Published on January 14th, 2020 | by William Charles34
[MA, CT, ME, NH, RI, VT] Cambridge Savings Bank $400 Checking Bonus
Offer at a glance
- Maximum bonus amount: $400
- Availability: Must reside in MA, CT, ME, NH, RI, VT
- Direct deposit required: Yes, $1,000+ for three consecutive months
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems:Yes, looks to be ChexSystems sensitive as well
- Credit card funding:Can fund up to $1,000 with a Visa, Mastercard or Discover card (this is now a total limit, rather than per account)
- Monthly fees: $10, avoidable
- Early account termination fee: None
- Household limit: One
- Expiration date: March 31st, 2020
- Cambridge Savings Bank is offering a bonus of $400 when you open a new performance or performance plus checking account and complete the following requirements within each of the first full three calendar months:
- Receive monthly direct deposits totaling $1,000 or more
- Complete five posted debit transactions (checks paid, debit card transactions and ACH debits)
The Fine Print
- Earn a $400 bonus when you open a new Performance or Performance Plus Checking Account with a $10 minimum opening deposit between 1/13/20 and 3/31/20 and complete the following requirements within each of the first full three calendar months following the date the new account is funded:
- (1) Receive cumulative direct deposits totaling $1,000 or more. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits from your employer or the government. Person- to-person and bank transfers between your Cambridge Savings Bank accounts or accounts you have at other financial institutions do not qualify.
- (2) Complete 5 posted and cleared debit transactions, including checks paid, debit card transactions, wire transfers, or ACH debits.
- For example, a qualifying account type opened and funded during the month of January must complete the requirements in the months of February, March and April in order to qualify for the bonus.
- New account funding must be completed by 3/31/20.
- You must not currently have a Cambridge Savings Bank personal checking account or have had one in the last 12 months.
- A $400 credit will be made to your checking account within 30 days of completing requirements as long as qualification conditions are met and the account remains open in good standing.
- The value of the bonus will be reported to the IRS as interest.
- Limit one bonus per household.
- Offer cannot be combined with any other offers and may be withdrawn at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Performance checking is the easiest account to keep fee free. This has a $10 monthly fee that is waived if you have an average checking balance of $1,000 or greater
Early Account Termination Fee
I wasn’t able to find any mention of any early account termination fee in the fee schedule.
Same requirements as the previous $300 bonus. This is basically just an extra $100. Definitely worth doing if you live in an eligible area, although it is frustrating that you need to complete the requirements for three consecutive months. I’ll be adding this to our list of the best checking bonuses here.
Hat tip to readers Pete B & Peek
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times