Deal has expired, view more checking account bonuses by clicking here
Offer at a glance
- Maximum bonus amount: $100
- Availability: VA only
- Direct deposit required: No
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: April 12th, 2020
Contents
The Offer
- Chesapeake Bank is offering a bonus of $100 when you open a new savings account. This is for people that have completed the money smart program (see links in the sidebar)
The Fine Print
- Offer limited to one new savings account per person. Offer available to savings accounts opened between 2/3/2020 and 04/30/2020 and may be discontinued at any time.
- $100 will be deposited to the new savings account 60 days after account opening.
- Account needs to be open and in good standing at the time of deposit, otherwise the $100 deposit will not take place.
- The minimum balance to open a Totally-Free Savings is $100, a Solo-Savings minimum to open is $200, a Youth Savings minimum to open is $25, a Clear Sky Savings has no minimum to open.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The totally free checking account has no monthly fees to worry about
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 deal as it’s a soft pull as there are no real requirements for the bonus. Unfortunately seems to be ChexSystems sensitive so keep that in mind. I will add this to our list of the best checking account bonuses.
Hat tip to reader IS250
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
For anyone trying to do personal taxes but didn’t get a 1099-INT from Chesapeake Bank, online chat support provided me with TIN (Tax Identification Number) 54-0276760
Supposedly auto-closes (on the last day of the month) when you have a zero balance.
I don’t recall seeing it saying it was closed when I logged in 9/1, and sent SM requesting acct to be closed.
Their Reply: “Your account was brought to a 0 balance on 8-31-2020 and this automatically closed the account. If you have any questions, please let us know.”
Shows as closed in online banking, so good to go.
P2 Applied 4/8
Approved 4/9
Funded $100 ACH? Debit? Can’t recall.
Payout $100 6/8 “Banzai Campaign”
Sad my acct didn’t get approved.
I got my bonus a while back in April. My account has been sitting at zero balance for a couple of weeks. I’m hoping they auto close.
Send them a secure message from within the app. They closed promptly, after I told them that Infound their website and app difficult to use.
Thanks. Sent them a message earlier today and they replied within 10 mins they would close the account.
They said they would close it a few days ago but I can still log in via app and see my account. Is that the norm? Seems like somebody dropped the ball in this manual process.
Yes, I can still log in and see the account, which is similar to BBVA.
So we are taking their word for it? I don’t have much confidence heheh.
So my login no longer works as it shows a wrong verification image when trying to log in and my password doesn’t work. However, I am still getting balance alerts via text lol.
Link appears to be broken today. Perhaps all bonuses filled. I tried funding it the first week of the offer for $1 and apparently they closed my account owing to “insufficient funds” from my originating bank, which is odd. They never reached out to let me know as far as I can tell.
I had the same experience with P2, but discovered the issue before the promo ended and asked them to open a new Savings Acct after confirming I would still receive the bonus. The bonus posted with no issues 60 days after I successfully funded.
Paid out exactly in 60 days. Will be pulling most of it out via another bank. Still have no idea how to push out from Chesapeake and I don’t feel like calling or messaging them.
I think the ACH interface is disabled. Just like Bill Pay is. Sometimes ACH screen is under Bill Pay. (This is the same online banking interface as Incredible Bank, but I no longer have an active account there) It’s a Savings Account…. so many banks feel you need a checking account to pay people/do transfers. External pull should work fine, up to 6 trans/mo.
Opened 2/10 and bonus posted for me today as well. So easy!
Received my $100 bonus on 4/9. Opened account on 02/10.
$100 bonus posted for me today. I’m in Philly and opened 2/9. Banzai!!!!!
Whoa, you were able to get in without being in footprint?!
P2 applied yesterday 3PM. Approval email arrived 8AM today. Chex, approx 1/mo. Nearest branch – 45 miles.
This is the 2nd CU/bank recently that wouldn’t take 2x Chex/mo. P1… but accepted P2. Hmmmphh.
ieatdogfood
Alrighty-then! I’m supposed to be paid this week so we’ll see.
Interesting, I was able to open with no issue and I have opened and closed a bunch. I was probably below 1x Chez/month though.
Applied around midnight. At 8 AM, got an e-mail.
Thank you for your recent application. Upon further review of your application, we regret to inform you that we are unable to process your request due to information received from ChexSystems, a consumer-reporting agency. For more information on how to contact ChexSystems, please follow the instructions outlined in the enclosed attachment.
Thank you again,
Online Banking Support
Standard “Adverse Action” document attached, blaming Chexsystems. FYI
IS250 
ieatdogfood 
Svy
I’m probably 18+/12, and 36+/24 on Chex inquires. Seem Chex Sensitive to me. The nearest branch is about 50 miles away.
No CC funding available – just ACH or Mail a check. No hard inquiry.
When I applied, the email I got said denial due to Experian. I pulled my Chex report after and just got it a couple of days ago. Can confirm Chex hit. So they should’ve said I was denied because of Chex, not Experian.
Guessing in your case, rep was being lazy and didn’t change the verbiage. And, people with frozen credit reports are probably more common than people like us with tons of Chex inquires.
Bummer!
Sorry to hear that. At least it wasn’t the foot print issue we discussed. Unfortunately we didn’t discuss Chex before you applied. $100 for waiting 60 days if they actually pay out. I’m sure you can make that somewhere else in 5 mins with minimal effort. I’ll use one of your referrals to make up for it. 🙂
Thanks. I am not surprised… a lot of the smallest banks & CU’s are the hardest to get in.