Update 6/3/23: Deal is back and back up to $350. Hat tip to reader snailrock
Update 10/15/22: Deal is back but has been reduced to $300 from $350. Hat tip to Bockrr
Update 9/14/21: Deal is back and Valid for consumers who reside or work in the following Connecticut towns only: North Haven, East Haven, North Branford, Wallingford, Hamden and New Haven. Hat tip to reader Peek
Offer at a glance
- Maximum bonus amount: $300
- Availability: You must reside in a New England State or New York to open an account with GSB [NY, CT, VT, RI, MA, ME, NH]
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $15-$25, avoidable
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: March 31, 2021
The Offer
- Guilford Savings Bank is offering a bonus of $350 when you open a new Prime Access, Preferred Access and Access checking checking account and complete the following requirements:
- Use promo code SWITCH
- Meet requirements to keep account fee free for 180 days
The Fine Print
- You must enter promotion code “Access350” if opening online or mention the promotion to a banker when opening in-branch.
- All account holders on qualifying account must be new GSB checking account customers.
- Existing Guilford Savings Bank (GSB) consumer checking customers ineligible for $350 Gift Card offer.
- Offer only available for new Prime Access, Preferred Access or Access checking accounts. Accounts subject to approval.
- Minimum Requirements to Avoid Monthly Service Fee must be continually met for the account and the account must remain open for 180 days in order to receive the Gift Card.
- After 180 days, a bank representative will contact the primary account holder to confirm an accurate email address for Amazon eGift Card delivery.
- GSB reserves the right to substitute a gift card of equal value.
- May be subject to 1099 reporting. Account holder is responsible for all applicable taxes.
- Offer is subject to change without notice and may be withdrawn at any time.
- Consumer accounts only.
- Limit 1 offer per household.
- Limit 1 per account.
- $50 minimum to open.
- Please refer to GSB-YOURBANK.COM/PERSONAL-CHECKING for the account terms including the Minimum Requirements to Avoid the Monthly Service Fee for the qualifying Prime Access, Preferred Access and Access checking accounts.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There are three accounts that qualify for this bonus: Prime Access, Preferred Access and Access checking
- Prime Access: $2500 checking minimum AND $50k aggregate [consumer deposits, loans (excludes first mortgages; lines of credit are measured as the amount outstanding and not the full line of credit) and/or wealth management accounts). Otherwise a $25 monthly fee is charged.
- Preferred Access: $1500 checking min and $25k aggregate (same as above). Otherwise a $20 monthly fee is charged.
- Access: $250 DD/month and 1 debit purchase/month. Otherwise a $15 monthly fee is charged.
Early Account Termination Fee
I wasn’t able to find a fee schedule, so unsure if there is an early account termination fee.
Our Verdict
Looks like an easy bonus to meet the requirements for with a $2,500 minimum balance, although you do need to maintain that for 180 days. Just need to know if it’s a hard or soft pull to open. If anybody goes for this bonus then please share your experiences in the comments below.
Hat tip to reader Laura G
Useful posts regarding bank bonuses:
William Charles
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