$100 Checking Account Bonus at Wainwright Bank in Massachusetts

Wainwright Bank is offering a $200 Series EE Savings Bonds for opening a new Value Checking with Direct Deposit. The promotion is shown in the checking account page as of 12/15/08. One important thing to note is that the current value of EE Savings Bonds is only half the face value (see Treasury's EE Savings Bond page). I think this may be one reason why the Treasury continues to issue these bonds. It's good for gifts since many people assume they're getting twice as much.

Some important details about the bonus include:

• must have a recurring payroll, Social Security or public assistance Direct Deposit made to the account
• limit one bond per household
• bond will be mailed within 90 days of account opening
• account must be in good standing with active Direct Deposit at time of Bond mailing
• initial value of Bond will be reported to the IRS as interest

Some important details about the Personal Value Checking Account include:

• $10 minimum to open
• $6 monthly service charge waived with direct deposit, otherwise a $500 minimum balance required
• Monthly service charge waived for customers under the age of 19 or 65 and over
• free online bill pay

The bank does have an online application, but I'm not sure if out-of-state people would be eligible for the bonus. I tried to contact the bank, but I couldn't get through to a CSR. You probably would have better luck with a branch visit. Branches are located in Boston, Cambridge and several other cities of Massachusetts. The bank is a member FDIC (FDIC Certificate # 27009).

Thanks to the reader who mentioned this bonus in the Finding the Best Deals post.

Tags: Massachusetts, checking account