People’s United Bank is offering up to a $400 bonus when you open a new checking account with them! Simply use promo code JAN2022 when you apply for an account. See below for bonus requirements and additional details.
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People’s United Bank $400 Checking Bonus Offer
Ninja Update: M&T has completed the acquisition of People’s. Please go to the M&T Bank promotions page to find the latest offers.
The account opening bonus is either $300 or $400 depending on which checking account you open with People’s United Bank:
- Advantage Plus Checking = $300
- Premier Advantage Checking = $400
Both cash bonus offers require that you have one or more direct deposits totaling at least $2,500 within 60 days of account opening.
The differences between the accounts are the monthly service charge and what how much money you need to have in the accounts to waive the monthly service charge.
Where Do I Enroll?
This is an online-only offer that’s not available at a physical People’s United Bank branch. It’s only valid through the direct link that I’ve provided above.
Additionally, the bonus is only available to residents of the following New England states:
- Connecticut (CT)
- Massachusetts (MA)
- Maine (ME)
- New Hampshire (NH)
- New York (NY)
Who qualifies for the bonus?
The checking offer is available to people who are not existing People’s United Bank personal checking customers, which means you cannot currently have or have had a People’s United personal checking account within the last 365 days.
Ninja Note: Those who are People’s United Bank savings account customers can still take advantage of this deal. They’re very specific that you just can’t have a personal checking account with them.
- List Of The Best Bank Account Bonuses
- What Counts As A Direct Deposit When It Comes To Bank Sign Up Bonuses
What Are The Details?
Availability: CT, MA, ME, NH, NY
Household Limit: One
Direct Deposit Required: Yes, $2,500 (see what counts as a direct deposit)
Hard/Soft Pull: Soft
Early Account Termination Fee: 180 days or bonus is forfeited
The Advantage Plus Checking ($300 bonus) and the Premier Advantage Checking ($400 bonus) comes with a monthly service charge of $25 and $30, respectively.
However, the monthly fee can be waived if you do the following:
Advantage Plus Checking
The monthly fee of $25 will be waived if you:
- Keep $7,500 or more in combined average balances in your eligible accounts, including checking, savings and CDs
Premier Advantage Checking
The monthly fee of $30 will be waived if you:
- Keep $75,000 or more in combined average balances in your eligible accounts, including checking, savings and CDs
People’s United Bank $400 Bonus Terms & Conditions
- This offer is available for new accounts opened online. You must use the “Open Now” link on the offer page at the time of account opening to be enrolled in this online only offer. If you enter an eligible zip code and use the “Open Now” link, the promo code JAN2022 will display.
- To qualify for the $300 or $400 personal checking offers, you must 1) Mention promo code FALL300 when you open your new Advantage, Advantage Plus or Premier Advantage checking account held individually or jointly with a $25 minimum opening deposit, 2) Receive qualifying direct deposits in the account totaling $2,500 or more within 60 days of account opening.
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or the government into your checking account.
- The personal checking offer is not available to existing People’s United Bank personal checking customers, which means any account owner cannot currently have or have had a People’s United personal checking account within the last 365 days.
- Reward will be credited to your personal checking account if the account is open and has a positive balance at the time of reward payout. The account must remain as the original account type opened to receive the reward payment.
- If the personal checking account is closed within 6 months of opening, we may deduct the bonus amount at the time of account closing. One reward per household. Reward is considered interest and will be reported on IRS Form 1099-INT.
- Monthly service charge waived when you maintain the required Combined Average Balance of in personal deposit or CD accounts, Home Equity or Home Equity Line of Credit balances and/or investments held at People’s Securities, Inc. (PSI) during your statement cycle. Insurance, annuities, and investments that you may have purchased through PSI that do not appear on your PSI account statement are not included in your Combined Average Balance.
The Bottom Line
The $400 bonus is nice, but not everyone can maintain a $75,000 balance in the Premier Advantage Checking to avoid the monthly fee.
And while the $300 bonus version is smaller, the Advantage Plus Checking balance requirement of $7,500 is much more doable.
If you’re thinking about getting this bonus, I wouldn’t wait too long. M&T Bank bought People’s United Bank in February 2021 and since they both have separate account opening bonuses, I can’t imagine they’ll keep both when the merger is finalized.
I’ll add this to my list of the best bank bonuses.