduct one bill payment transaction through online banking

The Fine Print

• Valid only for new Cash Back Checking accounts opened in person at the Timberlake, Old Forest, Fairfax and Stonehenge branch locations.
• Limited to one account per household.
• Cash bonus only available to new customers that do not currently have a personal checking account with us and have not received a cash bonus from Essex Bank in the prior 12 months.
• $50 minimum deposit to open.
• You may earn 1% cash back on any online or signature-based debit card transaction, up to$10 per statement cycle.
• In addition to the standard cash back rewards associated with the account, new account customers are eligible to receive up to $250 credited in $50 monthly increments for the first five (5) complete monthly statement cycles.
• The first monthly statement cycle will be a partial month depending on when the account is opened and therefore does not qualify as a complete statement cycle.
• The bonus program will begin on your second monthly statement cycle and will run through the sixth monthly statement cycle.
• Each of the $50 increments will be credited to your new checking account on the last day of your statement cycle.
• In order to qualify for the $50 monthly rewards, you must (1) Open a Cash Back Checking account at the eligible branch locations listed above; (2) avoid the monthly service charge; (3) conduct at least 5 non-pin, signature- based debit card transactions during each monthly statement cycle; and (4) conduct one bill payment transaction through online banking during each monthly statement cycle.
• If you do not meet the qualifications listed above in any one of the eligible monthly statement cycles, you will not receive the $50 bonus for that month, however you will remain eligible to receive a bonus if qualifications are met in subsequent eligible months.All cash rewards will be reported to the IRS as taxable income
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• $9.95 monthly service charge unless a $500 minimum direct deposit is made per statement cycle or a $1,500 average daily balance is maintained in the account.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Seems like a good bonus considering it’s for a maximum of $250 and direct deposit isn’t required. Considering it’s a soft pull as well, it’s worth doing and we will be adding this to our list of the best bank account bonuses. As always share your experiences with this bank/bonus in the comments below.

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