Read on to learn more about Salem Five promotions, bonuses and offers here.
Currently, they have a $250 bonus when you open a Checking Account and meet all the requirements.
Table of Contents
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.
I’ll review the $250 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 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)
Be sure to visit a Salem Five branch to check out this promotion. You may want to compare this offer to bigger banks such as HSBC Bank checking bonuses, Chase Bank checking bonuses, Huntington Bank checking bonuses, Discover Bank checking bonuses, TD Bank checking bonuses, BBVA Compass Bank or CIT Bank.
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)
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.
The best bank bonuses are updated here. Check the below pages to get started with some of the best offers: • Chase Bank Bonuses. Read about several offers for their Checking, Savings and Business accounts. Chase usually offers the most sign-up bonuses of all the big banks. • HSBC Bank Bonuses. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program. • TD Bank Bonuses. TD Bank consistently offers great Checking account bonuses all year long. Savings account offers are less frequently available. • Huntington Bank Bonuses. Bonus offers for their Checking accounts are only available for limited periods throughout the year. They also have great options for those looking for a free Checking account (no monthly fees). • Discover Bank Bonuses. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs. |
$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.