Checking account bonuses often require opening a checking account that you probably won’t want to keep for the long term. If you’re not careful, you may lose more in fees with these checking accounts than you’ll make from the bonus. That’s not the case with The Bank of Maine and its Promise Rewards Checking account. This is one of the rare cases where you can earn a sizable new-account bonus on a checking account that you’ll want to keep for the long run. The checking account has no monthly service charge and offers free ATM use anywhere in the US. The account isn’t a high-yield reward checking account, but it does offers several rewards. The most notable one is an account bonus of up to $250. Below is a copy of the small print of the bonus offer as listed in the bank’s Promise Rewards Checking page as of 4/30/2013:
You must sign up for online statements, use our bill pay service, and have a recurring Direct Deposit of your payroll, pension or government benefits, such as Social Security. A $50 bonus will be paid if you make 10 debit card point-of-sale transactions in the second statement cycle. A $100 bonus will be paid if your Direct Deposit is active by the end of your second statement cycle. A $100 bonus will be paid if you make 5 cleared bill payments of 5 different payees and be at least $25 each during your second statement cycle.
In addition to this one-time bonus offer, the checking account offers a little cash back for debit card purchases and for a few other transactions. According to the small print:
Each month, when statements are processed, a 5 cent reward will be paid for every debit card point-of-sale transaction, cleared online bill payment and direct deposit.
The ATM fee reimbursements are also a nice perk, and there are no monthly requirements to receive these. According to the small print:
Use any ATM nationwide and we’ll automatically reimburse fees charged by other banks by the next business day.
Some other notable features of the Promise Rewards Checking account include:
- No monthly service charge or transaction fees
- $25 minimum deposit to open
- Free first order of standard checks (up to 200 checks)
- Free online banking and bill pay
I noticed this checking account and promotion has been around for awhile. The bank issued this press release in May 2011 when it switched its name from Savings Bank of Maine to The Bank of Maine. It also announced the Promise Account with the above promotion and features.
Update 5/14/13: The bank has changed availability of the Promise Rewards Checking account. It's now only available to residents living in Maine, New Hampshire and Massachusetts.
There’s an online application,
and the bank is accepting applications from people in any state. I was told by a bank official that customers throughout the U.S. are eligible for this promotion. To access the online application, click on the “get started” link at the bank’s Promise Rewards Checking page. You can also apply in person at one of the bank’s branch offices.
The Bank of Maine branches are located in several cities throughout Maine. Some of the cities include Augusta, Brunswick, Kennebunk, Portland, Richmond and Waterville.
As I mentioned above, The Bank of Maine used to have the name Savings Bank of Maine. The name changed in 2011.
It’s a sizable community bank with 33 branches and nearly $800 million of assets. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 27.30% (average) based on December 2012 data. Please refer to our financial overview of The Bank of Maine for more details. The bank has been a FDIC member since 1967 (FDIC Certificate # 19686).
Other Bank and Credit Union Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.