Posted by William Charles on July 4, 2019
Bank Account Bonuses

Published on July 4th, 2019 | by William Charles

183

[MA or NH] Salem Five $250 Checking Bonus

Update 8/16/19: Now only available in MA or NH.

Offer at a glance

The Offer

Direct link to offer

  • 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

Avoiding Fees

Monthly Fees

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

Our Verdict

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:



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Thumper
Thumper

50 debit card transactions? Piss off Salem.

AndreRamirez
AndreRamirez

Meh… 50 Amazon $1 debit card purchases for a $250 bonus will take some time but I guess I’ve wasted my time in worse ways before.

SamL
SamL

That only nets $50.

Mimi
Mimi

so if one fulfills the requirements, net bonus is $200 and you pay tax on $250 plus a heaping HP.

Ann
Ann

Spamming small Amazon reloads has become iffy recently. https://www.doctorofcredit.com/amazon-cracks-down-on-excessive-small-50-reloads/

Joe
Joe

No. I do ~100 a day there’s a debit card that still exists that gives 10cents/ transaction up to $10 a day. But, sure more power to you. Go use your Salem debit everyday for lunch for 50 days.

SamL
SamL

You automate this?

George
George

You automate this?

Sonia
Sonia

You automate this?

George
George

May I know which debit card you are using? 20% off amazon GC is tempting, though I may not have the patience clicking back and forth XD

MikeTheCreator
MikeTheCreator

You automate this?

T
T

Lol wonder who is their targeted audience? Someone who uses their debit card at least 1-2 times a day?? Err… What?

Mimi
Mimi

To summarize, net bonus is $200 and pay tax on $250 with HP. We still have to monitor DPs if fake DDs go through.

Greg
Greg

Is this churnable? Did their bonus last summer

Sa
Sa

On the previous bonus they had language about not having had an account with them the last 12 months. I could not find it in this link.

Jeff H
Jeff H

Salem Five Bank, Salem, Massachusetts. 9.2K likes. MEMBER FDIC | MEMBER DIF.

Jeremy
Jeremy

The Doctor’s info says its a hard credit pull…can anyone confirm? If so I don’t think it’s worth it.

Ricardo Costa
Ricardo Costa

For a $200 I still think it might be worth it. I do credit cards for $200 bonus all the time lol

Kelly
Kelly

Yeah but you don’t pay taxes on credit card signup bonuses.

Celeste
Celeste

You owe taxes on those bank bonuses though.

Gerald
Gerald

Click on the link and you’ll see data points.

Churnoso
Churnoso

Dam my man Doc your killing it Brody between the new bonuses you’ve posted these last 2 days maybe can make out with another 4K. Thanks you Doc and happy 4th!!!

Tony
Tony

Just applied. No hard pull as of yet, but my app did go to verification (said to upload a picture of my ID and will be notified within 2 business days). I fully expect to get the HP when the banker processes my application, based on previous DPs. No CC funding. Make sure to use promo code since it doesn’t auto-populate if you are going for this deal.

sam
sam

Several years ago (when I applied every year for many years for their promotion) I applied one time, but there was no pull and the app was on hold. I didn’t know this so, I was like well I’m going to dispute the inquiry etc. They were extremely professional and nice and were like we’re not going to open this for you b/c you’ve done so many bonuses etc. but we haven’t pulled your credit. I’ve had that happen numerous times with banks, and let me tell you, I remember them for the way they acted in a very unusually positive manner. I didn’t feel the urge to complain at all- the opposite actually!! So, aside from the rare gushing about that, I’m sure the app is being held.

Tony
Tony

Update- Successfully opened 7/8, NO Hard Pull. Not sure why there are so many conflicting DPs over the hard pull. Did not opt in for overdraft protection.

Lrdx
Lrdx

Note their debit card gives rewards, 5-15 cents per swipe, what can be higher than credit card rewards.

Theorem Ox
Theorem Ox

It seems like they introduced a flexible tier system based on account balances. Definitely could be lucrative if one makes small ticket purchases while maintaining higher balances.

(Salem Five used to offer 0.5% cashback on all Signature Debit purchases a while back. I still remember that because of an interesting discovery I stumbled upon by chance… there was a pharmacy chain store in Long Island that used to process PIN-debit transactions as if it was a Visa credit transaction. Ended up getting the 0.5% rewards on the $20 cash out [the max they would allow] and whatever other incidental purchase that I made.)

