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
Direct link to 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:
- 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
