PeoplesBank Is Back With $350 for New England Checking Customers

PeoplesBank has brought back its $350 checking bonus, and this time the promo code is Fall26. It's a solid offer if you live in the right parts of Massachusetts or Connecticut, but there are a few hoops to jump through. Here's what you need to know before you sign up.

What You Need to Do to Get the $350

The requirements are pretty straightforward. Open a new Free Checking account online or at a branch between September 14 and October 26, 2026, and make sure you enter or mention the promo code Fall26 during the application.

Then, within 60 days of opening the account, you need to receive at least $1,500 in qualifying direct deposits. That means electronic deposits from a third party, like your paycheck, pension, or government benefits. Transfers from another PeoplesBank account, cash deposits, checks, and mobile deposits don't count.

Once you meet those criteria, the $350 bonus will be deposited into your account within 60 calendar days after the 60-day qualification period ends. So it's not instant, but it's not an unreasonable wait either.

Who Can Actually Get This Bonus

This offer is only for people who live in certain counties. In Massachusetts, that's Hampden, Hampshire, and Franklin counties. In Connecticut, it's the former Hartford, Tolland, Litchfield, and Middlesex counties. If you're outside those areas, you're out of luck.

You also need to be a new PeoplesBank checking customer. If you've had a consumer checking account with them in the past 12 months, you're not eligible. And if you've ever received a promotional payout from them before, that also disqualifies you. The limit is one bonus per primary taxpayer identification number, so opening multiple accounts won't help.

PeoplesBank employees are excluded, and the offer can't be combined with any other promotion.

The Free Checking Account Has No Monthly Fees

One of the nice things about this offer is that the Free Checking account doesn't charge a monthly maintenance fee. There's also no minimum balance requirement, so you don't have to worry about keeping a certain amount in the account to avoid fees.

You get access to over 55,000 ATMs through the Allpoint network without surcharge fees. The bank also offers mobile tools like instant debit card controls, fraud monitoring, and free access to your credit score through SavvyMoney.

Watch Out for the Early Closure Fee

If you close the account within 90 days of opening it, there's a $15 early account termination fee. That's not huge, but it's something to keep in mind if you're planning to grab the bonus and run.

Also, remember that bank bonuses are considered taxable income. You'll likely receive a 1099-INT for the $350, so plan accordingly.

Is This Worth It?

A $350 bonus with no monthly fees and a relatively low direct deposit requirement is a good deal. The main catch is the geographic restriction, which limits who can apply. If you're in the eligible counties and can easily set up $1,500 in direct deposits, it's worth considering.

PeoplesBank has offered $400 in the past, so there's a chance a bigger bonus could come along later. But if you want to grab this one, make sure you open the account by October 26, 2026, and use the promo code Fall26.

Bottom Line

• $350 bonus for new PeoplesBank Free Checking customers in specific MA and CT counties.
• Use promo code Fall26 and open by October 26, 2026.
• Requires $1,500 in qualifying direct deposits within 60 days.
• No monthly fees, but $15 early closure fee if closed within 90 days.
• Bonus is taxable income.

Common Questions