Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $300/$450
- Availability:Â MA, NH, ME, RI
- Direct deposit required:Â Yes, $4,000+
- Additional requirements:Â See below
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems: Yes, sensitive
- Credit card funding:Â No longer available
- Monthly fees:Â None
- Early account termination fee:Â None, bonus will post by January 28, 2020
- Household limit:Â One
- Expiration date:Â June 23, 2025
Contents
The Offer
- Eastern bank is offering a $300 or $450 checking bonus when you open a new checking account and have a cumulative direct deposit of $4,000+.
- $450 when you open a new Eastern Premier Checking
- $300 when you open an Eastern Free Checking
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Eastern free checking has no monthly fees to worry about. Eastern Premier Checking requires a $25,000 deposit to keep fee free.
Early Account Termination Fee
There is no early account termination fee
Our Verdict
Previous bonus was for $200/$350. For a lot of people that is actually a better bonus as you got $350 instead of $300 and the new $450 bonus requires $25,000 in funds to keep fee free. If you put those funds into an account earning 5% APY you’d be earning $100 per month anyway.
Hat tip to Gojo
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
Just adding a data point about the opening process. I had opened 11 other accounts within the past 3 months and was able to open this eastern bank one without any issue at all via an in person visit to my local branch. Very easy process. They didn’t mention anything related to churning. No talk of that at all. Note, I didn’t try applying online, so I don’t know if that would have worked or not.
Anyway, if you’ve opened a ton of accounts, but have a local branch nearby, I’d say that it’s definitely worth a shot to try opening one in branch.
This is the most sensitive bank I’ve opened with. Had to put up a good fight in branch to get it opened. Something I have never done before.
Do not apply online if you are a churner, and be prepared to explain your Chex if you get asked in branch, of course play dumb.
How many Chex inquiries have you had over the past 3, 6 and 12 months?
Declined. Will wait and see what the email says but likely due to Chex.
Declined. Will wait and see what the email says but likely due to Chex.
Was declined online, but approved in branch. My Chex is pretty high and they mentioned that was the reason I was not able to open online, but they didn’t really question any further. I live extremely close to a branch so that might be why they overlooked my chex. I opened the free checking.
Extremely sensitive. I went to the branch and was still denied due to Chex.
Oh wow…. Thanks for the data point
What are your chex stats?
Looks like things haven’t changed in years. A datapoint from 2019 where a Chex denial was given in branch with a mailer, with Chex 6/12 and 12/24:
https://www.doctorofcredit.com/ma-nh-me-ri-eastern-bank-350-checking-bonus/#comment-769414
Same here. I don’t even try any more.