Update 10/24/23: Added the personal and business checking bonus.
Offer at a glance
Maximum bonus amount: $475
Availability: MA
Direct deposit required: Yes
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: None
Monthly fees: None
Early account termination fee: Unknown
Household limit: None
Expiration date: 12/31/2023
The Offer
Direct link to offer (personal) | (business)
East Cambridge Savings Bank is offering a $475 personal checking bonus. Bonus is broken down as follows:
$300 when you
open a new East Cambridge Checking account at any of our 11 banking center locations or online
have direct deposits totaling $1,000 or more in each of the following 3 statement cycles
maintain a monthly average balance of $1,000 or more in each of the following 3 statement cycles
sign up for eStatements.
$450 when you
open a new East Cambridge Checking account at any of our 11 banking center locations or online
have direct deposits totaling $5,000 or more in each of the following 3 statement cycles
maintain a monthly average balance of $2,500 or more in each of the following 3 statement cycles
sign up for eStatements
You can also earn up to $25. $1 per debit transaction of $25+
East Cambridge Savings Bank is offering a $475 business checking bonus
open a new East Cambridge Business Checking account at any of our 11 banking center locations;
have at least 5 deposits with a minimum transaction amount of $500.00 or more in each of the following 3 statement cycles (deposits can be external, mobile, or in person)
maintain an a monthly average balance of $2,000.00 or more in each of the following 3 statement cycles
signup for eStatements. The Bonus will be deposited to your account during the 4th statement cycle.
The Fine Print
Offer valid from 07/05/2023 through 12/31/2023.
You will not qualify for the Bonus if you are an existing East Cambridge Savings Bank Tax Reported Owner on any existing checking account or had a checking account in the past 60 days.
To earn the $300 New Consumer Checking Bonus, you must: 1) open a new East Cambridge Checking account at any of our 11 banking center locations or online; 2) have direct deposits totaling $1,000 or more in each of the following 3 statement cycles; 3) maintain a monthly average balance of $1,000 or more in each of the following 3 statement cycles; and 4) sign up for eStatements. The Bonus will be deposited to your account during the 4th statement cycle. To earn the $450 New Consumer Checking Bonus, you must: 1) open a new East Cambridge Checking account at any of our 11 banking center locations or online; 2) have direct deposits totaling $5,000 or more in each of the following 3 statement cycles; 3) maintain a monthly average balance of $2,500 or more in each of the following 3 statement cycles; and 4) sign up for eStatements. The Bonus will be deposited to your account during the 4th statement cycle. Additionally, you may earn $1.00 for each Point-of-Sale withdrawal with a transaction amount of $25.00 or more during each of the following 3 statement cycles with a maximum payout of $25.00. This additional Bonus will be deposited to your account during the 4th statement cycle. All Bonus Payouts are considered tax reportable and will be included on your 2023 1099 Tax Form.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Only ever seen a business checking bonus before. Kind of annoying that the requirements need to be met for three months but should still be worth doing for some.
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