[MA or NH] Salem Five $250 Checking Bonus


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

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 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 12 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

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

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).

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