Offer at a glance
- Maximum bonus amount: $150 gift certificate
- Availability: Massachusetts only
- Direct deposit required: Yes, no minimum specified
- Additional requirements: $2,500 opening deposit
- Hard/soft pull: UnknownÂ
- ChexSystems: Unknown
- Credit card funding: UnknownÂ
- Monthly fees: $18+, avoidable
- Early account termination fee: $50, 6 months
- Household limit: One per household
- Expiration date: April 15th, 2017
The Offer
- Open a relationship account with Cambridge Trust Company and receive a $150 gift certificate when you complete the following requirements within 60 days of account opening:
- Open with a minimum checking balance of at least $2,500 in funds not currently on deposit with Cambridge Trust Company
- Set up and receive a direct deposit of your paycheck, social security or pension check
The Fine Print
- Offer valid through 4/15/17.
- To obtain the $150 gift certificate, you must open a new Premium or Premium Plus Relationship Account with a minimum checking balance of $2,500 in funds not currently on deposit at Cambridge Trust Company and set up and receive direct deposit of your paycheck, Social Security or pension check to your account within 60 days of opening your account.
- The gift certificate will be mailed to primary account holder within thirty days after requirements are met.
- Limit one per household.
- The cost of the dinner gift certificate ($150.00) will be reported to the IRS as interest on your Form 1099-INT for the year in which it was received.
- Households who have received a dinner gift certificate from Cambridge Trust are not eligible for this offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Easiest eligible account to keep fee free is the premium relationship account, this has a $18 fee that is waived for the first two months. You need to have $10,000 in combined deposits to waive the monthly fee.
According to the fee schedule there is a $50 early account termination fee if closed within 6 months.
Our Verdict
Problem with this bonus is that it’s a gift certificate, and it’s very limited in what restaurants it’s for. The other problem is the fact you need a balance of $10,000 to keep the account fee free. Because of these issues I can’t recommend this bonus. If anybody finds out any additional information, please share in the comments. You can view checking bonuses I do recommend here.
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