Deal has ended, view more bank account bonuses by clicking here.
Update 3/12/22: Deal is back, but bonus reduced to $250 from $300.
Update 10/9/21: Deal is back and valid until November 26, 2021. Hat tip to reader Alex
Offer at a glance
- Maximum bonus amount: $250
- Availability: MA or NH only
- Direct deposit required: Yes, cumulative deposits of $2,000 within 90 days of account opening
- Additional requirements:
- Hard/soft pull: Hard
- ChexSystems: Unknown, sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: One
- Expiration date:
April 30, 2021 November 26, 20215/9/22
- Salem Five Direct is offering a bonus of $250 when you open a new The Open checking account and complete the following requirements:
- Use promo code 2022MAR250
- Receive cumulative direct deposits of $2,000 or more within 90 days of account opening
The Fine Print
- To qualify for the $300 offer, the Open Account must be opened between 3/1/2021 and 4/30/2021 and have a cumulative direct deposit of $2,000 or more made within 90 days of account opening.
- Direct deposit is reoccurring income electronically deposited into your checking account for purposes such as payroll, pension, or government benefits.
- Person-to-Person payments, payments through third parties such as PayPal, and bank transfers between accounts, do not qualify as a direct deposit.
- You must deposit at least $10 to open this account.
- The one-time $300 offer will be deposited into the new account within 60 days of meeting the offer criteria.
- The account must be open with a positive balance to receive the $300 offer.
- Only one offer per customer and one per household. Household is defined by address.
- Bonus qualifiers are subject to change and bonus payout is reviewed by, and at the discretion of, the Bank.
- Customer must meet the following criteria to be eligible for the offer: 1.) Must be a new checking customer and could not have a Salem Five personal checking account within the prior twenty-four months.. 2.) Must reside in Massachusetts or New Hampshire. 3.) Must be at least 18 years of age. 3.) Must provide reference code 2021MAR300 to branch employee if opening the account in branch. Promotional offer for an account opened online will only be available through this web page and link. 4.) Must not be employed by Salem Five. Member FDIC. Member DIF.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee according to the fee schedule
Previously best bonus was $250 with similar requirements. Downside to this bank is the hard pull, but these days I think that matters less and less with all of the credit card application rules. I do think this bonus is worth doing, especially as this time it’s $50 more and doesn’t have the 50 debit card transactions. Can’t have had an account within the last 12 months (previously was 6 months).
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
William Charles – This offer has expired.
Update – $250 Bonus paid on 5/2/22. Had two real employer direct deposits of $1,000 each post in April.
Received a mailer for $200 bonus for rewards credit card
Any other recent data points on if this is a hard pull? I called them to ask and rep I talked to said they run a Chex report (so they may be Chex sensitive?) and that it was a soft, not a hard pull. Debating doing it, but ideally only if it’s not a hard pull.
Hard pull on Equifax for me.
Applied. No hard pull but application pending, waiting on driver license upload.
WF worked as DD last time.
They are quick to pay the bonus. Depositing MO (can use mobile app) might get your account locked. Mine was locked for a week and took two calls to get it unlock.
Offer is less churnable:
1.) Must be a new checking customer and could not have a Salem Five personal checking account within the prior twenty-four months.
In the last few years they’ve gone from 6, to 12, to 24 months. May be worth updating the post so no one wastes a hard pull.
Bonus offer is back for same DD requirement, but down to $250 William Charles
Google ad link is all I could find.
11/26 Account open
12/03 $2001 Schwab brokerage
12/10 $300 Bonus