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$150 Checking Account Bonus at Beneficial Savings Bank


Beneficial Savings Bank is offering a bonus of up to $150 for opening a Free Interest Checking Account. $50 is awarded after the first direct deposit, another $50 is awarded after the first online bill payment and another $50 is awarded if your balance reaches $1,000 anytime during the first 60 days. The last award is valid through 3/31/07. The other two $50 bonuses seem to be an ongoing promotion and are listed in the checking account overview page.

According to the service rep, the checking account can be opened by people from any state (not just those in PA/NJ). Also, they only do ChexSystem in the application process without any hard credit inquiry. Note, a reader mentioned being told that the bonuses are only a local deal.

Here are some of the important details of the Free Interest Checking account:
  • No minimum balance requirement
  • Free initial order of checks
  • No ATM fees from Beneficial (but no reimbursements)
  • Free internet banking with Bill Payment
  • Online check imaging

The schedule of fees lists all of the potential fees that you could be charged.

Beneficial Savings Bank has branches in the areas in and around Philadelphia in Pennsylvania and New Jersey. The bank is FDIC insured.

Credit for this find goes to FW member fixfox69 who posted it in this FW thread.

[Updated 2/27/07 6:40pm: Added note regarding bonuses being a local deal.]

Related Pages: Pennsylvania, New Jersey, checking account

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Comment #1 by play (anonymous) posted on
Rep says while out state can open account,the promo only applies to its local area

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I wonder if this in-state requirement applies to all three $50 bonuses? Two $50 bonuses listed in the account overview page don't seem to be specials like the third $50 bonus.

Comment #3 by Anonymous posted on
It is a bit confusing Banking guy; whether the two $50 promotions apply to residents outside Philly. I sent in an appl. online yesterday (I usually dont do these promotions right away but this was an exception) before the comments here were posted. Called the Bank right now and was told the promotions are only for Philly residents. Asked them to cancel the appl. What a bummer!!

Comment #4 by Brave Dave (anonymous) posted on
Brave Dave
I, too, applied online... only to receive a polite email saying the regret they could not offer the bonus to non-residents. *sigh* It was too good(easy) to be true.

Comment #5 by gary (anonymous) posted on
Same here. Can open account, no bonuses.

Comment #6 by Christopher (anonymous) posted on
I cannot even open the accounts online. After entering my information i got the message:

Thank you for applying at Beneficial Savings Bank.

At this time, we are not accepting new bank account applications from outside the Greater Philadelphia Region.

You must be a resident of Bucks, Delaware, Chester, Montgomery, or Philadelphia counties in Pennsylvania or Camden, Burlington, or Gloucester counties in New Jersey to open a deposit account online.

I wonder if they changed that after so many people applied trying to get the bonuses...

Comment #7 by Tom (anonymous) posted on
I applied online March 25. I only read the original post, not the comments - stupid. Two days later I received an email asking me to send a check to fund the account and a copy of a utility bill to verify my address along with the signature cards. I emailed back asking why the ACH tranfer couldn't be done and was told that they didn't want to do it because I have only been at my new address (in Washington DC) for one month.

I forwarded the requested information and this past weekend received the account information in the mail. I haven't been told that the bonuses don't apply, so I reckon I will find out once I set up a direct deposit and call about them. After reading these comments I'm not too hopeful about seeing them.

Comment #8 by Tom (anonymous) posted on
Today I received some documents in the mail about my new account. There were 4 bonus offer coupons with my name and address (Washington DC)on them. The first was $50 for paying a bill with the online bill payment, the second was $50 with a direct deposit, a 1/4% of their already low home equity rate, and free mortgage document preparation.

I think it is looking pretty good for me getting the bonus without living in the Philadelphia area. As soon as the checks come I will set up a direct deposit, might try pay pal or ACH sooner.

Comment #9 by Tom (anonymous) posted on
I received $50 for using the online billpay in my account and received a letter confirming the reason for the deposit. It took 2 weeks for my account to be credited. It also reminded me that I can get another $50 by enrolling in direct deposit. My first DD into the account will be next week, but it looks like I should get that no problem too. Pay pay trial deposits into the account did not trigger the DD bonus.

I opened the account online with an address in Washington, DC.