[Expired] [YMMV & NY only] People’s United Bank $400 Checking Bonus

This deal is no longer available, view more checking bonuses here.

Please note the fine print states ‘This offer is only available to the recipient of this offer and is non-transferable.’ I’m unsure if this is enforced as the promo codes are generic but it very well could be so keep that in mind.

Offer at a glance

• Maximum bonus amount: $400
• Availability: NY postcodes only
• Direct deposit required: Yes, $500-$1,000 depending on bonus
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: None-$30, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: None listed
• Expiration date: April 30th, 2018

The Offer

Direct link to offer

• People’s United Bank is offering a bonus of up to $400 when you open a new checking account. There are three separate bonuses as follows:
  • Plus Checking: $100 bonus when you receive direct deposits totalling $500 or more within 90 days of account opening. Promo code CHK100
  • Advantage Plus Checking: $200 bonus when you receive direct deposits totaling $1,000 or more within 90 days of account opening. Promo code CHK200
  • Premier Advantage Checking: $400 bonus when you receive direct deposits totaling $1,000 or more within 90 days of account opening. Promo code CHK400

The Fine Print

• This offer is only available to the recipient of this offer and is non-transferable.
• To receive this offer, you must mention a promo code (specific to the checking account you are opening) when you open your new Plus Checking, Advantage Checking, Advantage Plus Checking or Premier Advantage Checking account held individually or jointly between 2/1/18 and 4/30/18 with a $25 minimum opening deposit.
• Student Checking, ePlus Checking, Interest Plus Checking and H S A accounts are not eligible.
• This offer is not available to existing People’s United Bank personal checking account customers.
• It is for new personal checking customers only, which means any account owner cannot currently have a People’s United personal checking account or have had a People’s United personal checking account within the last 180 days.
• To qualify for the $100 reward, you must 1)Open a Plus Checking account; 2)Mention promo code CHK100; AND 3)Receive direct deposits made to this account totaling $500 or more within 90 days of account opening.
• To qualify for the $200 reward, you must 1)Open an Advantage Checking or Advantage Plus Checking account; 2)Mention promo code CHK200; AND 3)Receive direct deposits made to this account totaling $1,000 or more within 90 days of account opening.
• To qualify for the $400 reward, you must 1)Open a Premier Advantage Checking account; 2)Mention promo code CHK400; AND 3)Receive direct deposits made to this account totaling $1,000 or more within 90 days of account opening.
• Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
• Reward will be credited to your account by 9/14/18 if the qualifications are met.
• Your account must be open and have a positive balance at the time of reward payment.
• If the checking account is closed within 6 months of opening, we may deduct the bonus amount at the time of account closing. One reward per household. Reward is considered interest and will be reported on IRS Form 1099-INT.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Plus Checking – No Monthly Fee ($100 Bonus)

This account is required for the $100 bonus. It has no monthly fees or requirements to worry about.

Advantage Plus Checking – $25 Monthly Fee ($200 Bonus)

This account is required for the $200 bonus. It has a $25 monthly fee that is waived if you do any of the following:

• Maintain a combined average balance of $7,500 or more in  personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc

Premier Advantage Checking – $30 Monthly Fee ($400 Bonus)

This is the account required for the $400 bonus. It has a $30 monthly fee that is waived if you:

• Maintain a combined average balance of $75,000 or more in  personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc

Early Account Termination Fee

Account must be kept open for 6 months otherwise bonus is deducted.

Our Verdict

Keeping the account fee free for the $400 bonus is much too difficult, requiring a total of $75,000 in funds. Even keeping the $200 bonus account fee free is difficult with $7,500 in funds required. If we put those funds in an account earning 5% they would earn $187.5 over the 6 months you’re required to have it open. That means only really the $100 bonus is worth considering and People’s United Bank has offered a $100 bonus on the same account with no direct deposit requirement last year. Because of all that I don’t recommend this bonus (it’s even worse due to that targeted language as well), that’s a shame given the $400 headline figure. You can find a full list of bank bonuses we do recommend here.

Big thanks to reader, JuicyJosh who let us know. Learn how to find bonuses and contribute to the site here.

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