DOC Compass — Offers, decoded

There is a new offer for up to $500. More information here.

Unfortunately this bonus has expired, click here to view the best current checking bonuses.

There is also a $200 bonus currently available as well. More information here.

Offer at a glance

Maximum bonus amount: $400
Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
Direct deposit required: Yes, $1,000+
Additional requirements: None
Hard/soft pull: Soft pull as long as you opt out of over draft protecton.
ChexSystems: Unknown
Credit card funding: Up to $1,000, Visa & MasterCard only
Monthly fees: $25, avoidable
Early account termination fee: None listed
Household limit: None
Expiration date: ~~June 30th, 2018 July 31st, 2018~~ September 30th, 2018

The Offer

Direct link to offer

Citizens Bank is offering a bonus of $400 when you open a new Platinum checking account and complete the following requirements:
- Receive a direct deposit of $1,000+ within 60 days of account opening.

The Fine Print

To qualify for the $400 bonus you must open your first new Platinum checking account between 3/30/2018 and 6/30/2018 and have at least 1 single direct deposit of $1,000 or more post to your new checking account within 60 days of account opening.
Direct Deposit is recurring income electronically deposited into your Citizens Bank checking account and may include salary, pension, Social Security and Supplemental Security Income (SSI) benefits and other regular monthly income.
Primary signer on the new checking account may not be or have been a primary or secondary signer on any Citizens Bank personal checking account within the previous six months.
The new account must be open and in good standing to qualify for this offer.
Offer may be withdrawn without notice and cannot be combined with any other checking offer.
In order to be eligible to participate in this promotion, the customer must open their first new personal checking account via Citizens Bank’s online account opening system accessed by clicking on the link on this page.
Customer should print this screen for their records.
Customer may only be paid a bonus associated with this program one time.
If you meet all of the above requirements and open a Citizens Bank Platinum Checking® account you will receive a $400 bonus.
Bonus will post to the checking account within 90 days after direct deposit has posted and will be labeled as “Balance Builder Bonus.”
Bonus will be reported to the IRS for income tax purposes.

Avoiding Fees

Citizens Bank Platinum Checking Account $25 Monthly Fee

Citizens Bank Platinum Checking: $25 fee is waived with $25,000 in combined deposits

Early Account Termination Fee – None

Our Verdict

Keeping the account fee free is difficult, with a $25,000 deposit required. You’re better off just paying the monthly fee than putting the $25,000 in the account when you compare the lost interest you’d receive if you put that $25,000 into a 2% APY+ account (you’re losing out on about $1.35 per day). If you received an eligible direct deposit on the first day of account opening, you’d still need to wait around three months to receive the bonus. Best case scenario you’ll need the account open for four months, but most financial institutions usually waived the monthly fee for the first two months. Not sure this is the case here or not.

They do have a $150 bonus that is easier to keep fee free, but I think this $400 bonus is better. Even if you end up paying 6 months of fees you’ll end up with a $250 bonus vs $150 and you shouldn’t need to pay that much in monthly fees anyway. Because of that I am adding this to our list of the best checking bonuses.

Big thanks to reader, SirEel who let us know. Learn how to find bonuses and contribute to the site here.

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