Grant

My credit is frozen, but decided to apply. Got to the end of the application and I needed to upload a copy of my drivers license. Let’s see if the account gets opened or not.

Grant

Denied due to frozen credit report 🙁

DearGrant

We regret that your recent application for an account has been declined at this time. The decision was based in whole or in part on the information that we received from the following source:

Equifax Credit Information Services
PO Box 740241
Atlanta, GA 30374
(800) 685-1111

Equifax did not make the decision to deny your application and is unable to provide you with the specific reasons why your application was denied.

If there is a freeze on your credit report, it will need to be removed.

You have a right under the Fair Credit Reporting Act to know the information contained in your credit file with the reporting agency. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. The reporting agency did not make the decision and is unable to supply specific reasons why we denied an application to you. If you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

Should you have any questions or need further assistance, please do not hesitate to contact us either by email at accountopening@salemfive.com or calling our Customer Service Center at (978) 745-5555 or (800) 850-5000. Our Customer Service Representatives are available to assist you Monday through Friday 8:00 a.m. to 6:00 p.m., Saturday 9:00 a.m. to 3:00 p.m. and Sunday 11:00 a.m. to 3:00 p.m., Eastern Standard Time (EST). You can also visit us online at http://www.salemfive.com where you will find extensive and up-to-date information on all of Salem Five’s products and services.

Thank you,
Salem Five Bank

James
James

Is the open rewards there version of a savings account ? the site is a bit confusing.

Theorem Ox
Theorem Ox

It looks like Salem Five got rid of their more traditional Checking account offerings and replaced it with “The Open Account.”

At least on face value, “The Open Account” seems to be more beneficial to a typical customer as the base account itself has relatively low fees and more benefits are offered flexibly with higher balances. This would be in contrast to their previous offerings (and still the common practice at many financial institutions) where one would have to choose and be locked into the terms of that product.

Dean
Dean

DD’s have to be legit? Transfers from brokerages do not qualify? That’s a drag because that’s how I qualify for most of my bank bonuses.

Celeste
Celeste

50x .50 Amazon reloads?

MoreSun
MoreSun
slowbrake
slowbrake

Hard pulls don’t scare me.

I used to care, thank goodness I don’t anymore. I would be losing out on hundreds to a couple thousand of dollars each year.

Rohith
Rohith

Can you please explain what made you not to scare anymore? I am still scared of getting a hard enquiry .

Thanks in advance.

Theorem Ox
Theorem Ox

Can’t speak for slowbrake, but I’d say that it really comes down to a combination of one’s living situation and personal mindset.

In my case, the former dictates my moves. I’m looking to move eventually (and getting a mortgage might be a possibility), so I’ve been refraining from making too much waves. Otherwise, I wouldn’t be as averse to hard pulls and I’d do what I see fit.

slowbrake
slowbrake

Within 6 months of getting a mortgage there were 2 rate drops – so I went for a refinance. Loan officer said anything above 710 won’t lower the rate anymore. Refi fell through and at another lender the rate was the same with a score of 700-710 vs player 2’s 740+ — So with 6+ recent hard pulls nothing changed for a loan.

Kept opening cards and my score stayed just under player 2 (who had ~3 hard pulls over a few years) – like 710-730 vs a 740-780. Never got rejected for a credit card for hard pulls – did get rejected for low age of credit however.

Started stoozing. FAKO scores dropped by 50+ points the first month a %100 balance was carried. Kept it up and the real scores dropped to 680-700 — while FAKO scores were saying it should be 30+ points less.

Now I’ve got my carried balances over 70k (all at 0%). ~7 cards with 90-100% utilization. Hard pulls in the low teens with each bureau. %20 utilization. 3yr avg age of credit.

CreditKarma says Experian score should be 620. Approved for AA Platinum select earlier this week with an Experian score of 713 – almost the same as when I started. Only rejected from 1 good deal that I really wanted – Cap1 Savor.

