Published on November 23rd, 2019 | by William Charles0
[MA only] Cambridge Savings Bank $200 Business Checking Bonus
Offer at a glance
- Maximum bonus amount: $200
- Availability: Can only open accounts in branch. All branches are in MA. [Branch locations]
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee:
- Household limit: Limit one per business entity
- Expiration date: December 2nd, 2019
- Cambridge Savings Bank is offering a bonus of $200 when you open a business checking account and complete the following requirements within each of the first three full calendar months following the date the new account is funded
- Complete posted and cleared credit transactions including cash, check, wire or ACH credits totaling $500 or more
- Complete 10 posted and cleared debit transactions including checks paid, debit transactions, wire transfers, or ACH debits
The Fine Print
- Earn a $200 bonus when you open a new Small Business Checking or Analyzed Business Checking account with a $10 minimum account opening deposit between 11/18/19 and 12/2/19 and complete the following requirements within each of the first three full calendar months following the date the new account is funded: (1) Complete posted and cleared credit transactions including cash, check, wire or ACH credits totaling $500 or more. Bank transfers between your Cambridge Savings Bank accounts or accounts you have at other financial institutions do not qualify. (2) Complete 10 posted and cleared debit transactions including checks paid, debit transactions, wire transfers, or ACH debits.
- For example, a qualifying account type opened and funded during the month of November must complete the requirements in the months of December, January, and February in order to qualify for the bonus.
- Business entity must be located in Massachusetts.
- New account funding must be completed by 12/2/19.
- You must not currently have a Cambridge Savings Bank business checking account or have had one in the last 12 months.
- A $200 credit will be made to your checking account within 30 days of completing requirements as long as qualifications are met and account remains open in good standing.
- No minimum balance is required to receive the bonus. The value of the bonus will be reported to the IRS as interest.
- Limit one bonus per business entity.
- Offer may be withdrawn at any time.
- All other rules and regulations for checking accounts apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Small business checking account has no monthly fees to worry about
Early Account Termination Fee
I wasn’t able to find any mention of any early account termination fee in the fee schedule.
They offered a $300 bonus in 2017. Seems like these business bonuses are fairly uncommon so if you’re eligible I’d probably just go for this bonus. Not the best offer out there, but still worth doing.
Hat tip to reader Joshua
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