Salem Five Bank, $250 Bonus For New Accounts
Salem Five Bank has a new bonus for $250 for new checking account. This Salem Five Bank bonus comes in two parts, and is available in MA and NH only. It is likely a hard pull though, which is a deal killer.
The $250 bonus comes in two parts:
- $200 bonus available to new Open Account customers who reside in MA or NH with cumulative direct deposit funds of $1,500 or more made within 60 days of account opening. Qualifying direct deposits are recurring electronic paycheck, pension or government benefit (such as Social Security) deposits from your employer or government. Person-to-Person and bank transfers between personal accounts, or accounts at other financial institutions or brokerages, do not qualify.
- $50 bonus available to new Open Account customers who reside in MA or NH and perform 50 debit card purchases within the first 90 days of account opening (ATM transactions made with a Salem Five debit card do not apply).
The bonus offers noted may be earned independently of one another. Once either offer criteria are met, associated bonus funds will be deposited as a one-time credit into the new Open Account within 30 days.
- 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.
- One bonus per household
Open Account doesn’t have any monthly fees.
I don’t see an early closing fee, but there’s a $10 fee for closing account by mail.
The $200 bonus is the easier part if you can manage the direct deposit requirement. The account required doesn’t have any fees, so that makes it easier to wait for the bonus to post. But the main issue with this bank is that it is a hard pull. I haven’t seen any data points in a while, but please let me know if you have any knowledge if that has changed. If it is still a hard pull, then it kills the deal.
- Promo Page
- Bonus: $250
- Account Type: OpenChecking
- Availability: MA, NH
- Expiration Date: 12/19/2019
- Inquiry Type: Hard pull
- Direct Deposit Requirement: Yes, $1,500 within 60 days
- Other Requirements: 50 debit card purchases within the first 90 days
- Credit Card Funding: No
- Monthly Fee: No
- Closing Account Fee: Unknown