Newest Webster Bank Promotions May 2020: Bonus and Offers Worth Up To $500

Earn big money from this month's Webster Bank promotions.

Webster Bank serves customers in Connecticut, Massachusetts, New York and Rhode Island with both branch locations and online and mobile banking options. Like many banks, Webster regularly offers cash bonuses when you sign up for an account.

GOBankingRates survey found that only 10% of respondents bother reviewing bank promotions. The rest potentially miss out on hundreds of dollars in free money, but you don’t have to be one of them.  You can currently earn bonuses from Webster Bank of up to $500 simply by qualifying and opening an account that is eligible for the rewards.

Keep reading to find out how to cash in on Webster Bank promotions being offered this month and also learn about its past promotions:

Webster Bank Promotions at a Glance

Here’s a quick look at the latest Webster Bank promotions for May 2020, which include two carryovers from April:

Best Webster Bank Promotions: May 2020
AccountCash Value of BonusExpiration Date
Webster Bank Checking$250None
Webster Bank Business Checking$250None
Webster Cash Rewards American Express Card$25None
Webster Bank Referral Program$50 per referral up to $500None

Related: How Much Cash You’d Earn By Spending $1,000 With the Right Credit Card

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Current Webster Bank Promotions, Coupons, Bonuses & Offers

You can take advantage of the current Webster Bank promotions by opening a new personal or business checking account, qualifying for a new credit card or referring friends and family to the bank. Read on to learn more.

Webster Bank Checking Bonus: $250 Bonus

Webster Bank offers a variety of checking account types, including Value Checking, WebsterOne Relationship Checking and Premier Checking.  Signing up for one of these new checking accounts earns you a $250 cash bonus. Here’s how:

  • Cash value: $250
  • Minimum deposit to qualify: $50
  • Expiration date: None
  • How to get it: For the $250 bonus, you’ll first have to open a new Webster checking account and fill out this form. After that, you must do the following: set up direct deposit, make 10 debit transactions or five online bill payments by the end of the second full month your account is open, and have an average monthly balance of $10,000 during the second full month your account is open.
  • When you’ll get it: Four to six weeks after all requirements have been met
  • Terms and conditions: To be eligible, you must not have been an active Webster Bank Checking account holder within the past 60 days. You must also reside in Connecticut, Massachusetts, New York or Rhode Island to qualify.
  • Monthly fees: $11.95, which can be waived if you maintain a monthly average balance of $1,000.
  • Promotion page: Webster Bank Checking bonus

Webster Bank Business Checking Bonus: $250 Bonus

Webster Bank offers three types of business checking accounts : Business Value Checking,  Complete Business Checking and Commercial Checking for Small Business. Each account offers a $250 bonus for new customers. Here are the terms:

  • Cash value: $250
  • Minimum deposit to qualify: $500
  • Expiration date: None
  • How to get it: Open a new business checking account and fill out this form. To qualify for the bonus, you must set up a direct deposit, make 10 debit transactions or five online bill payments by the end of the second full month your account is open, and have an average monthly balance of $10,000 during the second full month your account is open.
  • When you’ll get it: Four to six weeks after the requirements have been met
  • Monthly fees: $21.95, which can be waived by maintaining a $7,500 monthly average balance in up to three linked Webster Complete Business Checking accounts (called the relationship package)
  • Promotion page: Webster Bank Business Checking bonus

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Webster Cash Rewards American Express Card: $25 Bonus

You can earn cash-back rewards on all your purchases when you qualify for a Webster Cash Rewards American Express card. You’ll get 3% cash back on gas, 2% cash back on supermarket purchases and 1% on everything else. Plus, a $25 bonus is waiting for you. Here’s how to get it:

  • Cash value: $25
  • Minimum deposit to qualify: N/A
  • Expiration date: None
  • How to get it: Apply and qualify for the Cash Rewards American Express card and make a purchase.
  • When you’ll get it: Six to eight weeks after your first purchase
  • Terms and conditions: Requires a hard pull on your credit
  • Annual fee: None
  • Promotion page: Webster Cash Rewards American Express card bonus

Webster Bank Referral Program: Up To $500 Bonus

Webster Bank will give you a $50 Visa Rewards card when you refer a friend who opens a personal checking account or a business that opens a business checking account. The referred person must do one of the following: set up the account to receive direct deposits, make five online bill payments or make 10 debit transactions. You can earn up to $500 in Visa Rewards cards per year. Here’s more:

  • Cash value: $50 per referral, up to $500 per year
  • Minimum deposit to qualify: N/A
  • Expiration date: None
  • How to get it: Refer a friend or business to Webster Bank. The referral must then open an eligible account and either set up direct deposit, make five online bill payments or make 10 debit transactions within two months of opening the account.
  • When you’ll get it: 14-16 weeks after the referral opens the account
  • Terms and conditions: Referred person must be a new Webster checking customer and reside in Connecticut, Massachusetts, New York or Rhode Island
  • Monthly fee: N/A
  • Promotion page: Webster Bank Referral Program

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Learn More: What Is a Debit Card and How Does It Work?

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Past Webster Bank Promotions

Finding out what kinds of promotions a bank ran in the past can give you a pretty good idea of promotions it might offer in the future. Below are a pair of promotions that Webster Bank offered in April 2020.

Webster Bank Value Checking Promotion: $250 Bonus

Value Checking is Webster’s low-cost checking account option. Signing up for a new Value Checking account in April let you earn a $250 cash bonus. Here’s how:

  • Cash value: $250
  • Expiration date: Expired
  • How to get it: Customers were required to open an account using the Webster Bank coupon code of $250VALUE-MOV-FEB-APR20. They then had to receive at least $500 in direct deposits by June 30, 2020, or maintain an account balance of at least $1,000 in June.

Webster Bank Premier Checking Promotion: $400 Bonus

When you opened a Webster Bank Premier account for this promotion, you got a 0.50% interest rate discount on personal loans and lines of credit as well as preferred rates on your CDs. Here were the requirements to earn the $400 cash bonus:

  • Cash value: $400
  • Expiration date: Expired
  • How to get it: Customers were instructed to use the Webster Bank coupon code of $400PREMIER-MOV-FEB-APR20 and then receive at least $500 in direct deposits by June 30, 2020, or maintain a minimum balance of $10,000 in June.

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Opening a Webster Bank Account

You can open a Webster Bank account online or by visiting a local branch. In both cases, you’ll need to provide the following:

  • Valid driver’s license or state ID
  • Social Security number
  • Employment information
  • A debit card or your routing number and bank account number to make an electronic transfer and fund the account

Online Bank Help: How To Find and Use Your Webster Bank Login

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Are the Webster Bank Offers Worth a Switch?

Webster Bank has a limited geographic reach, and if you don’t live in one of the states it serves you’re probably better off looking for bank promotions elsewhere. But if you do live in Webster’s direct service area, there’s plenty to like about the bank. You’ll have access to a variety of products, including checking, savings, money market and certificate of deposit accounts, credit cards and loans. The biggest cash bonuses for May 2020 can put an extra $500 in your pocket, though one requires that you maintain a large minimum balance and the other requires that you get family or friends to sign up with Webster Bank. If you can do that, Webster is worth taking a look at.

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More on Webster Bank

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More Bank Promotions

Information on promotions is accurate as of May 8, 2020. Additional requirements may apply. Offers and terms are subject to change.

This content is not provided by Webster Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Webster Bank.

This article has been updated with additional reporting since its original publication.

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