Read on to learn more about Salem Five promotions, bonuses and offers here.
Update 9/25/25: There’s currently a $500 checking bonus available through 10/13/25.
About Salem Five Promotions
Salem Five is considered to be a mutual bank, which means it is not publicly held and has no stockholders. Their focus is to make decisions to help build relationships with their customers.
I’ll review the current offer below.
Salem Five $500 Checking Bonus
Salem Five is offering a $500 bonus when you open a new qualifying checking account and meet certain requirements.
- What you’ll get: $500 bonus
- Account Type: Checking
- Availability: MA, NH, RI (Bank Locator)
- Direct Deposit Requirement: Yes (see what works)
- Credit Inquiry: Hard Pull
- ChexSystems: Unknown
- Credit Card Funding: None
- Monthly Fees: None
- Early Account Termination fee: Not listed
- Household Limit: Not listed
(Expires 10/13/2025)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
| Bank of America ($500 bonus offer) | |
How To Earn Bonus
- To qualify for the $500 offer, the Open Account must be opened between 9/15/25 and 10/13/25 using promo code 2025SEP500 at account opening.
- Must have two or more direct deposits with a cumulative amount of $2,000 or more made within 90 days of account opening.
- The one-time offer will be deposited into the new checking account within 60 days of meeting the offer criteria.
- To qualify for the $500 offer, the Open Account must be opened between 9/15/25 and 10/13/25 and must have two or more direct deposits with a cumulative amount 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 and balance transfers do not apply.
- The one-time offer will be deposited into the new checking account within 60 days of meeting the offer criteria.
- Account must be open with a positive balance at the time the offer is credited.
- Offer is restricted to one per customer and one per household.
- Must be at least 18 years of age and resident of MA, NH or RI. Salem Five employees are ineligible.
- The $500 offer is nontransferable and restricted to those individuals receiving the offer.
- Customer must be a new customer who has not had a personal checking account at Salem Five within the last twelve months.
- Customer must provide the promo code of 2025SEP500 at account opening.
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Bottom Line
While the bonus at Salem Five sounds enticing, the offer is hard pull and the requirements are pesky. You’ll have to make 50 debit card transactions to receive the full $250. If you have experience with this bank let us know in the comments below.
If you are interested in a different banking experience, you can see all nationwide bank bonuses for more suitable offers.
While they have a generous bonus, Salem Five doesn’t have great rates for CDs and Savings. You may want to check out our full list of Bank Rates and CD Rates.
Compare Salem Five Promotions with other bank bonuses from banks like Huntington, HSBC, Chase, TD, Bank of America, Citi, and more!
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*Check back at this page for updated Salem Five promotions, bonuses and offers.
$200 bonus available to new Open Account customers who reside in MA or NH
Have to get a netflix sub or similar. Cheap payout for a bank.
My application was denied for the same reason. I applied on 7/25 and received denial on 7/26. Undoubtedly due to the number of recent Chex inquiries.
SalemFive does appear to be pulling from Chex as of July 2018 as they declined my application with a notice saying it was because of an adverse Chex report.
I submitted the application and am stuck at the funding process. It just get an endless spinning wheel. I called and they said to mail a check or wait till they assign me an account number and then submit the opening deposit that way.
they denied me due to chexsystem, so they use it. dont waste your time if youve had multiple accounts the past few years.
There is no place to put the promo code on the application
Hi Josh,
Thanks for the info and our review has been updated.
There is a monthly maintenance fee of $15 for Star Checking which can be waived using two different methods. Please see this page for additional details on how to waive it…
https://www.salemfive.com/personal/accounts/disclosures/consumer-banking-fee-schedule/