Published on July 4th, 2019 | by William Charles125
[MA or NH] Salem Five $250 Checking Bonus
Update 8/16/19: Now only available in MA or NH.
Offer at a glance
- Maximum bonus amount: $250
NationwideNow available in MA or NH only
- Direct deposit required: Yes, cumulative deposits of $1,500 within 60 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: None
- Expiration date: 9/30/19
- 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 OPEN
- Receive cumulative direct deposits of $1,500 or more within 60 days of account opening and receive a $200 bonus
- Complete 50 debit card transactions and receive a $50 bonus
The Fine Print
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or government. Person-to-Person and bank transfers between your accounts or accounts you have at other financial institutions or brokerages do not qualify.
- 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
Probably not worth considering due to the hard pull. Previously the best bonus was $150. This bonus is better, but to get the full $250 you do need to complete 50 debit card transactions and that’s very annoying. I probably won’t add this to the best bank bonus page due to the hard pull.
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