[MA, CT & NY] People’s United Bank $400 Checking & Savings Bonus

Update 1/13/21: Also working in CT zip codes. Hat tip to reader Jiang

Update 12/5/20: Deal has been extended until 1/29/2021. Hat tip to reader Jake N

Offer at a glance

Maximum bonus amount: $400
Availability: NY & MA
Direct deposit required: Yes, $1,500+
Additional requirements: Use promo code
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: $25-$35, avoidable
Early account termination fee: Six months, bonus forfeit
Household limit: One
Expiration date: November 30, 2020

The Offer

Direct link to offer

People’s United Bank is offering a bonus of $400. Use promo code DEC2020. Broken down as follows (you can only do one of the checking bonuses):
- Get a $200 bonus when you open a Advantage or Advantage Plus Checking account when you receive qualifying direct deposits in the account totaling $1,500 or more within 60 days of account opening
- Get a $300 bonus when you open a Premier Advantage checking account and receive qualifying direct deposits in the account totaling $1,500 or more within 60 days of account opening
- Get a $100 bonus when you open a savings or money market account linked to a new Advantage, Advantage Plus or Premier Advantage checking account and maintain a Minimum Daily Balance in the account of at least $10,000 for 60 continuous days following account opening

The Fine Print

Checking bonus:

This offer is only available for new accounts opened in a People’s United Bank branch, over the phone, or online.
To receive this offer, you must mention promo code SEPT20NE when you open your new checking account held individually or jointly between 9/19/2020 and 11/30/2020 with a $25 minimum opening deposit.
For accounts opened online, you must use the “Apply Now” link on the offer page at the time of account opening to be enrolled in this offer. If you enter an eligible zip code and use the “Apply Now” link, the promo code SEPT20NE will display.
This offer is not available to existing People’s United Bank personal checking account customers, which means any account owner cannot currently have or have had a People’s United personal checking account within the last 365 days. Fiduciary accounts are not eligible. This offer may not be combined with other offers. Offer expires 11/30/2020; however, People’s United Bank may change or discontinue this offer at any time before this date without notice. Other restrictions may apply.
To qualify for the $200 checking reward, you must 1) Open an Advantage or Advantage Plus Checking account; 2) Mention promo code SEPT20NE; AND 3) Receive qualifying direct deposits in the account totaling $1,500 or more within 60 days of account opening. To qualify for the $300 checking reward, you must 1) Open a Premier Advantage Checking account; 2) Mention promo code SEPT20NE; AND 3) Receive qualifying direct deposits in the account totaling $1,500 or more within 60 days of account opening.
Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or the government into your checking account. Refer to the Schedule of Deposit Account Charges for minimum balance requirements to avoid the monthly service charge.
The Reward will be credited to your checking account 6-8 weeks after the account has been open for 60 days if your account is open and has a positive balance at the time of reward payout. The account must remain as the original account type opened to receive the reward payment. If the checking account is closed within 6 months of opening, we may deduct the bonus amount at the time of account closing. One reward per household. Reward is considered interest and will be reported on IRS Form 1099-INT.

Savings bonus:

To qualify for the $100 savings reward, you must 1) Open a savings or money market account linked to a new Advantage, Advantage Plus or Premier Advantage checking account within 5 business days of opening the checking account with a $25 minimum opening deposit between 9/19/2020 and 11/30/2020; 2) Mention promo code SEPT20NE; AND 3) Maintain a Minimum Daily Balance in the account of at least $10,000 for 60 continuous days following account opening. The account must be opened with funds not currently held at People’s United Bank or its subsidiaries. Transfers from existing People’s United Bank accounts do not qualify.
This offer is not available to existing People’s United Bank personal savings or money market account customers, which means any account owner cannot currently have or have had a People’s United personal savings or money market account within the last 365 days. Fiduciary accounts are not eligible. This offer may not be combined with other offers. Offer expires 11/30/2020; however, People’s United Bank may change or discontinue this offer at any time before this date without notice.
This offer is not valid for multiple accounts and is only available for one savings or money market account per checking account and per household. Interest rates are variable and subject to change. We reserve the right to convert the account to a Statement Savings account without prior notice if the linked checking account is closed.
Reward will be credited to your savings or money market account 6-8 weeks after the account has been open for 60 days if your account is open and has a positive balance at the time of reward payout. The account must remain as the original account type opened to receive the reward payment. If the savings account is closed within 6 months of opening, we may deduct the bonus amount at the time of account closing. One reward per household. Reward is considered interest and will be reported on IRS Form 1099-INT.

All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Advantage Plus Checking ($200 Bonus)

This account has a $25 monthly service fee. when you maintain a Combined Average Balance of $7,500 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle

Premier Advantage Checking ($300 Bonus)

his account has a $30 monthly service fee. when you maintain a Combined Average Balance of $75,000 or more in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc*. (PSI) during your statement cycle

Early Account Termination Fee

If the account is closed within 6 months of opening they will deduct the bonus at closing.

Our Verdict

Extremely difficult to keep the account fee free for the $300 checking bonus, but if you do the $200 checking bonus then having the $10,000 in the savings account will be enough to keep both accounts fee free. We’ve seen the $300 checking bonus before, but never this extra $100 savings bonus. Should be worth doing if you can spare the $10,000. Will add this to our list of the best bank bonuses.

Hat tip to reader 767

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