DOC Compass — Offers, decoded

Offer at a glance

Maximum bonus amount:$300
Availability: CT only
Direct deposit required: Depends on the bonus
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees:
Early account termination fee: None found
Household limit: None listed
Expiration date:None listed

The Offer

Direct link to offer

Savings Bank of Danbury is offering a bonus of up to $300 when you open a new checking account with promo code Get123. Bonuses are as follows:
- To qualify for the $100 cash bonus, you are required to open a new Priority Checking account and make 10 debit card transactions per month for two (2) consecutive months
- To qualify for the $200 cash bonus you are required to open a new Priority Plus Checking account and have qualifying direct deposit(s) totaling $500 per month for two (2) consecutive months
- To qualify for the $300 cash bonus you are required to open a new Priority Platinum Checking account and have qualifying direct deposit(s) totaling $500 per month for two (2) consecutive months

The Fine Print

Minimum $50 to open a checking account.
This offer applies to new checking account customers.
New money is defined as money not currently on deposit with Savings Bank of Danbury.
New checking account customer is defined as anyone not having owned a checking account with Savings Bank of Danbury in the 180 days prior to taking advantage of this offer.
This offer is limited to one checking account per tax ID#.
Account must be opened and maintained in good standing for a period of 90 days from the opening date, (the introductory period) to qualify for each bonus.
An account is considered to be in “Good Standing” if the balance remains positive and no overdrafts are incurred.
To qualify for the $100 cash bonus, you are required to open a new Priority Checking account and make 10 debit card transactions per month for two (2) consecutive months.
To qualify for the $200 cash bonus you are required to open a new Priority Plus Checking account and have qualifying direct deposit(s) totaling $500 per month for two (2) consecutive months.
To qualify for the $300 cash bonus you are required to open a new Priority Platinum Checking account and have qualifying direct deposit(s) totaling $500 per month for two (2) consecutive months.
Qualifying direct deposits are regular, periodic automated clearing house (ACH) credits, which may include payroll, salary, pension or government payments (such as Social Security).
Transfers from another Savings Bank of Danbury deposit account do not qualify.
The maximum amount any customer can receive is $300.
Bonuses will be paid in the statement cycle following the first 90 days after qualifications have been met.
Promotion compensation is considered taxable income and an IRS-1099 form will be issued.
This offer is subject to change and to early termination without prior notice at any time.
Other fees and restrictions may apply. Savings Bank of Danbury employees and their immediate families are not eligible for this offer.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Priority Checking ($100 bonus). This account has no monthly fees
Priority Plus Checking ($200 bonus). This account has a $12 monthly fee that is waived with a $1,000 balance.
Priority Platinum Checking ($300 bonus). This account has a $20 monthly fee that is waived with a $2,000 balance.

Early Account Termination Fee

I wasn’t able to find any mention of any early account termination fee in the fee schedule.

Our Verdict

I think you either do the $100 bonus (to avoid the direct deposit requirement) or the $300 bonus as the $200 bonus seems a bit pointless (only advantage is it’s slightly easier to keep fee free). Last time we saw a bonus it was only for $150 so if you live in an eligible area I do think this one is worth doing and will add it to the best bank bonuses.

Hat tip to reader Bockrr

Useful posts regarding bank bonuses: