It's rare to see an account opening bonus for reward checking accounts. A high yield is usually enough of an incentive. It's also rare to see a $200 bonus. This is one case that combines both. South Shore Savings Bank is offering $200 for opening its reward checking account and meeting the account requirements. The bonus is listed at the bank's promotions page as of 6/13/2010.
On the bottom of the promo page, the small print has some important notes:
Limited time offer. Subject to change without notice. Minimum to open is $10.00. No minimum to obtain the incentive as long as other account requirements are met. The APY for the incentives will depend on the amount deposited. Example: On a $10,000 deposit, the $200 incentive would have an APY of 12.62% after 60 days based on monthly compounding. To receive the offer described, the customer must not be a current personal checking customer or SSSB employee. Limit one incentive per tax reporting owner. We may report the value of this premium to the IRS. To be credited to your account after 60 days of opening a checking account with direct deposit and meeting other account requirements.
Note the last sentence. Here are the reward checking requirements to qualify for the high interest rate.
- 15 debit card purchases
- one direct deposit
- use Home Banking and Bill Pay at least once
- receive e-Statements
It appears these are the same requirements for the bonus. If you apply, you may want to verify this with the bank.
The reward checking account is currently paying 3.69% APY on balances up to $25K. I first reviewed this account in January 2009 when the top rate was 4.44% APY.
There are smaller bonuses for the relationship checking ($100) and for the free checking ($50). Since these also require direct deposit, I don't see a good reason to go for these instead of the $200 reward checking bonus.
There's an online application for opening accounts that's provided by Andera, but in the application it states that a Massachusetts address is required.
Branches are located in Braintree, East Bridgewater, Norwell, Pembroke, Plymouth, Quincy, Stoughton and Weymouth.
The bank has mixed ratings for soundness: 3½ stars (good) at BauerFinancial (based on 3/31/10 data), 2 stars (below peer group) at Bankrate.com (based on 12/31/09 data) and a 3 out of 5 health score at DepositAccounts.com (based on 3/31/10 data, see our South Shore Savings Bank rates and reviews page). The bank has been FDIC insured since 1985 (FDIC Certificate # 90303).
Thanks to the reader who emailed me info on this promo.
Other Bank Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.