Peoples Bank $150/$600 Checking Bonus: Terms and Trade-offs

Each bonus requires the account to remain open for six months. The fee schedule does not list an early account termination fee, so customers should confirm before opening. The bank also has not disclosed whether the application triggers a hard or soft credit inquiry.

For the $150 bonus, the Interest Plus option is straightforward. Meeting the $2,500 average balance or the direct deposit requirement is easy for most depositors. The $600 Premier bonus demands a $25,000 balance. At a 5% annual percentage yield, that sum would earn about $625 over six months, slightly more than the bonus. Paying the $15 monthly fee for six months – $90 total – still leaves a net gain of $510 after the bonus.

The Premier option makes sense for customers who already keep $25,000 at Peoples Bank or who want to consolidate accounts. For everyone else, the Interest Plus account offers a simpler path to the bonus with less capital tied up. The promotion is included in our list of the best bank account bonuses.