Looking for one of the larger bank bonuses available in New England?
Here’s the truth: most banks offer either checking or savings bonuses, but rarely both with a meaningful combined reward. Eastern Bank is doing something different – they’re offering up to $750 for opening both accounts and meeting their requirements.
The catch? You need $4,000 in direct deposits for checking and $15,000 for savings, plus you must live in Massachusetts, New Hampshire, Maine, or Rhode Island.
Let me break down exactly how this works and whether these requirements are worth the substantial payout.
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The Deal: $750 for the Full Package
Here’s how Eastern Bank structures their bonus:
- $350 for qualifying checking account
- $250 for qualifying savings account
- Extra $150 bonus if you open both within 3 business days
- Total potential: $750
- Must apply by November 17, 2025
- Geographic restriction: MA, NH, ME, or RI residents only
The best part? This is one of the higher combined bonuses I’ve seen from a regional bank.
Trending Checking Account Deal:
The Requirements: Substantial but Clear
For the $350 checking bonus:
- Two or more direct deposits totaling $4,000 within 90 days
- Must be payroll, pension, or government benefits
- Minimum opening deposit: $25-$500 depending on account type
For the $250 savings bonus:
- Deposit $15,000 within first 30 days
- Maintain $15,000 average daily balance for 90 days (starting day 31)
- Minimum opening deposit: $10
For the extra $150:
- Open both accounts within 3 business days of each other
- Meet all requirements for both accounts
My take: These are serious requirements that favor customers with substantial income and savings.
TRENDING DEAL:
Disclaimers:
The Annual Percentage Yield (APY) is accurate as of 10/3/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:Option 1Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.The average daily balance of your Axos ONE® Checking account is at least $1,500.Option 2Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.The average daily balance of your Axos ONE® Checking account is at least $5,000.If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.The Axos ONE® Savings account will earn a promotional rate of up to 4.51% APY for the statement cycle in which the requirements are met.The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account. Show Less
The Timeline: When You Actually Get Paid
Checking bonus: Paid on or before January 15, 2026
Savings bonus: Paid on or before February 16, 2026
Extra $150: Paid on or before February 16, 2026
Important note: You’re looking at 4-6 months before seeing your bonuses, which is longer than most bank promotions.
Who Can Actually Qualify?
Geographic requirements:
- Must reside in Massachusetts, New Hampshire, Maine, or Rhode Island
- Must be 18 or older with valid tax ID
Financial requirements:
- $4,000+ in monthly direct deposits (checking)
- $15,000 available for savings account
- Ability to maintain balances for 90+ days
Account history:
- Can’t have had Eastern Bank accounts since August 1, 2024
- One bonus per household
My honest assessment: This targets higher-income customers who can comfortably meet both requirements.
READ MORE: See our list of the best checking and savings account bonuses here.
The Fine Print That Could Trip You Up
What counts as direct deposit:
- Payroll from employer
- Pension payments
- Government benefits (Social Security, etc.)
What doesn’t count:
- Person-to-person payments (Zelle, Venmo)
- Self-initiated transfers between banks
- PayPal, eBay, or other third-party payments
Savings balance calculation:
- Must maintain $15,000 average daily balance
- 90-day period starts on day 31 after opening
- If balance drops significantly, you could lose the bonus
RAKUTEN $50 SIGN UP BONUS – Click here to get it!
How to Maximize This Deal
Here’s exactly what I’d do:
- Verify your residency eligibility – must be in MA, NH, ME, or RI
- Calculate your direct deposit capacity – need $4,000+ monthly
- Ensure you have $15,000 available for the full 120+ days
- Open both accounts within 3 business days to get the extra $150
- Set up direct deposits immediately – don’t wait
- Monitor your savings balance closely – average daily balance matters
Pro tip: The savings bonus period doesn’t start until day 31, giving you time to accumulate the full $15,000.
Is $750 Actually Worth These Requirements?
Let’s do the math:
- $4,000 monthly direct deposits = $48,000+ annual income requirement
- $15,000 tied up for 4+ months
- Opportunity cost of that $15,000 in a 0.01% APY account
My take: If you have the income and savings anyway, $750 is solid money. But don’t stretch your finances just for the bonus.
Should You Take This Deal?
This makes sense if:
- You live in MA, NH, ME, or RI
- You have $4,000+ monthly direct deposits
- You have $15,000+ in savings to move
- You’re looking for a new primary banking relationship
- You can wait 4-6 months for the bonuses
Skip this if:
- You’re outside their geographic area
- You can’t comfortably meet the financial requirements
- You need your bonuses quickly
- You’re happy with your current banking setup
The Bottom Line
Eastern Bank’s $750 bonus combination is one of the more substantial offers available in New England, but it’s clearly designed for higher-income customers with significant savings.
If you meet the requirements: This could be worth pursuing, especially if you’re already considering a banking change.
If you’re stretching to qualify: The requirements are too steep to justify the risk.
Ready to pursue this bonus? Make sure you can comfortably meet both the direct deposit and savings requirements before applying.
Remember: The September 15, 2025 deadline is firm, and you won’t see your money until early 2026.
Have you tried bank bonuses with high deposit requirements before? What’s been your experience with maintaining large balances for bonus qualification?
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