Salem Five Promotions: $250 Checking Account Bonus [MA, NH]

Get the latest Salem Five Bank (salemfive.com) promotions, bonuses, and offers for their Checking, Savings, CD accounts here. Salem Bank consistently has one of the best rates for their Savings accounts, with their CD accounts also being very competitive.

Salem Five has their traditional brick-and-mortar banking network referred to as Salem Five Bank, and they also have their online-only division called Salem Five Direct.

Salem Five Bank was established in 1855 and is headquartered in Salem, Massachusetts. They have grown to around 30 locations in the state.

Salem Five Direct, the online division, was created to provide the most competitive interest rates in the market. Their online products include Checking, Savings and CD accounts that you won’t find through the traditional brick-and-mortar Salem Five Savings Bank network. Rates are competitive and I compare them with the best national offers here: Savings rates | CD rates.

Both their traditional and online divisions tend to have sign-up bonuses, so I’ll review those below.

For more current offers, see our bank bonuses page. Popular offers can be had from banks like Chase Bank, HSBC Bank, Aspiration, Bank of America, and many more.

Salem Five Promotions Review Below

Salem Five $250 Checking Bonus

• What you’ll get: $250 bonus
• Where it’s available: Bonuses only available to current residents of MA and NH
• How to earn it:
  • Open up a new checking account and have $2,000 or more in direct deposits posted to your new account within 90 days to qualify.
  • Use promo code 2022MAR250
• When it expires: 5/23/22

Waive The Monthly Fees

No monthly fees with The Open Account.

Fine Print

• To qualify for the $250 offer, the Open Account must be opened during the promotional period 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 $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 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. 

Bottom Line

The offer was previously $300. Despite the lower bonus amount, it is worth considering. See this bank bonus page for more, with offers from Chase Bank, HSBC, TD Bank, Aspiration and more.

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