People's United Bank is offering a free Amazon Kindle for opening its Advantage Checking Account with direct deposit by 3/18/2011. The important downside to this promo is that Advantage Checking has a $20 monthly fee unless you maintain a combined average balance of $5,000. The promo is listed on the bank's front page. Here's the offer's small print (with my highlights):
This offer applies when you open a new People's United Advantage Checking Account (the "Account") between 2/8/11 and 3/18/11 with a $25 minimum opening deposit and a recurring direct deposit. To qualify for the Kindle, you cannot have an existing People's United Bank personal checking account and must receive at least two direct deposits of at least $250 each into your new Advantage checking account within 90 days of account opening. Direct Deposit transactions are limited to payroll, social security, pension and government benefits. PayPal transactions are excluded. If you have satisfied the offer conditions, and your account is open and in good standing, your Amazon Kindle will ship within 60 days of qualifying. The value of the Kindle (plus tax and delivery) will be subject to reporting for income tax purposes. Fees may reduce earnings. If the Account is closed within 6 months of opening, you will be charged a Bonus Recovery Fee of $139. The account does not pay interest and has no Annual Percentage Yield. One offer per household. Employees of People's United Bank and their families are not eligible for this offer. Offer may not be combined with any other offers and may be withdrawn without notice. Other restrictions may apply. When you maintain a Combined Average Balance of $5,000 or more in personal deposit accounts during your statement cycle the $20 monthly service charge for that cycle is waived. Ask us for additional ways to qualify. Certain check styles are free. People's United will not charge you a fee. People's United will rebate to you all domestic out-of-state ATM surcharges. Tax reporting may apply.
The bank's website lists the following geographic restriction:
Customers residing in the following states are eligible to open accounts: Connecticut, New York, Massachusetts, Rhode Island, Vermont, Maine, and New Hampshire.
Thanks to the reader who emailed me news of this promotion.
You may have heard about People's United in January when they announced they intended to acquire Danversbank of Massachusetts. For those with a Danversbank reward checking account, this is worrisome since People's United just offers regular checking accounts. For most savers, Danversbank's current reward checking account is much more attractive than this Advantage checking account even with the free Kindle.
People's United Bank is a sizable bank with $23.86 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 14.83% (above average) based on December 2010 data. Please refer to our financial overview of People's United Bank for more details. The bank has been a FDIC member since 1988 (FDIC Certificate # 27334).
Other Bank Bonuses
To find other bonus deals at other banks and credit unions, 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.