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

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

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

Hat tip to reader Woody. 

Replace 3/12/22: Deal is again, however bonus lowered 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 Effective Print

• To qualify for the $300 supply, 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 akin to payroll, pension, or authorities advantages.
• Particular person-to-Particular person funds, funds via third events akin to PayPal, and financial institution transfers between accounts, don’t qualify as a direct deposit.
• You have to deposit at the least $10 to open this account.
• The one-time $300 supply might be deposited into the brand new account inside 60 days of assembly the supply standards.
• The account have to be open with a optimistic steadiness to obtain the $300 supply.
• Just one supply per buyer and one per family. Family is outlined by deal with.
• Bonus qualifiers are topic to vary 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 supply: 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 at the least 18 years of age. 3.) Should present reference code 2021MAR300 to department worker if opening the account in department. Promotional supply for an account opened on-line will solely be accessible 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 you need 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 Price

There is no such thing as a early account termination charge in line with the charge schedule

Our Verdict

Beforehand finest bonus was $250 with related necessities. Draw back to this financial institution is the arduous pull, however today I believe that issues much less and fewer with all the bank card utility guidelines. I do suppose this bonus is price 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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