[YMMV, MA, NH or RI] Salem 5 $500 Checking Bonus

Replace 9/20/25: Bonus is now $500 and consists of RI. Consists of the next language.

“The $500 provide is nontransferable and restricted to these people receiving the provide.”

Regardless of that the provide is being marketed on Fb so YMMV. 

Hat tip to reader Woody. 

Replace 3/12/22: Deal is again, however bonus decreased to $250 from $300.

Replace 10/9/21: Deal is again and legitimate till November 26, 2021. Hat tip to reader Alex

Supply at a look

The Supply

Direct hyperlink to supply

• Salem 5 Direct is providing a bonus of $500 once you open a brand new The Open checking account and full the next necessities:
  • Use promo code 2025SEP500
  • Obtain cumulative direct deposits of $2,000 or extra inside 90 days of account opening

The High quality Print

• To qualify for the $300 provide, the Open Account have to be opened between 3/1/2021 and 4/30/2021 and have a cumulative direct deposit of $2,000 or extra made inside 90 days of account opening.
• Direct deposit is reoccurring earnings electronically deposited into your checking account for functions reminiscent of payroll, pension, or authorities advantages.
• Particular person-to-Particular person funds, funds via third events reminiscent of PayPal, and financial institution transfers between accounts, don’t qualify as a direct deposit.
• You will need to deposit not less than $10 to open this account.
• The one-time $300 provide shall be deposited into the brand new account inside 60 days of assembly the provide standards.
• The account have to be open with a optimistic stability to obtain the $300 provide.
• Just one provide per buyer and one per family. Family is outlined by handle.
• Bonus qualifiers are topic to alter and bonus payout is reviewed by, and on the discretion of, the Financial institution.
• Buyer should meet the next standards to be eligible for the provide: 1.) Have to be a brand new checking buyer and couldn’t have a Salem 5 private checking account throughout the prior twenty-four months.. 2.) Should reside in Massachusetts or New Hampshire. 3.) Have to be not less than 18 years of age. 3.) Should present reference code 2021MAR300 to department worker if opening the account in department. Promotional provide for an account opened on-line will solely be obtainable via this internet web page and hyperlink. 4.) Should not be employed by Salem 5. Member FDIC. Member DIF.
• All checking account bonuses are handled as earnings/curiosity and as such it’s important to pay taxes on them

Avoiding Charges

Month-to-month Charges

This account has no month-to-month charges to fret about.

Early Account Termination Payment

There is no such thing as a early account termination payment in response to the payment schedule

Our Verdict

Beforehand finest bonus was $250 with comparable necessities. Draw back to this financial institution is the laborious pull, however as of late I feel that issues much less and fewer with the entire bank card software guidelines. I do assume this bonus is value doing, particularly as this time it’s $50 extra and doesn’t have the 50 debit card transactions. Can’t have had an account throughout the final 12 months (beforehand was 6 months).

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