With interest rates so low, bank bonuses are looking more appealing than special rates on CDs or savings accounts. I'm glad we continue to see several banks with new-account cash bonuses. The latest one is South Shore Savings Bank which is offering bonuses of up to $125 for a personal checking account and up to $250 for a business checking account. The offers are listed in the bank's promotion page as of 8/15/2012. Qualifying for the full $125 bonus requires the following:
- $25 for opening a new personal checking account
- $25 for signing up for Direct Deposit
- $25 for signing up for Online Banking
- $25 for signing up for eStatements
- $25 when you close your old account
Most of these requirements are typical for checking bonuses except the last one. The offer's small print describes the details of what's required:
You will qualify for the $25 for closing your old account when you fill out the account closure form found on our website or at any branch and have a Bank employee send it in for you.
Both the free checking and the reward checking qualify for the bonus. Like most reward checking accounts, this bank's reward checking account is also free with no monthly fees. So I don't see any reason to choose the free checking account instead of the reward checking account. If monthly requirements are met, the reward checking pays 1.75% APY for up to $25K as of 8/15/2012. I first reviewed this reward checking account in 2009 when the top yield was 4.44%.
The bank also has a rewards savings account that is advertised in the bank's promotion page. This is linked with the reward checking, and if the reward checking requirements are met, the savings account pays 1.25% APY for up to $50K as of 8/15/2012.
Business Checking Account Bonus
The other bonus requires opening a business checking account. This is double the personal checking bonus. However, $50 of the $250 bonus is a check order credit. Below are the details:
- $50 for opening a new business checking account
- $50 check order credit
- $50 for signing up for Online Banking
- $50 for signing up for eStatements
- $50 when you set up a recurring ACH credit
The bank has a business checking account for small businesses or sole proprietors with no monthly service fee and no charge for the first 300 transactions.
The personal checking accounts can be opened online. However, the first page of the application states that "you must have a valid Massachusetts address to complete the application process."
South Shore Savings Bank branches are located south of Boston in the cities of Braintree, East Bridgewater, East Weymouth, Norwell, Pembroke, Quincy, South Weymouth, Stoughton and Weymouth.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 19.46% based on March 2012 data. Please refer to our financial overview of South Shore Savings Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90303).
Other Bank 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.