[NY, In Branch] Walden Savings Bank $250-$1,000 Business Checking Bonus

Offer at a glance

• Maximum bonus amount: $1,000
• Availability: NY, in branch only. All branches are in Southern NY
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown 
• Monthly fees: $5, avoidable 
• Early account termination fee: Six months, bonus forfeit
• Household limit: None listed
• Expiration date: December 31, 2025

The Offer

Direct link to offer

• Walden Savings Bank is offering a business checking bonus of up to $1,000. 
  • Must be enrolled with online/ mobile banking
  • Perform 5 “qualifying transactions” within the first 90 days after account opening ( deposits, ACH credits, wire transfers, Bill Pay, and debit card purchases)
  • Bonus you receive depends on your average balance of your new checking account at 90 days from the day of account opening:
    • $250: New Money of $2,500 to $9,999
    • $500: New Money of $10,000 to $99,999
    • $1000: New Money of $100,000 or more

The Fine Print

• New account bonus is subject to IRS reporting and subject to repayment should your account be closed within 180 days
• Offer available for new WSB business checking accounts only.
• 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 has a $5 monthly fee, this is waived with an average monthly balance of $2,500

Early Account Termination Fee

Bonus forfeit if closed within six months.

Our Verdict

I wasn’t able to work out the interest rate on this account, but I’m assuming it’s either zero or close to. If you put the funds into an account earning 5% APY over the 90 days you’d earn:

• $250 bonus: $2,500 required (~$31 in interest)
• $500 bonus: $10,000 required (~$125 in interest)
• $1,000 bonus: $100,000 required (~$1,250 in interest)

That means the $500 and $250 bonuses are worth considering but not the $1,000 bonus. 

Hat tip to ShawntheShawn

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