Update 7/8/24: Bonus is now up to $750.
Update 1/21/24: Extended to December 31, 2024
Update 6/21/23: Extended until December 31, 2023.
Update 1/15/23: Extended until  June 30, 2023.
Update 1/5/22: Extended until 12/31/22.
Update 1/3/21: Deal is back and valid until 12/31/21.
Offer at a glance
- Maximum bonus amount:Â $250
- Availability: Must live near a branch. Branches are located in Dedham, Westwood, Needham, Walpole, Norwood, and Sharon in Massachusetts. [Locations here]
- Direct deposit required:Â Yes, two direct deposits totaling $1,000 or more
- Additional requirements:Â 5 debit card transactions, two online bill pays
- Hard/soft pull:Â Soft
- ChexSystems: Unknown, sensitive
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â December 31st, 2019
The Offer
Direct link to offer
- Dedham Savings Bank is offering a bonus of up to $750 when you open a new checking account and complete the following requirements within 60 days of account opening:
-
Bonus Amount Direct Deposit Requirement Dedham Savings Debit Card or Bill Pay Transactions Requirement $250 $2,500+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days $500 $10,000+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days $750 $20,000+ in 90 days 5+ debit transactions or 5+ Bill Pay transactions totaling $100+ in 90 days
The Fine Print
- Bonus valid for customers who do not have an existing or prior personal Checking account at Dedham Savings.
- To receive $250 bonus, open any personal Checking account with funds not currently on deposit.
- Within 60 days of account opening, receive at least two direct deposits to Checking account, totaling $1,000 or more (a direct deposit is a recurring deposit of a paycheck, pension, Social Security or other regular monthly income, electronically deposited by an employer or outside agency into your account).
- Within 60 days of account opening, pay at least two bills with Online Bill Pay or make five purchases with Dedham Savings Debit Card.
- $250 bonus will be deposited to Checking account within 90 days after qualifications are met and will be reported to the IRS for tax purposes.
- One offer per customer.
- Offer expires December 31, 2019.
- No minimum balance required to earn bonus. Account must be opened in person at any Dedham Savings location.
- 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 doesn’t have any monthly fees to worry about.
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
Previous best bonus from Dedham savings was $100, so this is an extra $150 with very similar requirements. I do think this bonus is worth doing if you live near a branch and because of that I will be adding this to our best bank account bonuses.
Hat tip to reader fengmd
Useful posts regarding bank bonuses:
Post history:
- Update 4/19/20: Deal is back and valid until 12/31/20. Hat tip to reader EW