Dedham Savings Bank: A $750 Bonus for Massachusetts Residents

If you're in Massachusetts and looking for a solid checking account bonus, Dedham Savings Bank has an offer that's worth a close look. It's not just a flat rate—you can earn up to $750, and the requirements are pretty clear-cut. The bank itself is an old, established institution with a strong rating, which adds a layer of comfort. Let's break down what it takes to get that cash and whether it's a good fit for your wallet.

How the Bonus Tiers Work

This isn't a one-size-fits-all bonus. Your reward depends on how much you can direct deposit into the new account within the first 90 days. You'll also need to complete some transaction activity. Here's the breakdown straight from the bank's terms.

• **Earn $250**: Deposit at least $2,500 in qualifying direct deposits within 90 days AND make 5+ debit card purchases OR 5+ Bill Pay transactions, with those transactions totaling $100+.
• **Earn $500**: Deposit at least $10,000 in qualifying direct deposits within 90 days, plus the same transaction requirement (5+ debit/Bill Pay totaling $100+).
• **Earn $750**: Deposit at least $20,000 in qualifying direct deposits within 90 days, plus the same transaction requirement (5+ debit/Bill Pay totaling $100+).

The Fine Print You Need to Read

The devil is always in the details with bank bonuses. Here are the key conditions to understand before you apply.

• You **must** be a new checking customer. If you've had a personal checking account with Dedham Savings before, you're not eligible.
• The promo code **'SELECT'** is crucial. You need to enter it during the online application or mention it if opening in a branch.
• **What counts as a direct deposit?** The bank is specific: it must be a recurring deposit like a paycheck, pension, or Social Security from an employer or government agency. Transfers you initiate from another bank, PayPal deposits, or person-to-person payments do NOT qualify.
• The bonus itself will land in your account within 90 days after you meet all the requirements, and yes, it's considered taxable income.
• There's a $25 minimum to open the account, and a $50 deposit is needed to get your debit card.

Is This Account Worth Keeping?

Chasing a bonus is one thing, but you might end up liking the account enough to keep it. The Free & Easy Checking account has some decent perks, especially if you use ATMs often.

They offer rebates for ATM fees charged by other banks, which is a nice touch. To qualify for those rebates, you need to sign up for online statements and have a monthly direct deposit hitting the account. So, if you meet the bonus requirements, you'll likely qualify for the fee rebates too.

There's no monthly maintenance fee, which is a big plus and means you won't have to jump through hoops to keep the account free after you get your bonus.

A Few Practical Warnings

This is a good offer, but it's not for everyone. Keep these points in mind.

• **Geography is key.** You must be in Massachusetts. If you're not, this offer is a non-starter.
• **Mind the direct deposit definition.** This is the most common pitfall. Carefully review what the bank considers a qualifying deposit. If your income doesn't come as a traditional payroll deposit, call the bank to confirm eligibility before applying.
• **Plan your $20,000.** The top $750 bonus requires a significant direct deposit flow. Make sure you can comfortably meet that within 90 days without straining your finances.
• **Mark your calendar.** The 90-day clock starts the day your account is opened. Set reminders to track your progress on both the deposit and transaction goals.

Bottom Line

• A high-value bonus of up to $750 for Massachusetts residents.
• Clear, tiered requirements based on direct deposit amount.
• No monthly fee and useful perks like ATM fee rebates.
• Crucial to use promo code 'SELECT' and understand the strict direct deposit rules.

Common Questions