Webster Bank: $300 to $4K Bonus with $50K to $2M Deposit

Webster Bank: $300 to $4K Bonus with $50K to $2M Deposit

Webster Bank has a new bonus of up to $4,000 for customers who deposit $50,000 or more into a new or existing Private Banking Checking account. The maximum bonus requires a $2M deposit that you need to keep in your account for at least two months. So this is clearly not a bonus for everyone.

How To Earn this Webster Bank Bonus?

You can only enroll by visiting a Webster banking center. You can find the offer details here. Enrollment does not occur until you have made the new money minimum deposit for the tier you select. You may choose only one bonus tier and are eligible for only one bonus payment.

• $300 bonus: Deposit between $50,000 and $249,999 from a source outside of Webster Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $50,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $150 with a maximum payout of $300.
• $500 bonus: Deposit between $250,000 and $499,999 from a source outside of Webster Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $250,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $250 with a maximum payout of $500.
• $1,000 bonus: Deposit between $500,000 and $999,999 from a source outside of Webster Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $500,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $500 with a maximum of $1,000.
• $2,000 bonus: Deposit between $1,000,000 and $1,999,999 from a source outside of Webster Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling 4 $1,000 or more made to this account during the statement cycle and maintain ≥ $1,000,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $1,000 with a maximum of $2,000.
• $4,000 bonus: Deposit greater than $2,000,000 from a source outside of Webster Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $2,000,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $2,000 with a maximum of $4,000.

Once you deposit the new money minimum related to the tier you have selected, you are locked into that tier, and if the average daily balance falls below the amount required for that tier, you will not receive a cash bonus payment. Offer valid through 12/31/2023.

Eligibility

• Offer available nationwide.
• If you participated in a previous Cash Back Bonus offer from August 7, 2021 through October 14, 2022 you can only participate in this offer at a different bonus tier.

Account Features

Private Banking Checking has a $30 monthly maintenance fee that you can avoid by keeping $25,000 in checking or $50,000 combined deposit balances, including CD’s, OR $100,000 in investment balances. The account only earn 0.01% APY.

You get your own Private Banker, preferred saving rates, higher ATM limits, complimentary incoming wire transfers, bank checks, stop payments and more.

Guru’s Wrap-up

This is a big bonus, but it also requires massive amounts of money to be deposited and kept in the account for at least two months. The best return for your money is actually the $300 bonus where you would earn a 3.6% APY if you deposit exactly $50K and keep it in the account for exactly two months. Even that is not a very exciting rate nowadays.

Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.