Newtown Savings Bank's Checking Bonuses: Up to $350 for Connecticut Residents

Hey there! If you're in Connecticut and looking for a straightforward bank bonus from a local institution, Newtown Savings Bank has a promotion worth a look. They're offering cash incentives for opening new checking accounts, with the potential to earn up to $350. It's a classic community bank play—they want your everyday banking business, and they're willing to pay a bit upfront to get it. Let's break down exactly what's on the table and whether it makes sense for your wallet.

Three Paths to a Cash Bonus

You don't get a flat $350 for just walking in the door. The amount you earn depends entirely on which account you open and the actions you take afterward. Here's the menu:

The Flagship Checking account is the premium option. To snag the full $350, you'll need to have a qualifying electronic deposit of at least $1,500 land in the account within 60 days of opening it. This is typically a paycheck, pension, or Social Security payment.

Prefer something simpler? The Free Checking account lives up to its name with no monthly charges. For a $150 bonus, you need to receive an electronic deposit of $150 or more within that same 60-day window.

Students have their own path. Open a Student Checking account, make 10 debit card purchases (not ATM withdrawals) within 60 days, and you'll get $100. It's a great way to learn money management with a small reward.

The Fine Print You Really Need to Read

Bank bonuses are never free money without strings. The most important rule is that you must be a new checking customer. If you've had any personal checking account with them in the past year, you're not eligible.

Timing is everything. You have 60 days from the day you open the account to meet the requirements—either receiving the direct deposit or making those 10 purchases. The bank says the bonus itself will land in your account by the end of the month following when you qualify, so expect to wait up to 90 days total.

There's a household limit of one $350 bonus (or the lesser amounts), so you and your spouse can't both get it. Also, if you close the account within 90 days of opening, they'll take the bonus back. And yes, the bank will report that bonus as interest income on a 1099-INT, so remember to account for it come tax time.

Is This Account Right For You After the Bonus?

Chasing a bonus is fun, but you're opening a bank account you might use for a while. Let's talk about the accounts themselves.

The Free Checking account is the crowd-pleaser. No monthly fee, no minimum balance—it's hard to argue with. The Flagship Checking account, however, carries a $25 monthly fee unless you keep a $2,500 daily balance or have $20,000 across all your accounts with the bank. That's a high bar, so unless you plan to park significant cash there, that fee will eat into your bonus quickly.

A quick word on rates: Newtown Savings Bank is a traditional community bank, not an online high-yield juggernaut. Don't open their savings account or CDs expecting top-tier interest. This offer is purely about the upfront cash and potentially supporting a local business if that matters to you.

Smart Moves and Potential Pitfalls

First, confirm what counts as a 'qualifying direct deposit.' The bank is specific: it must be an ACH deposit from an employer or government agency. Transfers from another bank you own, Venmo, Zelle, or cash deposits do NOT count. Don't assume your usual transfer will work—it likely won't.

If you go for the Flagship account for the bigger bonus, have a plan to avoid the monthly fee. Either be ready to maintain that $2,500 minimum daily balance or be prepared to downgrade the account after the bonus posts (and after the 90-day clawback period!).

Finally, this is a limited-time offer for Connecticut. The bank can change or end it at any time. If you're interested, don't dawdle.

Bottom Line

• The $350 top bonus requires a $1,500+ direct deposit into a Flagship Checking account, which has a $25 monthly fee unless you maintain a high balance.
• The most hassle-free option is the Free Checking account for a $150 bonus, requiring only a $150+ direct deposit and charging no monthly fees.
• Students can earn $100 by making 10 debit card purchases with a Student Checking account.
• You must be a new checking customer, and the bonus is considered taxable income.

Common Questions