[MA] Cambridge Savings Bank $300 Checking Bonus

Update 3/22/25: Deal is back, this time only $300. Valid until 6/30/2025. Offer seems to be MA only.

Offer at a glance

Maximum bonus amount: $400
Availability: Must reside in MA, CT, ME, NH, RI, VT
Direct deposit required: Yes, $1,000+ for three consecutive months
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems:Yes, looks to be ChexSystems sensitive as well
Credit card funding:Can fund up to $1,000 with a Visa, Mastercard or Discover card (this is now a total limit, rather than per account)
Monthly fees: $10, avoidable
Early account termination fee: None
Household limit: One
Expiration date: March 31st, 2020

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

Cambridge Savings Bank is offering a bonus of $400 when you open a new performance or performance plus checking account and complete the following requirements within each of the first full three calendar months:
- Receive monthly direct deposits totaling $1,000 or more
- Complete five posted debit transactions (checks paid, debit card transactions and ACH debits)

The Fine Print

Earn a $400 bonus when you open a new Performance or Performance Plus Checking Account with a $10 minimum opening deposit between 1/13/20 and 3/31/20 and complete the following requirements within each of the first full three calendar months following the date the new account is funded:
- (1) Receive cumulative direct deposits totaling $1,000 or more. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits from your employer or the government. Person- to-person and bank transfers between your Cambridge Savings Bank accounts or accounts you have at other financial institutions do not qualify.
- (2) Complete 5 posted and cleared debit transactions, including checks paid, debit card transactions, wire transfers, or ACH debits.
For example, a qualifying account type opened and funded during the month of January must complete the requirements in the months of February, March and April in order to qualify for the bonus.
New account funding must be completed by 3/31/20.
You must not currently have a Cambridge Savings Bank personal checking account or have had one in the last 12 months.
A $400 credit will be made to your checking account within 30 days of completing requirements as long as qualification conditions are met and the account remains open in good standing.
The value of the bonus will be reported to the IRS as interest.
Limit one bonus per household.
Offer cannot be combined with any other offers and may be withdrawn at any time.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Performance checking is the easiest account to keep fee free. This has a $10 monthly fee that is waived if you have an average checking balance of $1,000 or greater

Early Account Termination Fee

I wasn’t able to find any mention of any early account termination fee in the fee schedule.

Our Verdict

Same requirements as the previous $300 bonus. This is basically just an extra $100. Definitely worth doing if you live in an eligible area, although it is frustrating that you need to complete the requirements for three consecutive months. I’ll be adding this to our list of the best checking bonuses here.

Hat tip to readers Pete B & Peek

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57 Comments

newest

oldest most voted

Mark (@guest_2032259)

March 26, 2025 23:05

#2032259

Instantly approved online. 12 miles from nearest branch. Probably about 7 Chex inquiries in the last 6 months, maybe 30 in last year. No credit card funding though, only bank or debit.

RM (@guest_2029160)

March 22, 2025 20:58

#2029160

Wow, Cambridge Savings Bank. I got my very first bank account there as a kid starting college. Brings back memories ….

Mad Tarantula (@guest_2029153)

March 22, 2025 20:43

#2029153

Pretty sure that the 5 transaction req is gone. It also now applies to the Simple Checking that has no maintenance fee. Here’s the new terms:

“Receive a $300 credit to your account when you open a new Personal Checking Account with a $10 minimum opening deposit between 3/1/2025 and 6/30/2025 and complete the following two requirements: (1) Receive cumulative monthly direct deposits totaling $1,000 or more within each of the first three full calendar months following the date the new account is open and funded. For example, a qualifying account type opened and funded during the month of March must complete the requirements in the months of April, May, and June to qualify for the credit. Qualifying direct deposits are electronic deposits of your paycheck, pension, or government benefits from your employer or the government. Person-to-person and bank transfers between your Cambridge Savings Bank accounts or accounts you have at other financial institutions do not qualify. (2) You must not currently have a Cambridge Savings Bank Personal Checking Account or have had one in the last 12 months. The new account funding must be completed by 6/30/2025. A credit will be made to your checking account within 30 days of completing requirements as long as qualification conditions are met, and the account remains open in good standing. The Performance Plus Checking Account has a 0.10% Annual Percentage Yield (APY). APY is accurate as of 3/1/2025. Rate is variable and may change after account opening and fees may reduce earnings. Minimum balance to obtain the APY is $10. No minimum balance is required to receive the credit. The value of the credit will be reported to the IRS as interest. Limit one account credit per household. Offer cannot be combined with any other offers. Offer is subject to change and can be withdrawn at any time. All other rules and regulations for checking accounts apply. Please refer to CSB Understanding Your Deposit Account for Personal Accounts Handbook, Personal Account Fee Schedule, and Personal Account Rate Sheet for account details.”