UPDATE 2/22/2017: Availability has changed.
Deal Summary: Dream Big Checking, 1.66% APY up to $15k; $100 new account bonus available through March 13, 2017.
Now through March 13, 2017, Westfield Bank is offering a $100 bonus when opening a new Dream Big Checking account, which currently earns 1.66% APY on qualifying balances up to $15k. Qualifying balances and non-qualifying balances both earn 0.15% APY.
$100 Bonus Requirements
- Open a new Dream Big Checking account on or before March 13, 2017.
- Minimum deposit of $100 of new money.
- The $100 bonus will be deposited in the account within ten days of account opening.
- If the account is closed within 180 calendar days of opening, the bonus will be deducted.
- Limit of one bonus per household.
Dream Big Checking Qualification Requirements
- At least 12 debit card purchases.
- Have at least one Direct Deposit OR one Automatic Payment per statement cycle.
- Enroll in online banking and receive eStatements.
When I first wrote about the Dream Big Checking account in 2010, it was nationally available, but was restricted to Ohio residents within a few months. When I saw it listed as available to all U.S. residents, I checked to make sure that was indeed the case. An enthusiastic CSR stated,
I am pleased to let you know that our new online account opening is open to all US Citizens!
CSR also let me know that the Bank does only a soft inquiry during the application process to verify identification.
The Dream Big Checking account has no minimum balance requirement, monthly service fee, or transaction limits. Nationwide ATM fees will be reimbursed up to $12 monthly, and the Bank is a member of the MoneyPass ATM network.
Headquartered in Westfield Center, in northeast Ohio, Westfield Bank offers its Dream Big Checking account and $100 bonus to
U.S. Citizens and Permanent Residents living in any of the 50 states all Ohio residents .
Opening a Dream Big Checking account and applying for the $100 bonus can be done online or at any of the eight full-service Ohio branches located in Akron, Brecksville, Canton, Cuyahoga (2), Medina, Westfield Centre, and Wooster.
Westfield Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.22% (excellent) based on September 30, 2016 data. In the past year, Westfield Bank has increased its total non-brokered deposits by $63.51 million, an excellent annual growth rate of 7.34%. Please refer to our financial overview of Westfield Bank (FDIC Certificate # 57077) for more details.
Westfield Bank is a relatively young bank, having been established in 2001 as a result of the Gramm-Leach-Bliley Act (2000), which allowed insurance companies and banks to have common ownership. The Westfield Insurance company approached local banker Jon Park, and Westfield Bank opened its doors in early 2001. The initial location was a bit unorthodox: a doublewide trailer sitting in the parking lot of Westfield Insurance served as the first branch, until renovations to the historic Westfield Center Post Office could be completed and provide the Bank with a permanent home. Westfield Bank is currently the 19th largest bank in Ohio, with assets in excess of $1.2 billion.
How the Dream Big Checking Compares
When compared to the 30 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Westfield Bank’s Dream Big Checking APY only ranks in the top ten, but the $100 bonus effectively makes the maximum first-year APY approximately 2.33%
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking High (up to $20k)||Consumers Credit Union|
|4.00% APY||Extreme Checking (up to $15k)||Blue Federal Credit Union|
|1.66% APY||Dream Big Checking (up to $15k)||Westfield Bank|
The above rates are accurate as of 2/20/2017.
Other Bank Promotions and Bonuses
Not eligible for First Bank Financial Centre’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.