[OH, WV or KY] Peoples Bank $150/$300 Checking Promotion

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Offer at a glance

  • Maximum bonus amount: $300
  • Availability: OH, WV or KY only.
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements:  See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $10-$15, avoidable
  • Early account termination fee:
  • Household limit: None
  • Expiration date: No end date listed

The Offer

Direct link to offer

  • Peoples Bank is offering a $150 or $300 checking bonus. Bonuses are as follows:
    • Open a new Interest Plus checking account and earn a $25 statement credit for the first six statement cycles following the account opening up to $150. Must complete the following requirements each statement cycle to be eligible:
      • Be enrolled in electronic statement delivery as of the end of the statement cycle
      • Have at least one direct deposit transaction
      • Have 5 or more debit card purchases (excludes ATM transactions)
    • Open a Premier checking account and earn a $50 statement credit for the first six statement cycles following the account opening up to $300. Must complete the following requirements each statement cycle to be eligible:
      • Be enrolled in electronic statement delivery as of the end of the statement cycle
      • Have at least one direct deposit transaction
      • Have 5 or more debit card purchases (excludes ATM transactions)

The Fine Print

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

Avoiding Fees

Monthly Fees

Interest Plus Checking ($150 Bonus)

This account has a $10 monthly fee. This is waived if you do any of the following:

  • Maintain an average balance of $2,500.00 or more per statement cycle
  • Combined balances of at least $5,000 of Peoples Bank savings or money market accounts
  • Have an active related enrolled secured consumer loan

Premier Checking ($300 Bonus)

This account has a $15 monthly fee. This is waived if you have combined balances of $25,000 of Peoples Bank checking, savings, CD or money market accounts or Peoples Investment Services accounts

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Need to know if this is a hard or soft pull to open. The requirements for each bonus are the same but the premier checking account is much more difficult to keep fee free. If it turns out to be a soft pull then the $150 bonus should be worth doing as it’s relatively easy to keep the account fee free with the $2,500 average balance. The $300 bonus would require a $25,000 balance and remember the account needs to be kept open for six months so probably not worth it.

Hat tip to reader Caleb H

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