Offer at a glance
- Maximum bonus amount:Â $250
- Availability:Â WI only
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â 90 days, $30 fee
- Household limit:Â One
- Expiration date:Â None listed
Contents
The Offer
- WaterStone Bank is offering a $250 bonus when you open a new business checking account and complete the following requirements:
- Use promo code SMBIZ
- Account must be active for the entire statement cycle in order to qualify for the bonus
The Fine Print
- ^Business Checking bonus offerer requires a new WaterStone Bank SSB (WSB) Business Checking account and requires account to be open and active for the entire statement cycle* in order to qualify for the bonus. Business Checking account requires $100.00 minimum
balance to open the account and does not pay interest. - Offer(s) applies to new checking account customers only and does not apply to individuals that closed a WSB checking account within the past 180 calendar days.
- Offer is redeemable at any branch location, cannot be combined with other offers, is limited to one per customer and is not valid to individuals that received an incentive under another
offer in the past 5 years. - For tax reporting purposes, a 1099 form may be issued at yearend for recipients of bonuses.
- A statement cycle may be from the First day of a month to the last day of that same month.
- To determine your statement cycle please ask your Personal Banker at time of account opening.
- Bonus will be paid on the last day of the First full statement cycle.
- Offer is limited to one per customer or household. Account must be open and active for 180 calendar days, or a $30.00 closing fee may be assessed at account closing.
- See Account Disclosure for more information. Offer subject to change at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business Essential Checking is the easiest to keep fee free. This has a $15 fee that is waived with:
- Daily Balance of $200.00 or Average Daily Balance of $500.00
Early Account Termination Fee
$30 fee if account is closed within 180 days of account open
Our Verdict
Terms don’t really say what you have to do keep the account active.
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
Looks like it’s in-branch only, can’t do online.
WaterStone loves to charge fees for everything. I opened a personal checking thinking I would qualify for their bonus and couldn’t wait for the 6 months to pass to close the account. They charged me a $10 inactive account fee even though I left $1000 there to avoid its monthly fee. You need to have some sort of activity every 60 days otherwise you get charged. In a world with hundreds of account of $0 fees accounts this back is still in the Stone Age.