DOC Compass — Offers, decoded

Sadly it looks like this deal has expired and is no longer being offered. For the best current checking bonuses by click here.

Offer at a glance

Maximum bonus amount: $250
Availability: Timberlake, Old Forest, Fairfax and Stonehenge branch locations only
Direct deposit required: Optional
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Unknown
Monthly fees: $9.95
Early account termination fee: Unknown
Household limit: One
Expiration date: None listed

The Offer

Direct link to offer

Essex Bank is offering a bonus of $250 when you open a new cash back checking account. You can earn $50 for the first 5 full monthly statement cycles. To qualify you need to complete the following requirements:
- Qualify for the monthly fee waived ($1,500 minimum daily balance or $500 direct deposit)
- Conduct at least 5 non-pin, signature- based debit card transactions
- Conduct one bill payment transaction through online banking

The Fine Print

Valid only for new Cash Back Checking accounts opened in person at the Timberlake, Old Forest, Fairfax and Stonehenge branch locations.
Limited to one account per household.
Cash bonus only available to new customers that do not currently have a personal checking account with us and have not received a cash bonus from Essex Bank in the prior 12 months.
$50 minimum deposit to open.
You may earn 1% cash back on any online or signature-based debit card transaction, up to$10 per statement cycle.
In addition to the standard cash back rewards associated with the account, new account customers are eligible to receive up to $250 credited in $50 monthly increments for the first five (5) complete monthly statement cycles.
The first monthly statement cycle will be a partial month depending on when the account is opened and therefore does not qualify as a complete statement cycle.
The bonus program will begin on your second monthly statement cycle and will run through the sixth monthly statement cycle.
Each of the $50 increments will be credited to your new checking account on the last day of your statement cycle.
In order to qualify for the $50 monthly rewards, you must (1) Open a Cash Back Checking account at the eligible branch locations listed above; (2) avoid the monthly service charge; (3) conduct at least 5 non-pin, signature- based debit card transactions during each monthly statement cycle; and (4) conduct one bill payment transaction through online banking during each monthly statement cycle.
If you do not meet the qualifications listed above in any one of the eligible monthly statement cycles, you will not receive the $50 bonus for that month, however you will remain eligible to receive a bonus if qualifications are met in subsequent eligible months.All cash rewards will be reported to the IRS as taxable income
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

$9.95 monthly service charge unless a $500 minimum direct deposit is made per statement cycle or a $1,500 average daily balance is maintained in the account.

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

Seems like a good bonus considering it’s for a maximum of $250 and direct deposit isn’t required. Considering it’s a soft pull as well, it’s worth doing and we will be adding this to our list of the best bank account bonuses. As always share your experiences with this bank/bonus in the comments below.

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