Posted by William Charles on January 14, 2020
Bank Account Bonuses

Published on January 14th, 2020 | by William Charles

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[MA, CT, ME, NH, RI, VT] Cambridge Savings Bank $400 Checking Bonus

Offer at a glance

The Offer

Direct link to offer

  • 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  • Offer cannot be combined with any other offers and may be withdrawn at any time.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

Avoiding Fees

Monthly Fees

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.

Our Verdict

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:



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Kimberly
Kimberly

Anyone have data points for ACH that counts as DD for this one? Thanks!

JakeFromStateFarm
JakeFromStateFarm

Wells Fargo “Direct Pay” has worked successfully for myself and three family members’ accounts.

Eddy Cue
Eddy Cue

What is Wells Fargo Direct Pay? Is that bank to bank transfers?

Obtain the Grain
Obtain the Grain

Auto-approved, but feel like I’ve done this dance before with CSB. Auto-approval and then subsequent decline and initial deposit returned through snail mail.

Peek
Peek

Interesting to see all the declines due to Chex. I had opened 14 accounts in 2019 when I opened an account for the $300 dollar bonus in Sept and I was approved. Bonus still hasn’t paid but the account was opened without an issue. Previous account was closed in 2017.

Eddy Cue
Eddy Cue

This is interesting to me too. I got approved for the September offer but my wife was declined and i definitely have more inquiries than she did

Chex Party Mix
Chex Party Mix

Shocker–actually approved with over 30 Chex inq’s! Just as surprising: the entire card-funded balance shows as immediately available; a trusting bank, this one.

chris
chris

wow, over 20 inqs and approved. nice!

Mimi
Mimi

I have to advise others not to do this offer. I did it with a legit DD and they refused to credit.

Peek
Peek

Mimi was this for the offer that ended in Dec? I have yet to receive that bonus and was going to contact them soon. Did they give a reason?

Mimi
Mimi

Yes. I opened the account in September, did the five debit card transactions per month & directed $1,000+ from my employer DD once per month in October, November, December. They told me my employer DD didn’t count as a DD. I offered to send a redacted pay stub and they more or less said no, sorry, we’re not paying.

Eddy Cue
Eddy Cue

I have a few questions:
1. Why did you contact the bank so early? According to the terms, it states that the bonus will be paid within 30 days of completing the requirements (so if you finished in December, you are still within the 30 day window). You are still within the 30 day window and would wait till Feb before reaching out to them again if you dont get the bonus
2. Who did you contact? The person you contacted may know nothing about DD and may just give you a blanket no
3. What does your work DD code as? Can you share here (removing any identifying info of course)

Mimi
Mimi

1. I completed the requirements on 12/6 so the 30 day window was over for me by more than a week when I contacted them. It said 30 days from completing the offer requirements… not 30 days from the end of the month in which you completed the requirements.

2. Started with a secure message & worked up to a Client Relationship Manager.

3. ACH DEPOSIT XXXXX PAYROLL

Eddy Cue
Eddy Cue

Thanks your reply. And you make valid points – in some cases, bonuses are batch processed and thats why i usually calculate the window from end of the month in which i completed the requirements (however I have no idea how CSB processes their bonuses)

You may have to HUCA (Hang up and call again) or maybe step into a branch if possible. With smaller banks, it may be tougher to get the bonuses paid for some reason – I had the same problem with Watertown Savings Bank and had to call in and speak with someone from the Promotions department who confirmed i met the requirements and then forwarded to the appropriate team to sign off on the bonus

My DD from works shows as “Deposit – ACH *EMPLOYER NAME* / – DIR DEP”. I dont know if this is the issue for you (ie the way your work DD is coded) as I havent received my bonus yet but I used the same DD in 2017 and i got the bonus then

Wish you good luck!

Peek
Peek

Eddy Cue Yes what I was thinking was this should pay out by end of January. But Mimi is correct as far as what the wording is. It states 30 days from completion. I’ll contact them if I see nothing by Feb .

Eddy Cue
Eddy Cue

Speaking of bonuses, I got paid my bonus today. The date which i completed the requirements was December 5th. Has anyone else received their bonus (if you met the requirements in Dec)

Mimi
Mimi

Thanks. I might try a few more phone calls.

Peek
Peek

Mimi I would try after Feb 1 if it still doesn’t post. They have to give some sort of reason why they aren’t paying if you did legit DD and other transactions.

Dave
Dave

Nice! I’ll be doing this one with SS deposits.

In the Summer of 2018 they had a $175 promo,
and for that I used Alliant CU to ach $200/month.

Ron
Ron

Chase credit card is still counted as purchase ?

chris
chris

Hoping it is a purchase too

Dave
Dave

Discover IT worked fine for me

Eddy Cue
Eddy Cue

My bonus ($300 from Sept) got paid today
Signed up in Sept
Completed requirements in Oct, Nov and Dec (1K DD from work and 5 debit POS)
Bonus paid today 1/15

reventon04
reventon04

They no longer check ChexSystems. As a matter of fact, they do not verify your identity through randomly-generated questions such as “What was the monthly payment of the car loan you opened around September 2016?” at all.

They asked for ID and proof of address, then appproved me over email. My Chex, Equifax and TransUnion are all frozen. The only things they could have verified me through was Experian, EWS or Innovis maybe.

binaryinfo
binaryinfo

My application was approved. I was rejected back in 2016 and I am sure I have more inquiries at my chex now than 2016.

Phil
Phil

Any DP on Amazon reloads satisfying the debit transaction requirements?

chris
chris

Wondering is amazon account reloads counts as debit transactions

chris
chris

Reminder it is 5 Debit card transaction a month for those three months that you are also doing the $1000 funding.

I am hoping reloading my amazon account counts.

Peek
Peek

chris I messaged them last promotion and they confirmed that billpays count. That was easiest for me since the money had to be DD anyway. I just paid 5 or 6 credit card bills at the start of the month.

JJM292
JJM292

$1,000 initial deposit using BoA Premium Rewards coded as purchase

mark
mark

Yesterday I funded checking with $1000 and then savings with an additional $1000 — both via credit card.

Dave
Dave

Why open a savings; their rates are awful

Victor
Victor

Barclays Aviator Red $1000 initial fund

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