Posted by William Charles on September 1, 2018
Bank Account Bonuses

Published on September 1st, 2018 | by William Charles

16

SalemFive Checking Bonus: Free Netflix/Spotify Etc (Up To $14.95 Per Month For A Year)

Offer at a glance

  • Maximum bonus amount: Up to $14.95 per month
  • Availability: Nationwide
  • Direct deposit required: Yes, cumulative deposits of $1,500 within 60 days of account opening
  • Additional requirements: Use promo code ON US
  • Hard/soft pull: Hard (all datapoints are quite old though). Recent datapoint says soft, new dp say hard as well
  • ChexSystems: Unknownsensitive
  • 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

  • SalemFive has a new checking bonus. They are offering to to reimburse you for the cost of Netflix, Spotify, Birchbox, Harry’s, or Graze for a full year (up to $14.95 per month) when you meet the following requirements:
      • Use promo code ON US
      • Receive cumulative direct deposits of $1,500 or more within 60 days of account opening

The Fine Print

  • This offer is only available to new personal Star and Gold 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 a paycheck, pension or government benefits (such as Social Security) from an employer or government.
  • Person-to-Person and bank transfers between accounts or accounts at other financial institutions or brokerages do not qualify.
  • 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.
  • Customer must activate the Salem Five Visa® Debit Card associated with their new Star or Gold Star Checking Account and independently establish (or modify an existing) monthly subscription service with one of the five subscription services noted (Netflix, Spotify, Graze, Birchbox, and Harry’s).
  • Customer must establish monthly recurring electronic billing (or modify if an existing subscription) through the subscription service and use their Salem Five Debit Card as the recurring form of payment.
  • Once direct deposit criteria has been met, transaction review for the offer will be performed at the beginning of each month, using the prior month’s transactions, throughout the promotional period to identify qualifying accounts and establish reimbursement.
  • Reimbursement will begin for the first month the offer criteria is met and a subscription service transaction is identified and, upon monthly transaction review, for eleven subsequent months.
  • Monthly reimbursement will be made in the form of an account credit in the amount of the highest transaction value (up to $14.95) with any one of the five eligible subscription services noted.
  • In the event that a customer has more than one of the five subscription services, Salem Five will review and reimburse the highest subscription amount, up to $14.95 in a calendar month.
  • Promotional offer subject to end without notice. Subscription brands mentioned are not sponsors or participants in this promotion. S
  • 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

Previous bonus was a flat $150, personally I think that’s better as this bonus is an extra maximum of $30 but that assumes you have a subscription of $14.95 per month and your bonus is also split up over 12 months. In any case the bonus isn’t worth considering in the first place due to the hard pull they do. Because of that we won’t be adding this to the best checking bonuses.

 

Big thanks to reader, Bill who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Simon
Simon

just curious – how much do you guys value a hard pull? I used to value it at $500 back in the days when credit card bonuses were generous, but now the game has changed so much..

MarcoPolo
MarcoPolo

I still value it at $500 or equivalent.

Michael
Michael

$500 is still very valid. I’m sure all these companies would like you to jump for less (or really don’t care as it’s your credit to worry about). That’s why it’s a mystery to me how anyone into numerous credit card would let Capital One pull from each of the reporting agencies (~3 credit pulls).

gene
gene

is this bank limited to certain states? Thanks

Celia
Celia

The post says availability is nationwide under offer at a glance

Eric M.
Eric M.

Would this bonus be reported as taxable income? If not, it’s possible this offer would be preferable to a $150 cash bonus. Obviously that doesn’t change the discussion on the value of a hard pull though.

Jeff H
Jeff H

Anybody know which credit bureau they pull? Does this offer have an expiration date? My Netflix is fully paid for the next couple of months.

Frito Pendejo
Frito Pendejo

I believe Salem Five had a recent checking bonus offer and I was denied for chex sensitivity.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Chex sensitive (I am at 50+ in 9 months) was denied for the last checking bonus offer

Scitron20
Scitron20

Hey, what state do you live in ? – I believe some banks only allow customers from their state I would like to compare some notes with to and see what each other have missed.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

NY is my home state but I can do OH ones too because I to go college there

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