Webster Bank Offers Up to $100 Bonus for New Accounts

We could all use some extra money in our pocket, especially if it's easy to come by. Now through July 11, 2011, Webster Bank is offering a $50, $75, or $100 bonus for new checking accounts opened in New York, Massachusetts, Rhode Island, or Connecticut. This could be a great way to put some extra cash in your wallet, if you already have the banking habits that coincide with the requirements of Webster Bank’s checking accounts.

You can earn $50 bonus by opening a Webster Value Checking account. Highlights of this account includes free mobile and online banking, free online bill pay, and a free debit card with rewards through the Visa Extra Rewards program. If you don't have 10 purchases with your debit card each month or maintain a $1,000 average monthly minimum balance, the account will cost you $8.95 per month. For those aged 65 and over, the monthly service charge will be waived as long as you have direct deposit.

If you're interested in the WebsterOne Relationship Checking, you can earn a $75 bonus. This account gives you all of the above bonuses, plus you will not incur Webster fees when you use another bank's ATM (but the other bank’s fees will still apply). This account will also earn interest, but is only a 0.05% APY. As such, you should definitely not use this account as your primary investment tool. If you have more than $4,000 in your combined Webster checking, savings, money market accounts or $20,000 in deposits or loan balances from CDs, home equity, or installment loans, the monthly service fee is waived. Otherwise, it will cost you $15 per month (or $13 per month if you have direct deposit).

Opening the Premier Checking account gives you $100 bonus plus all of the above benefits. Additionally, they will rebate other bank’s ATM fees, you'll have automatic enrollment in the Visa Extras Rewards program with 5,000 bonus points, free incoming wire transfers, and free official, teller, and travelers checks. Their website states that you will earn tiered interest rates based on the amount of your deposit: over $2,500 earns 0.10% APY, and under $2,500 earns 0.05%. In order to avoid the $20 monthly maintenance fee, you will need to have $10,000 in combined Webster checking, savings, or money market accounts or $50,000 in deposit from CDs or loan balances.

If you're looking to change banks and you already have the high average balances for these accounts (or you already make 10 or more debit card purchases for the Value Checking account), then the bonuses are a nice deal. However, if you have large deposit balances, you should also weigh the bonus you're receiving with the interest rate the account is paying. It’s possible there may be a better deal out there for your particular banking situation.

Find a Webster Bank branch near you or find other checking accounts in you area.