Bankwell Bank (CT) Offers "Bread or Toast" $150 Checking Bonus

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Availability: Market area is primarily coastal Connecticut, stretching from Stamford to North Haven.

DISCLAIMER: The following is a statement I never thought I would make in reference to modern day banking - forgive me.

Bankwell Bank (Bankwell) is offering a $150 cash bonus or a toaster when opening a new my Bankwell Choice or new my Bankwell Choice Preferred Checking account.

To be fair, this is no ordinary toaster, but a SMEG toaster that retails for $149 on Amazon. SMEG is an Italian manufacturer of upscale appliances, known for its 1950s-style neo-retro products.

Qualifications for the "Bread or Toast" Bonus:

  • Open a new my Bankwell Choice or my Bankwell Choice Preferred Checking account with a minimum $2,000 deposit.
  • Limited to customers who do not currently have a Bankwell checking account.
  • Limit of one gift or cash bonus per address.
  • my Bankwell Choice checking customers must maintain a $2,000 average balance during the current statement cycle, OR
    a $15,000 combined average balance in all linked personal checking, savings and money market accounts for the prior month, OR
    a recurring Direct Deposit AND 5 POS debit card transactions that post and clear during the statement cycle to avoid a $20 monthly maintenance fee.
  • my Bankwell Choice Preferred Checking customers must maintain a $10,000 average balance in checking for the current statement cycle ,OR
    a $75,000 combined average balance in all linked personal checking, savings, money market and CD accounts for the prior month to avoid a $30 monthly maintenance fee.
Customers will receive the gift of the toaster within 7-10
business days of account opening. Toaster color subject to availability.
Customers opting for the $150 cash bonus will have bonus deposited
into their checking account within 7-10 business days of account opening.

Complete details about my Bankwell Choice and my Bankwell Choice Preferred Checking accounts can be found on Bankwell's website.

Availability

Headquartered in New Canaan, Connecticut, Bankwell Bank’s footprint extends from Stamford to North Haven.

Taking advantage of the "Bread or Toast" bonus requires a visit to any of nine Connecticut branches located in Fairfield (2), Hamden, New Canaan (2), North Haven, Norwalk, Stamford, and Wilton. Currently, Bankwell's online banking platform is devoted to account management and bill payment services.

While there is a "Contact Us" button on the "Bread or Toast" promotion page, it leads to a general Comments and Suggestions page.

Bank Overview

Bankwell Bank (FDIC Certificate # 57368) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.24% (excellent) based on December 31, 2015 data. In the past year, Bankwell Bank has increased its total deposits by $210.56 Million, an excellent annual growth rate of 25.0%. Please refer to our financial overview of Bankwell Bank for more details.

Established in 2002 as The Bank of New Canaan, Bankwell Bank has grown in less than 15 years to be the 10th largest bank in Connecticut, with assets in excess of $1.32 Billion. The Bank re-branded as Bankwell Bank in 2013, as it began an expansion, which included the acquisition of 3 Connecticut banks (The Bank of Fairfield, The Wilton Bank, and Quinnipiac Bank & Trust Company).

How the "Bread or Toast" Bonus Compares

Assuming $2K (which waives monthly fee) in the my Bankwell Choice account for 2 months:

  • $2K in a savings account earning 1.00% for 2 months = $3.32
  • $2K in a my Bankwell Choice account for 2 months = $150.00 (or a toaster)

If you have an extra $2k to tie up for a short time, this seems to be a relatively easy way to earn $150 (or a toaster).

Other Bank Promotions and Bonuses

Not eligible for Bankwell Bank’s bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.

Comments
Anonymous
Anonymous   |     |   Comment #1
Why would anyone take the toaster instead of $150.?
Lrdx
Lrdx (anonymous)   |     |   Comment #2
If anything, it's a good marketing stunt. People *are* talking about it, so mission successful.
Carpline
Carpline   |     |   Comment #3
But it is a $149 toaster!  (tongue planted firmly in cheek)
pearlbrown
pearlbrown   |     |   Comment #5
You are absolutely right.     $149 is too much bread for a toaster.

Blame it on extra caffeine today... at least that's my story and I'm sticking to it.
Anonymous
Anonymous   |     |   Comment #4
As stated by the bank, I believe you must meet all other account requirements. Also, the $150 is reported as interest and is taxable. This program is the "hook". The line and sinker are customer dependent!
Anonymous
Anonymous   |     |   Comment #6
You forgot to mention that the toaster is taxable too.