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$200 Checking Bonus & 1.50% 3-Month Money Market Promo at Sandy Spring Bank in MD, VA & DC - Local Only

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Sandy Spring Bank

Sandy Spring Bank is offering up to $200 for opening a new Cash Back Banking checking account and using certain banking services. The promotion is scheduled to last through May 28, 2010. The offer is listed on the bank's front page. Here's the link to the promotions page. The requirements to earn the bonus include (from the small print):

  • Receive $100 when you establish and maintain direct deposit. Minimum direct deposit to qualify is $500 in each monthly statement cycle from a paycheck, pension, social security or other regular monthly income electronically deposited. Transfers from one account to another or deposits made at the branch or ATM do not qualify as direct deposits.
  • Receive $25 when you obtain a Sandy Spring Visa Check Card and make a total of five (5) qualifying purchases per monthly statement cycle.
  • Receive $25 when you enroll in BankXpress Bill Pay and make a total of three (3) online bill pays or direct debits per monthly statement cycle.
  • Receive $25 when you open a Savings Account and establish a link to allow for Overdraft Protect transfers or establish a link to an existing Savings Account. Account must be opened and linked within the first 90 days.
  • Receive $25 when your account has been open for 1 year.

Some additional important small print:

  • Anniversary Reward will be deposited to your account on the 1 year anniversary of the account. All other rewards will be deposited into the checking account after the third full monthly statement cycle to accounts in good standing.
  • $125 closing fee applies if the Cash Back Banking account is closed within 180 days.
  • Offer good for accounts opened in MD, VA, and the District of Columbia.

Note, the Cash Back Banking Checking has a $10/month fee unless you have e-statements and either direct deposit, $2,500 minimum balance or if you are under 25. On the plus side, you can get $0.10 for every online bill payment and direct debit made, up to $2.00 per month. This could be an easy $24 per year.

1.50% APY Guaranteed for 3 Months

The bank also has a promotion for its Premier Money Market Account. They're guaranteeing 1.50% APY for the first 3 months. The downside to this account is a $10 monthly fee for balances under $10,000. Another downside is low standard rates. Currently, a $100K balance only earns 0.60%.

Branches are located throughout Maryland and in a few parts of Northern Virginia.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 4865).

Credit for this find goes to ichaelm who posted it on this iBankDesign thread.

Other Bank Bonuses

Please refer to the Bank Bonus page for the other bonuses at banks and credit unions around the nation.

  Tags: Sandy Spring Bank, Maryland, Virginia, checking account, money market accounts

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