[MA only] Dedham Savings Bank Up To $750 Checking Bonus

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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: $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: Yes, two direct deposits totaling $1,000 or more
  • Additional requirements: 5 debit card transactions, two online bill pays
  • Hard/soft pull: Soft
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: 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

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