Washington Trust's $200 Checking Bonus: A Simple Deal for Rhode Island and Connecticut Residents

If you live in Rhode Island or Connecticut and are looking for a straightforward bank bonus, Washington Trust has a pretty simple offer on the table right now. For opening a new checking account and setting up a couple of direct deposits, they'll give you $200. No monthly fees on several of their accounts sweetens the deal. Let's break down exactly what you need to do to get that cash and what you should keep in mind before applying.

How to Pocket the $200

The process is refreshingly uncomplicated compared to some bank bonuses. First, you need to open a new personal checking account online or in a branch. You must use the promo code 'Free200' during the application—don't forget this step!

You'll need a minimum of $25 to fund the new account, and the money must come from a source other than an existing Washington Trust account.

Once your account is open, the clock starts. You have 90 days to receive two qualifying direct deposits. The bank specifies these must be from payroll, Social Security, a pension, or another government benefit. This is important: transfers from peer-to-peer apps like Venmo or PayPal do NOT count.

After that second direct deposit hits your account, Washington Trust says they'll deposit your $200 bonus within 30 calendar days. Mark your calendar so you can follow up if it doesn't appear.

Choosing Your Account and Avoiding Fees

The bonus applies to any new personal checking account. Washington Trust offers a few no-fee options, which makes this deal more attractive since you won't have to worry about monthly charges eating into your bonus.

The 'Freedom Free Checking' and 'Simply Free Checking' accounts both have no monthly service charge. The Simply Free account is checkless, which also means no overdraft fees. The Freedom Free account comes with standard checks and free digital banking tools. There are also student and relationship checking options.

The key is that these accounts are genuinely free, with no hoops to jump through like maintaining a minimum balance or making a certain number of transactions. You can open the account for the bonus and keep it open without cost, or close it later if you wish.

Important Fine Print and Considerations

Always read the terms, but here are the crucial bits you need to know. This offer is only for new customers or existing customers who haven't received a cash bonus from Washington Trust in the past two years. It's one bonus per person (per tax ID).

The offer is limited to residents of Rhode Island and Connecticut. You'll need a government-issued ID and your Social Security Number to apply.

Remember, the bank will send you a 1099-INT form for the $200, so you'll need to report it as interest income on your taxes.

A practical tip: While the terms say the bonus comes within 30 days of the second deposit, it's wise to screenshot the offer terms when you apply and keep a record of when your direct deposits post. If the bonus doesn't arrive, you'll have everything you need to contact customer service.

Is This Bonus Right For You?

This is a solid, mid-tier checking bonus. It's not the largest offer out there, but its requirements are simple and it's attached to genuinely free accounts. If you live in the service area and can naturally switch two direct deposits (like your paycheck), it's an easy $200 for minimal effort.

The main limitation is geography. If you're not in Rhode Island or Connecticut, you're out of luck. Also, if you're chasing the highest possible yields on your checking balance, look elsewhere—the interest rates on these accounts are negligible. This is purely a bonus play.

For a small business owner, note that Washington Trust has a separate $250 business checking bonus. The requirements are different, involving ACH transactions rather than direct deposits.

Bottom Line

• A straightforward $200 bonus for opening a checking account and receiving two qualifying direct deposits.
• Several no-monthly-fee account options prevent the bonus from being eroded by charges.
• Geographic restriction is the biggest hurdle—only available to RI and CT residents.
• Remember the promo code 'Free200' and allow up to 30 days for the bonus after meeting requirements.

Common Questions