Read on to learn more about Salem Five promotions, bonuses and offers here.
Currently, they have a $300 bonus when you open a Checking Account and meet all the requirements.
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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. If you are interested in a different banking experience, you can see all nationwide bank bonuses for more suitable offers.
- Availability: MA, NH (Bank Locator)
- Routing Number: 211370558
- Customer Service: 800-850-5000
While they have a generous $250 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, Citibank, and more!
I’ll review the current offer below.
Salem Five $300 Checking Bonus
Earn $300 bonus from Salem Five
Salem Five is offering a $300 bonus when you open a new qualifying checking account and meet certain requirements by the expiration date.
- Account Type: Open Checking Account
- Availability: MA, NH
- Direct Deposit Requirement: Yes, cumulative deposits of $2,000 within 90 days of account opening
- Hard/Soft Pull: Hard
- ChexSystem: Unknown
- Credit Card Funding: Cannot fund with credit card
- Monthly Fee: None
- Early account termination fee: None listed
- Household limit: One
(Offer expires April 30, 2021)
Editor’s Note: Here’s an alternative you can sign up with the same offer and expiration date.
| You can compare this to several great entry level Checking accounts with bonus offers include the Discover Cash Back Debit (up to $360 Bonus), TD Bank Convenience CheckingSM ($150 bonus), Citi Priority Account Package ($700 bonus), and Aspiration Spend & Save Account ($100 bonus). |
How To Earn $250 Checking Bonus
- Open a new The Open checking account and complete the following requirements:
- Use promo code 2021MAR300
- Receive cumulative direct deposits of $2,000 or more within 90 days of account opening
- Online tools and on-the-go features
- ATMs everywhere with the Allpoint network
- No monthly fee
- No minimum balance
- Open rewards (cash back debit rewards and ATM fee reimbursement)
- Smart online and mobile banking with tools and technology
- No monthly fees
- 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 six 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.
Salem Five $250 Checking Bonus (Expired)
Salem Five is offering a $250 bonus when you open a new qualifying checking account and meet certain requirements by December 31, 2019.
- Account Type: Open Checking Account
- Credit Inquiry: Hard Pull
- ChexSystems: Unknown
- Opening Deposit: Not listed
- Credit Card Funding: None
- Direct Deposit Requirement: Yes, $1,500 within 60 days
- Monthly Fee: None
- Household Limit: None
- Closing Account Fee: None listed
(Offer expires December 31, 2019)
| You can compare this to several great entry level Checking accounts with bonus offers include the Discover Cash Back Debit (up to $360 Bonus), TD Bank Convenience CheckingSM ($150 bonus), Citi Priority Account Package ($700 bonus), and Aspiration Spend & Save Account ($100 bonus). |
How To Earn $250 Checking Bonus
- Get $200 for qualified direct deposits of $1,500 or more
- $50 for completing 50 debit card purchases
- Add a companion Open Savings and we’ll match our highest money market interest rate through December 31, 2019
- Online tools and on-the-go features
- ATMs everywhere with the Allpoint network
- No monthly fee
- No minimum balance
- Open rewards (cash back debit rewards and ATM fee reimbursement)
- Smart online and mobile banking with tools and technology
- No monthly fees
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or government. Person-to-Person and bank transfers between your accounts or accounts you have at other financial institutions or brokerages do not qualify.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Rates and terms subject to change.
Salem Five $180 Checking Bonus *Expired*
Link has expired
Salem Five was offering a $180 bonus when you open a new qualifying checking account using promo code: ON US. This link is no longer available.
- Account Type: Star, Gold Star Checking
- Credit Inquiry: Hard Pull
- ChexSystems: Yes
- Opening Deposit: $10
- Credit Card Funding: None
- Direct Deposit Requirement: Yes, $1,500 within 60 days
- Monthly Fee: $15 monthly fee, see below on how to avoid
- Household Limit: None
- Closing Account Fee: $10, if closed by mail
(Link has expired)
| You can compare this to several great entry level Checking accounts with bonus offers include the Discover Cash Back Debit (up to $360 Bonus), TD Bank Convenience CheckingSM ($150 bonus), Citi Priority Account Package ($700 bonus), and Aspiration Spend & Save Account ($100 bonus). |
How To Earn $180 Bonus
- Open a Star Checking account from Salem Five with a $10 minimum deposit with promo code ON US.
- Have a cumulative direct deposit of at least $1,500 within 60 days of account opening.
- Activate a Salem Five Debit Card.
- Reimbursement will begin the first month once the requirements have been met and the subscription has been identified. You will receive reimbursement of $14.95 a month for 12 months.
- PopMoney
- Cash Debit Rewards
- Snap to Pay
- CardValet
- AllPoints ATM
- Cash Replacement
- Star Checking: $15 monthly fee can be waived with:
- $1,500 min daily balance or a combined deposit ledger balance and/or outstanding loan balance of $5,000 OR
- If you have your payroll or monthly Social Security payment directly deposited to your account; or you establish and maintain an automatic transfer from this account to pay a Salem Five Mortgage
- Gold Star Checking: $20 monthly fee can be waive with:
- $5,000 min daily balance or a combined deposit ledger balance and/or outstanding consumer loan balance of $20,000 OR
- Original consumer mortgage balance of $500,000 or more OR
- Investment Account with Salem Five Financial
- 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.
Bottom Line
While the $250 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.
Your feedback is highly appreciated and makes our site even better!
*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.
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.
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.
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
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/
Hi Josh,
Thanks for the info and our review has been updated.