Union Savings Bank's Business Checking Bonuses: $506 or $305 for Connecticut Businesses

If you run a business in Connecticut and have some cash you can park for a few months, Union Savings Bank has a straightforward offer on the table. They're paying cash bonuses for opening new business checking accounts, but the requirements have gotten steeper compared to previous versions of this promotion. Let's break down exactly what you need to do to qualify, because the devil is definitely in the details this time.

Two Paths to a Cash Bonus

You have two account options, each with its own bonus and set of hoops to jump through. The higher bonus comes with a simpler but more capital-intensive requirement, while the lower bonus has a smaller balance target but adds a transaction component.

For the $506 bonus, you'll need to open a Business Relationship Checking account. The main task is keeping a significant amount of money in the account. Specifically, you must maintain an average balance of at least fifteen thousand dollars across your first three full monthly statement cycles after opening. That's a 90-day commitment of a sizable chunk of change.

If that balance is too high, the $305 bonus via the Basic Business Checking account might be more accessible. Here, you need an average balance of four thousand dollars over that same three-statement period. On top of that, you must complete at least 15 qualifying transactions each month. Qualifying actions include debit card purchases, ACH transfers, online bill payments, mobile deposits, and wire transfers.

The Nitty-Gritty: What You Need to Know Before Applying

This isn't a quick online application. You must apply either by visiting a Union Savings Bank branch in Connecticut or by calling them. The offer explicitly excludes sole proprietorships, so your business needs to be structured as an LLC, corporation, partnership, etc.

You and your business cannot have an existing business checking account with USB to be eligible. It's strictly one bonus per business entity. Also, remember that this money will be considered taxable interest income, so you'll receive a 1099 form and need to report it.

• **Timing is Everything:** The clock starts on the first *full* statement cycle after you open the account. Your first partial month doesn't count toward the requirement.
• **Watch for Fees:** While the monthly service fee can be waived by maintaining a minimum daily balance ($500 for Basic, $25,000 for Relationship), falling below that will trigger a charge. The first two months are free for new customers.
• **No Early Termination Fee:** Good news - the bank's materials don't list a fee for closing the account early, so you can exit after getting your bonus without a penalty.

Is This Bonus Right for Your Business?

This offer makes the most sense if you're a Connecticut-based business with existing cash reserves that you don't need immediate access to. Parking $15,000 for 90 days to earn $506 is a solid return on that capital, far better than most savings accounts. The $305 bonus for a $4,000 balance is an even higher percentage yield, though the 15 monthly transactions add some administrative hassle.

The major hurdle is the in-person/phone application. If you're not near a branch, that's a non-starter. Also, if your business operates as a sole proprietorship, you're out of luck based on the current terms.

My practical advice? If you proceed, keep meticulous records. Note your opening date, track your balances daily, and log your transactions if going for the Basic account. Consider setting up small, recurring ACH transfers to hit the transaction count easily. And always, always confirm all the details directly with the banker when you apply to ensure you're on the same page.

Bottom Line

• Substantial bonuses but require significant capital commitment ($15k or $4k) for 90 days.
• Exclusively for Connecticut businesses and requires a branch visit or phone call to apply.
• Sole proprietorships are not eligible for this promotion.
• A great option for businesses with idle cash, offering a return much higher than standard interest.

Common Questions