Peoples Bank $600 Checking Bonus: Is the Premier Account Worth It?

If you live in the Ohio Valley or Mid-Atlantic region, Peoples Bank has a checking bonus that might catch your eye. They're offering up to $600 for opening a new Premier Checking account, and there's also a $150 option on their Interest Plus account. The catch? You'll need to jump through a few hoops each month to actually get the money. Let's break down what you need to know before you apply.

Two Bonuses, Two Different Paths

Peoples Bank is actually running two separate promotions here, and which one you pick depends on how much cash you're willing to park with them. The Interest Plus checking account offers a $150 bonus, while the Premier checking account bumps that up to $600. Both work the same way: you get a statement credit each month for six months—$25 for Interest Plus, $100 for Premier—as long as you meet the requirements during each cycle.

The monthly requirements are identical for both accounts. You need to be enrolled in eStatements, have at least one direct deposit hit the account, and make five or more debit card purchases (ATM withdrawals don't count). That's it. No minimum direct deposit amount is specified, so even a small payroll or government deposit should qualify.

• Interest Plus: $25/month for 6 months = $150 total
• Premier: $100/month for 6 months = $600 total
• Both require eStatements, one direct deposit, and 5 debit purchases per cycle

The Fee Trap You Need to Watch For

Here's where things get tricky. The Interest Plus account has a $10 monthly fee that's easy to avoid—just keep an average balance of $2,500 or more, or have at least $5,000 in linked savings or money market accounts. If you're already planning to use this as your main checking account, that's pretty painless.

The Premier account, though, has a $20 monthly fee (not $15 as some older posts might say—the bank's current terms show $20). To waive it, you need a combined balance of $25,000 across all your Peoples Bank personal accounts, including checking, savings, CDs, and investment accounts. That's a much higher bar. If you can't meet that, you'll be paying $20 per month for six months, which eats $120 of your $600 bonus. Still a net gain of $480, but it's worth factoring in.

One more thing: the bank's fine print says the account must remain open during all six monthly analysis cycles. So don't plan on closing it early. Also, the bonus is considered interest income, so you'll get a 1099-INT at tax time.

• Interest Plus fee: $10/month, waived with $2,500 average balance or $5k in linked accounts
• Premier fee: $20/month, waived with $25k combined balance across all Peoples accounts
• If you can't waive the Premier fee, you'll net $480 after six months of fees

Is the Premier Bonus Worth the Hassle?

Let's do some quick math. If you have $25,000 sitting around, you could put it in a high-yield savings account earning 5% APY and make about $625 in six months—without any debit card requirements or direct deposit setup. So the Premier bonus isn't necessarily a home run if you're moving a lot of money just to avoid the fee.

But if you already bank with Peoples or can easily meet the $25k threshold with existing accounts, the $600 bonus is essentially free money. Alternatively, you could just pay the $20 fee for six months ($120 total) and still walk away with $480. That's a solid return for a few minutes of setup and some debit card swipes.

The Interest Plus bonus is simpler and probably a better bet for most people. The $2,500 average balance requirement is manageable, and $150 for six months of light activity is decent. Just remember to set up those five debit purchases each month—maybe use it for small recurring subscriptions or gas.

• Premier: $600 bonus minus $120 in fees (if not waived) = $480 net
• Interest Plus: $150 bonus, easy to waive fee with $2,500 balance
• Both require keeping the account open for 6 months

Bottom Line

• Two bonus options: $150 (Interest Plus) or $600 (Premier), paid in monthly installments over 6 months.
• Monthly requirements: eStatements, one direct deposit, and 5 debit card purchases.
• Premier's $20 fee is waived with $25k combined balance; Interest Plus fee is $10, waived with $2,500 average balance.
• Bonus is taxable interest—expect a 1099-INT.
• Available in OH, WV, KY, VA, MD, and Washington D.C.

Common Questions