Here’s a straightforward regional bank bonus that’s flying under the radar. PeoplesBank is offering $350 for new checking accounts, and the requirements are pretty reasonable.
Let me break down exactly what they’re asking for and whether this is worth your time.
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The Offer Breakdown
Bonus Amount: $350
Promo Code: FALL35025 (required)
Deadline: November 17, 2025
Geographic Restriction: Specific counties in MA and CT only
The Three-Step Process
Step 1: Open Account
- Must open by November 17, 2025
- Use promo code FALL35025 (online or in-person)
- $10 minimum opening deposit
Step 2: Direct Deposit Requirement
- $1,500 minimum in direct deposits
- Must post within 60 days of account opening
- Has to be real direct deposits (more on this below)
Step 3: Get Paid
- $350 bonus deposited within 60 days after qualification period
- Account must remain in good standing
Trending Checking Account Deal:
What Counts as Direct Deposit
Qualifying Direct Deposits:
- Salary/payroll
- Pension payments
- Government benefits (Social Security, unemployment)
- Other recurring ACH credits from third parties
What Doesn’t Count:
- Transfers from other PeoplesBank accounts
- Cash deposits
- Check deposits (including mobile)
- ACH transfers you initiate from other banks
This is pretty standard language, but they’re being explicit about it.
Trending Savings Account Deal:
Geographic Eligibility (This Is Important)
Massachusetts Counties:
- Hampden
- Hampshire
- Franklin
Connecticut Counties:
- Hartford
- Tolland
- Litchfield
Bottom line: If you don’t live in these specific counties, you’re not eligible. Period.
Account Options and Features
Free Checking (Most Popular):
- No monthly maintenance fees
- No minimum balance requirement
- Free ATM access at 55,000+ locations
- $1.50 fee for non-network ATMs
Choice Checking:
- $10 monthly fee unless you deposit $2,000+ monthly
- Additional perks (they don’t specify what)
Interest Checking:
- 0.05% APY (not exciting)
- $20 monthly fee unless you maintain $5,000 average daily balance
My take: Stick with Free Checking unless you naturally maintain higher balances.
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The Math on This Offer
Required commitment: $1,500 in direct deposits over 60 days
Reward: $350
Effective return: ~23% on your required deposits
That’s solid, especially since you’re likely already receiving direct deposits that you can redirect temporarily.
What I Like About This Offer
The Good:
- Reasonable direct deposit requirement ($1,500 vs. some banks requiring $5,000+)
- 60-day window gives you flexibility
- Free checking account with decent features
- Clear, straightforward terms
Additional Perks:
- VideoBankerITMs (extended hours with video tellers)
- Mobile check deposit
- Free credit score monitoring
- Pay a Person feature
Potential Gotchas
Geographic Restrictions: This is the big one. You must live in specific counties.
Previous Customer Exclusions:
- Can’t have had a PeoplesBank checking account in past 12 months
- Can’t have received previous promotional payouts
- One bonus per customer
Tax Implications: The $350 is taxable income (they’ll send a 1099)
Is This Worth It?
If you live in the eligible areas: This is a solid regional bank bonus. $350 for $1,500 in direct deposits is competitive.
If you’re outside the geographic area: You’re out of luck. Don’t try to game the system—they’ll verify your address.
The direct deposit requirement is manageable: Most people can redirect payroll or benefits temporarily to meet this.
Before You Apply
Verify your eligibility:
- Do you live in one of the eligible counties?
- Have you had a PeoplesBank checking account in the past year?
- Can you set up $1,500 in qualifying direct deposits?
Consider the long-term: What will you do with this account after earning the bonus? The Free Checking option has no fees, so you could keep it open without cost.
See the Best Checking & Savings Account Bonuses and Start Earning Free Cash Today
Bottom Line
This is a straightforward regional bank bonus with reasonable requirements. The $350 payout is solid for the effort required, and PeoplesBank seems to offer decent banking features.
But here’s what most people get wrong: they don’t check geographic eligibility first. Save yourself time and verify you live in an eligible county before getting excited about the bonus.
Action step: If you’re in the eligible areas and can meet the direct deposit requirement, this is worth considering. Just remember to use promo code FALL35025 when you apply.
Regional banks often provide better customer service than national chains, so factor that into your decision beyond just the bonus.
Always read the complete terms and conditions. The $350 bonus will be taxable income.
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