IME – there is nothing to be scared of from hard pulls and in exchange I’ve made thousands from cards and checking – $200 at a time.

missjenniferd1🦉 🦁
missjenniferd1🦉 🦁

i do a lot of 0% credit card deals as well ($50k in debt atm in 0% cards), and have lots of inquiries from doing credit card bonuses, and i HAVE been declined to “too many recent requests for credit” and “amount of revolving debt too high” so i would assume you have a fairly high income where they are much more lenient to you. i dont let my score go below 740, and i have about 6-9 inquiries depending on the credit bureau. i have never had a late payment, and own a $250k house and only owe $13k on it, own my car outright…. but my income is only $30k…. i assume yours is probably triple that or higher for them to not care how many inquiries you have, or do you have less inquiries than 9? just curious as to why you are still getting approved and yet im getting declined. i’d assume either you have less inquiries than 9 or you make considerably more than i do.

Karl
Karl

Your income doesn’t really matter and it’s not the inquiries. It is almost certainly the utilization% on those 0% cards. Util% is also probably the biggest drag on your scores.

If you could transfer that 0% debt to business cards that would help a lot (most business cards don’t report to personal credit, but avoid the ones that do, like Cap1). Raising your credit limits would help too. Most banks will go up to ~$25k based on scores & history, even if your income is very low.

It’s best to have 1 card reporting a balance under 10%. 1% (but not zero) is even better. Do that and I bet you’ll gain 50 FICO points.

High util% is a killer. Inquiries (within reason) hardly matter. Income has no effect on FICO.

missjenniferd1🦉 🦁
missjenniferd1🦉 🦁

wasnt really talking about score, my score is great, it’s the approvals/declines that i was referring to. he’s still getting approved, yet im getting declined. something else besides score has to be playing in here, unless his stuff is on biz cards rather than personal cards like mine.
also i dont get declined often, but i dont do many deals anymore once i get up around 7 inquiries, i start getting declines so i stop.
i just got approved for b of a premier rewards this month, cash rewards this month, and usbank cash+, so i’m doing ok. i just cant get crazy with it, but i’d like to, and slowbrake seems to be inferring that you CAN get crazy, and i’m just trying to figure out the secret of it. i always assumed it was the # of inquiries. perhaps it is utilization though, but not according to what his comment says.

Gmoney
Gmoney

Hardpull via Equifax

Applied on 7/3. Asked to upload driver’s license. No HP at that point.

This morning I got the hardpull and then received account open approval emails from Salem. They must pull it manually which explains the delay.

MoreSun
MoreSun

Chex stats?

Gmoney
Gmoney

I don’t really pay attention to chex. But I opened two this week and maybe 7 or so in 2019. Just apply and see what happens.

Shirley
Shirley

@Gmoney, question for you. Since I haven’t seen a hard pull yet since receiving approval, how were you notified of the hard pull to Equifax, did you check somewhere or did you get an alert? During your application, were you asked 3 or 4 questions that looked like they came from your credit file?

Curious because our applications seem to have gone differently. You say you applied and then was asked to upload your DL and then got the approval email the next day along with the HP, while I applied and got the approval email the same day before being asked to upload my DL and did not get a HP as of yet.

Gmoney
Gmoney

I got notified from CK right before I got the final approval. It could just be an identification thing but does seem weird that the process is different. I’m on the west coast if that makes a difference.

Shirley
Shirley

Interesting since some reported getting the HP while others like me didn’t.

I’m on the west coast also.

Shirley
Shirley

Just completed application and was approved, receiving account number. Had to upload DL and sign DociSign document for their review after receiving approval.

No hard pull yet. No credit card funding, only send a check or pull directly from another bank, minimum of $100 to open. Can’t be too Chex sensitive, have over 12 new accounts this year.

Shirley
Shirley

UPDATE. Account completed and online access setup, still no hard pull notification.

Jim
Jim

Thanks for sharing. May I ask if you got login credentials for Salemfive.com, or the application site at Fivision?

I just completed the DocuSign and was instructed to enter trial deposits on the application site

Shirley
Shirley

Had to wait until I received the Temporary ID in the Application Status Center.

I then used the temporary ID and my social security number to enroll and create an online profile (had to call them when the username I wanted to use wouldn’t work for some reason, ended up with a different username)

Joe
Joe

Applied 7/4 with all 3 bureaus frozen. Received notice by email this morning (7/5) to log in to the application status center to receive a secure message. Secure message says my application was denied.

“Equifax did not make the decision to deny your application and is unable to provide you with the specific reasons why your application was denied.

If you have a freeze on your credit report, it will need to be removed and you can reapply.”

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