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.
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)
- Credit Inquiry: Hard Pull
- ChexSystems: Unknown
- Credit Card Funding: None
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 $250 Checking Bonus
Salem Five is offering a $250 bonus when you open a new qualifying checking account and meet certain requirements.
- What you’ll get: $300 bonus
- Account Type: Open Checking Account
- Availability: MA, NH
(Offer expires May 23, 2022)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
How To Earn Bonus
- Open a new checking account between 2/28/22 and 5/23/22 either in branch or online (via this web page) and use promo code 2022MAR250. Must reside in qualifying geographies.
- Enroll in direct deposit and have $2,000 or more deposited within 90 days.
- Once all criteria is met, your bonus will be deposited into your new Salem Five account within 60 days.
- To qualify for the $250 offer, the Open Account must be opened between 2/28/22 – 5/23/22 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 bonus 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 bonus 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 twenty-four months. 2.) Must reside in Massachusetts counties of: Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, Worcester. 3.) Must be at least 18 years of age. 4.) Must provide reference code 2022MAR250 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 or by using the reference code 2022MAR250 in promo field. 5.) Must not be employed by Salem Five.
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.
- What you’ll get: $300 bonus
- Account Type: Star, Gold Star Checking
- Availability: MA, NH
(Link has expired)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
How To Earn 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.
- 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.
Salem Five $300 Checking Bonus (Expired)
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.
- What you’ll get: $300 bonus
- Account Type: Open Checking Account
- Availability: MA, NH
(Offer expires November 26, 2021)
| BMO Smart Money Checking ($400 cash bonus*) | KeyBank Checking ($300 bonus) |
| Chase Private Client ($3,000 Bonus) | HSBC Premier Checking (Up to $3,000 Cash Bonus), |
How To Earn Bonus
- Open a new The Open checking account and complete the following requirements:
- Use promo code 2021OCT100
- Receive cumulative direct deposits of $2,000 or more within 90 days of account opening
- To qualify for the $300 offer, the Open Account must be opened ONLINE between 10/1/2021 and 11/26/2021 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. If the new account is opened in branch, the bonus is $100.
- The one-time bonus 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 bonus 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 twelve months. 2.) Must reside in Massachusetts or New Hampshire. 3.) Must be at least 18 years of age. 4.) Must provide reference code 2021OCT100 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. 5.) Must not be employed by Salem Five. Member FDIC. Member DIF.
How to Waive Monthly Fees
- Checking: No monthly fees
- Open Savings: No monthly fees
- Gold Star Saver: No monthly fees
- Statement Savings: $3.00 monthly waived with $300 minimum balance
- Business Forward Checking: $5.00 monthly waived when you maintain a $500 average daily balance
- Business Interest Checking: $15.00 monthly waived when you maintain a $2,500 average daily balance
- Analysis Checking: $25.00 monthly waived depending on the earnings credit may reduce or offset fee
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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.
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/