[NY, In Branch] Walden Savings Bank $250-$1,000 Business Checking Bonus

Offer at a glance

Maximum bonus amount: $1,000

Availability: NY, in branch only.All branches are in Southern NY

Direct deposit required: No

Additional requirements: See below

Hard/soft pull: Unknown

ChexSystems: Unknown

Credit card funding: Unknown

Monthly fees: $5, avoidable

Early account termination fee: Six months, bonus forfeit

Household limit: None listed

Expiration date: December 31, 2025

The Offer

Direct link to offer

Walden Savings Bank is offering a business checking bonus of up to $1,000.

Must be enrolled with online/ mobile banking

Perform 5 “qualifying transactions” within the first 90 days after account opening ( deposits, ACH credits, wire transfers, Bill Pay, and debit card purchases)

Bonus you receive depends on your average balance of your new checking account at 90 days from the day of account opening:

$250: New Money of $2,500 to $9,999

$500: New Money of $10,000 to $99,999

$1000: New Money of $100,000 or more

The Fine Print

New account bonus is subject to IRS reporting and subject to repayment should your account be closed within 180 days

Offer available for new WSB business checking accounts only.

All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $5 monthly fee, this is waived with an average monthly balance of $2,500

Early Account Termination Fee

Bonus forfeit if closed within six months.

Our Verdict

I wasn’t able to work out the interest rate on this account, but I’m assuming it’s either zero or close to.If you put the funds into an account earning 5% APY over the 90 days you’d earn:

$250 bonus: $2,500 required (~$31 in interest)

$500 bonus: $10,000 required (~$125 in interest)

$1,000 bonus: $100,000 required (~$1,250 in interest)

That means the $500 and $250 bonuses are worth considering but not the $1,000 bonus.

Hat tip to ShawntheShawn

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Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by mycardopinions.
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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.