Update: Seems to be available in Massachusetts, Connecticut, Rhode Island, New Hampshire, Vermont, and Maine
Offer at a glance
- Maximum bonus amount: $200
- Availability: MA, CT, RI, NH, VA, ME
- Direct deposit required: Yes, $1,000+
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $250
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: December 31, 2020
The Offer
- South Shore Bank is offering a $200 checking bonus when you open a new checking account and complete the requirements:
- Receive a direct deposit of $1,000+ within the first 90 days of account opening
The Fine Print
- South Shore Bank employees not eligible for the promotion. One new account per household, must be 18 years old or older.
- Promotion valid through December 31, 2020. Offer is subject to change without notice. These offers are available online for applications completed using the “Apply Now” button on this webpage, or if media campaign and promotion code are mentioned in branch. Applications submitted through other pages on the website will not qualify. Qualifying criteria must also be met to receive the $200 bonus. If a prospect decides to open a different checking account online and mentions the campaign, they will still receive the bonus. Excludes Student Checking and all Business Checking accounts.
- To receive the $200 cash bonus applicants must open and use a new Free Checking account with direct deposit totaling $1,000 or more within the first 90 days of account opening. A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security, or other regular monthly income electronically deposited by an employer or an outside agency into the new Free Checking account.
- Upon requirement completion, South Shore Bank will deposit the $200 bonus into your new account within 30 days after the initial 90 days.
- Bonuses are considered interest and may be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- New account will not be eligible for offer if any signer has signing authority on an existing South Shore Bank consumer checking account or has closed a checking account within the past 6 months. Fees and charges may apply, please consult with a South Shore Bank representative for details.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking account with no monthly fees to worry about.
Early Account Termination Fee – Unknown
We’re unsure if they currently have an early account termination fee or not.
Our Verdict
Given it’s a soft pull and there is a small amount of credit card funding this one is worth doing. Will be added to our list of the best bank account bonuses.
Hat tip to reader nurglefish
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
