Offer at a glance
- Maximum bonus amount: $1,000
- Availability: NY, in branch only. All branches are in Southern NY
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $5, avoidable
- Early account termination fee: Six months, bonus forfeit
- Household limit: None listed
- Expiration date: December 31, 2025
The Offer
- Walden Savings Bank is offering a business checking bonus of up to $1,000.
- Must be enrolled with online/ mobile banking
- Perform 5 “qualifying transactions” within the first 90 days after account opening ( deposits, ACH credits, wire transfers, Bill Pay, and debit card purchases)
- Bonus you receive depends on your average balance of your new checking account at 90 days from the day of account opening:
- $250: New Money of $2,500 to $9,999
- $500: New Money of $10,000 to $99,999
- $1000: New Money of $100,000 or more
The Fine Print
- New account bonus is subject to IRS reporting and subject to repayment should your account be closed within 180 days
- Offer available for new WSB business checking accounts only.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $5 monthly fee, this is waived with an average monthly balance of $2,500
Early Account Termination Fee
Bonus forfeit if closed within six months.
Our Verdict
I wasn’t able to work out the interest rate on this account, but I’m assuming it’s either zero or close to. If you put the funds into an account earning 5% APY over the 90 days you’d earn:
- $250 bonus: $2,500 required (~$31 in interest)
- $500 bonus: $10,000 required (~$125 in interest)
- $1,000 bonus: $100,000 required (~$1,250 in interest)
That means the $500 and $250 bonuses are worth considering but not the $1,000 bonus.
Hat tip to ShawntheShawn
Useful posts regarding bank bonuses:
William Charles
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