Dedicated to Deposits: Deals, Data, and Discussion

$25 Yearly Bonuses for a Free Checking Account at a Pennsylvania Bank (Embassy Bank)

POSTED ON BY

Embassy Bank is offering $25 for opening its free personal checking account with a minimum deposit of $500. Maintain the minimum balance, and Embassy will deposit $25 into your account every year for life. Also, you'll receive one free set of checks every year for life. The free checking has no monthly service charges, and no Embassy Bank fees for withdrawals made from a foreign ATM (but sounds like they don't reimburse fees charged by other banks).

It appears that the minimum balance during the year to earn the yearly $25 is $500. The small print does state that this balance requirement is subject to change. If it remains at $500 and you keep the balance exactly at $500, the $25 earned would equal a yield of 5%. This becomes less of a good deal as the balance increases. For a $1K balance, the $25 would only equal a yield of 2.5%.

Branches are located in Bethlehem and Allentown, PA. The bank has been FDIC insured since 2001 (FDIC Certificate # 57228).

Thanks to Dana who mentioned in the finding deals post finding this promo at eMoneyCentral.

  Tags: Pennsylvania, checking account

Related Posts

Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
If the balance requirement remains at $500, and you get $25 a year for life (including the first $25 when opening the account), then this is a good deal assuming that interest rates will fall down in the future. On top of that is the fact that this is totally liquid money in a totally free checking account. Of course, anything can change, but I'd like to have this deal should interest rates fall. At least for $500 of my money, I'd be getting 5 percent.

1
Comment #2 by Anonymous posted on
Anonymous
Actually, if you get $25 when opening up the account, and then a year later you get another $25, then that's about a 10 percent yield for keeping $500 in the account for about a year. Withdraw the bonuses when you get them and put them into something that gains interest, and it's even better.

1