Posted by William Charles on July 6, 2018
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Published on July 6th, 2018 | by William Charles

124

[Expired] Salem Five $150 Checking Bonus

Deal has expired, replaced with a new deal offering free Netflix, Spotify, Birchbox, Harry’s, or Graze up to $14.95 per month for a full year.

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: Nationwide
  • Direct deposit required: Yes, cumulative deposits of $1,500 within 60 days of account opening
  • Additional requirements: Use promo code STAR
  • Hard/soft pull: Hard (all datapoints are quite old though). Recent datapoint says soft, new dp say hard as well
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: $15, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • U.S. Citizen: Yes or permanent resident alien if opening online.
  • Expiration date: None listed

The Offer

Direct link to offer

  • Salem Five Direct is offering a bonus of $150 when you open a new Star checking account and complete the following requirements:
    • Use promo code STAR
    • Receive cumulative direct deposits of $1,500 or more within 60 days of account opening

The Fine Print

  • This Star Checking offer is not available to customers with an existing personal checking account at Salem Five Bank.
  • Closed accounts that were opened at any time in the 12 months prior to account opening are considered existing accounts for the purpose of qualifying for this promotion.
  • Only available to new personal Star Checking customers with cumulative direct deposit funds of $1,500 or more made within 60 days of account opening.
  • 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.
  • Minimum balance to open the account is $10 in branch and $100 online.
  • Once the offer criteria is met, the bonus will be credited into the new Star Checking account within 10 days
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fee

This account has a $15 monthly fee. This is waived if you do any of the following:

  • Monthly maintenance fee waived with payroll direct deposit
  • $1,500 minimum daily balance
  • Automatic transfer to a Salem Five Mortgage
  • Combined deposit/loan balance of $5,000 (excluding mortgage loan balances)

Early Account Termination Fee

There is no early account termination fee according to the fee schedule

Our Verdict

They also have a 2.05% APY savings account.  It looks like most of the time account opening results in a hard pull, but sometimes it’s soft. It also looks like they are ChexSystems sensitive. because of that we won’t be adding it to the best bank account bonuses.

Hat tip to Danny Deal Guru

Useful posts regarding bank bonuses:



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Joanne
Joanne

Any DPs on what banks count as direct deposits?

Ferris
Ferris

There’s a whole page dedicated to questions like this. Don’t ask to be spoonfed and do some homework yourself. The whole point of the creation of this website was to share DP’s in an organized manner.

David
David

There’s not DP’s on that page yet…perhaps he was inquiring about any DPs not yet listed.

Tom
Tom

Kind of a dick response imo. Wasnt any DP listed… doesnt mean people dont have them!

Dinesh
Dinesh

.

DrBooyah
DrBooyah

Easy there, bud, July is Checking Account Bonus Month after all, let’s be nice to newbies so they stay with the site and eventually share DPs and then you’ll eventually get benefit too with more DPs and a nice civil community that fosters growth 🙂

Josh
Josh

As others have said there aren’t any data points of direct deposits there.

It is a bit comical you call out the asker for not checking the ‘What counts as a Direct Deposit’ page but you yourself didn’t check.

beat2def
beat2def

LOL, burn! Touché.

Missjenniferd1
Missjenniferd1

+1 josh!

Chuck
Chuck

Hate responses like this. Joanne most people on this site are friendly

Missjenniferd1
Missjenniferd1

+1 Me too chuck… Theres always one in the bunch who thinks theyre superior than everyone, and generally they are the ones who are the least helpful.

Missjenniferd1
Missjenniferd1

-1 to you bueller

Tom
Tom

Do we know if anything triggers DD requirement, outside of standard DD?

Ken
Ken

This is posted at the top of all DoC bank posts at the top of the article:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Salem_Five_Direct

Tom
Tom

I see no datapoints.

Will
Will
Will
Will

Also,

“You may close your account at any time. However, if you close your account prior to the crediting of interest, you will not receive the accrued interest.

The closing of your account by you or the Bank will not release you from any fees or other obligations incurred before the closing, those you incur in the process of closing out your account, or your liability on outstanding items.”

https://www.salemfive.com/personal/accounts/disclosures/consumer-banking-services-agreement/

bax
bax

Sounds like Amazon Marketplace or ABCgiftcards payout are options to try (though will be difficult given the 1.5k requirement), without real DD, if they are so specific to exclude brokerage transfer-in. At least they promise to pay quickly so there’s plenty of time to try different options.

