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Get the latest Salem Five Bank 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, TD Bank, Bank of America, BBVA and many more.
Salem Five Promotions Review Below
Salem Five $300 Checking Bonus
- What you’ll get: $300 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 2021MAR300
- When it expires: 4/30/2021
There are several offers I’d recommend comparing this one to. A few great entry level Checking accounts with bonus offers include the Bank of America Advantage Plus Banking® ($100 bonus), TD Bank Convenience CheckingSM ($150 bonus), BBVA Free Checking & Savings (up to $250 bonus) and HSBC Premier Checking (up to $600 bonus).
How To Earn The $300 Bonus
- 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 2021MAR300
The Open Account 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 with The Open Account.
- To qualify for the $300 offer, the Open Account must be opened between 3/1/2021 and 4/30/2021 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.
- 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 2021MAR300 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 $250 with more requirements. Compare this offer with the best bank bonuses here.
The best bank promotions are updated here. Start with these pages for good offers:
[Expired] 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 a new “The Open Account” and get $200 for qualified direct deposits of $1,500 or more.
- Get another $50 for completing 50 debit card transactions.
- Use promo code: OPEN
- When it expires: 12/31/19
I’d recommend comparing this offer with other popular ones like these:
- Bank of America $100 bonus
- TD Bank $150 & $300 bonuses
- HSBC Bank $200 – $600 bonuses
- BBVA up to $250 bonus
How To Earn The $250 Bonus
- Open a “The Open Account”.
- Receive qualified direct deposits of $1,500 or more within 60 days of account opening to receive the initial $200 bonus.
- Get another $50 bonus for completing 50 debit card transactions within 90 days. Bonus will be deposited within 30 days of completing this requirement.
The Open Account 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 with The Open Account.
Bottom Line
It’s nice the offer is nationwide but having to make the 50 debit card transactions for that extra $50 bonus is a bit much. Note, reports are that opening an account requires a Hard credit inquiry, which will cause a ding to your credit. Compare this offer with the best bank bonuses here.
| OFFER LINK | OFFER | OUR REVIEW |
| Bank of America Checking | $100 Offer | Review |
| Chase Business Complete Banking℠ | $300 Cash | Review |
| BBVA Free Checking & Savings | Up To $250 | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience Checking℠ | $150 Cash | Review |
| HSBC Premier Checking | $450 Cash | Review |
| HSBC Premier Checking | Up To $600 | Review |
| Aspiration Checking | $100 Cash | Review |
| Ally Invest | Up To $3,000 | Review |
| Betterment | Up To 1 Year Free | Review |
| Coinbase | $10 In BTC | Review |
| BlockFi | Up To $250 BTC | Review |
On the Salem Five promo, you can’t open the eOne accounts from Salemfive.com. You must go to Salemfivedirect.com and the promo code is SUM.
I just spoke with an agent and the $100 checking offer was discontinued last week.
Thanks for the update Cynthia.