Lisa
Lisa

Looks like one user was denied for the savings due to Chexsystem. So it could be Chexsensitve.

Will
Will

source?

Lisa
Lisa

Comments in the Salem direct eOne savings page

Will
Will

okay, no one knows what you’re talking about, so may you please post the link?

Michael
Michael
Will
Will
Lisa
Lisa

Their website says no monthly fee if there is dd.

Rox
Rox

Thanks for adding information regarding US Citizenship requirements. Looking forward to seeing that information on future bank bonus posts.

MarcoPolo
MarcoPolo

Nice to see that too but it can get confusing as permanent resident & resident alien are two different things since you are a resident alien before becoming a permanent resident.
I have been told by many of my resident alien and permanent resident friends and colleagues that all they need is a SSN & DL to apply. This basically means that if you pay taxes in US ( a US person) then you qualify.

Rox
Rox

True. You have explained it clearly.

Ben
Ben

I just called and spoke to someone at Salem Five, who told me that in order to apply I need to agree to a hard credit inquiry. She said there is no guarantee that the inquiry will be hard, but that it may be. Upon being pressed, she said there was probably a 70/30 chance of a hard inquiry, though she didn’t sound confident.

Will
Will

that’s comical

Ben
Ben

What is that? Because you have to play Russian roulette with a hard pull?

Will
Will

yeah the whole 70/30 thing lol

Ben
Ben

Whoops. Meant to say “why* is that?”

Pat
Pat

Some thoughts …
– Same online application system as Elements Financial
– No mention of HP anywhere (usually there’s some disclosure words)
– Electronic deposit selection did not allow the application to go through, so I opted for mailing in the $100 check and then it let me know a rep would reach out in two biz days
– Had me upload a picture of my DL

Lisa
Lisa

Have you opened a lot of accounts last 6 months?

Duke I.

DP: DD from employer always work.

Dan
Dan

While true, most of us don’t want to go that route if we can avoid it and doing something simpler. Don’t want to piss off our HR departments at our work by changing DD every two months lol.

Dan
Dan

And, for me at least, my HR department can take 3-4 weeks to process the DD change request (and I only get paid monthly). So the timing is sometimes uncertain when you go the traditional employer DD route.

elegua
elegua

Avoiding Monthly fees:

Here what the website says:

1- Monthly maintenance fee waived with payroll direct deposit,
2- $1,500 minimum daily balance,
3- automatic transfer to a Salem Five Mortgage,
4- combined deposit/loan balance of $5,000 (excluding mortgage loan balances).

Will, you are missing “Monthly maintenance fee waived with payroll direct deposit”.

Thank you Will.

LBP
LBP

I’m in need of more confirmation of a hard pull or soft pull before I pull the trigger on this one…Can anyone confirm on this yet ???

Will
Will

ugh everybody is buddy.. be the datapoint you want to see

Brian
Brian

Applied and was told someone would review my application within 2 business days. I also had to upload a copy of my DL.

I’m not seeing a hard pull, at least not yet. It’s possible that will come after manual review?

Brian
Brian

Approved today after review. 13th bank account in the last 12 months. No sign of a hard pull anywhere.

Fred
Fred

Hey, unless I’m missing something, this is Salem Five – not Salem Five Direct, as the title of the post indicates. SFD has the 2.05% savings account; SD does not appear to have anything above 0.05%.

Will
Will

Salem Five Direct is part of Salem Five. So yeah it shouldn’t say “Direct,” but they are in fact the same Bank

Fred
Fred

They are in fact divisions of the same company. Do you have any experience to relate, such as whether balances between the two divisions can be combined for any particular features, or whether transfers between accounts at the two divisions are instant?

Lisa
Lisa

Salem five direct is the online division of Salem five. When I tried to open the account there was no option to open the eOne savings so I suspect you can’t transfer between them.

Frito Pendejo
Frito Pendejo

Applied earlier today. Just got email that I was rejected for Chex. It seems they are inquiry/account sensitive. I have many

Beefer
Beefer

Ouch I’m probably going to get rejected too. Fingers crossed!

MoreSun
MoreSun

Thanks for the heads up, was litterally just about to apply. Don’t think they’ll care for my 30+ chex…

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