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Offer at a glance
- Maximum bonus amount:Â $2,500
- Availability:Â MA only
- Direct deposit required:Â Yes, $2,500+ for three consecutive months
- Additional requirements:Â See below
- Hard/soft pull:Â UnknownÂ
- ChexSystems:Â Unknown
- Credit card funding:Â UnknownÂ
- Monthly fees:Â None
- Early account termination fee:Â No
- Household limit:Â None
- Expiration date:Â December 31, 2023
Contents
The Offer
- Cambridge Trust is offering a bonus of up to $2,500. Bonus is broken down as follows:
- $500 credit for direct deposit of $2,500+ for three consecutive months
- Maintain a combined average for the first six months following account opening
- $500Â credit for $25,000+
- $1,000Â credit for $100,000+
- $2,000Â credit for $500,000+
The Fine Print
- New Money Bonus $500, $1,000, or $2,000: Bonus credit is based on the combined average daily balance of new money for the first six (6) months following account opening date of Premium Plus Relationship Account. New money is classified as deposits that have not been held previously at Cambridge Trust. The combined average daily balance is determined by adding the amount of new money in related personal deposit accounts, excluding certificates of deposits, for each day in the 6-month period and dividing that figure by the number of days in the same period. Withdrawals and third-party transfers during first six (6) months will reduce combined average daily balance used to determine bonus credit. Combined average daily balance of new money during the first six (6) months of $25,000 to $99,999.99 will earn bonus credit of $500, combined average daily balance of $100,000 to $499,999.99 will earn bonus credit of $1,000, and combined average daily balance of $500,000 or more will earn bonus credit of $2,000. New Money Bonus is available to new clients, limited to one per household or tax identification number, and may be withdrawn at anytime. New Money Bonus will be credited to Premium Plus Relationship Account within sixty (60) days following the first six (6) months if qualifications are met.
- Direct Deposit Bonus $500: Open a new Premium Plus Relationship Account and establish direct deposit within the first six (6) months of account opening to earn a $500 bonus. The direct deposit(s) must total to at least $2,500 per statement cycle and may be from sources such as payroll, federal benefits, retirement benefits, and/or investment distributions. The Direct Deposit Bonus will be credited to Premium Plus Relationship Account within forty-five (45) days of the third (3rd) direct deposit. This offer is available only to clients with no existing personal checking account with Cambridge Trust and may be withdrawn at any time.
- New Money Bonus and Direct Deposit Bonus offers expire December 31, 2023 and are subject to IRS 1099-INT reporting. Client will be responsible for any federal, state, or local taxes due on the bonus(es).
- 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
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
This account earns 0.01% APY, you’d earn more if you put the funds into a high yield savings account. The direct deposit portion of the bonus might be worth considering.
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- Introduction To ChexSystems
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To close the account send a Secure Message.
Don’t call – they can’t do it over the phone.
You should get an email confirming that your account has been closed.
This was the only part of having an account with them that went smoothly 🙂
I received the $500 bonus for $25k balance.
which account did it post to?
Premium Plus
Thanks for the DP. In which month did you open the account?
September. It posted almost exactly 30 days after I finished the 6 months.
Thanks. Just finished the six months now, so I will have to wait a little bit…
Has anyone gotten the Direct Deposit bonus yet? I finished mine in December and nothing so far. Terms say 45 days…
Well I had to call them 3 times but I finally got the bonus. Not impressed with this bank.
Yeah, I finished the requirements for the checking bonus end of Feb. They have 45 days, which is mid April. No bonus so far. At least I opened in branch and received a printout with the bonus conditions.
Sent SM on day 45, next day $500 DD bonus posted. Waiting now until the $500 new money bonus will post.
Any online approval for those with high chex inquiries? Likelihood of this offer being extended into next year?
I’m traveling this month so might not make it to a branch and my chex is ridiculously high right now.
I would do it this year in branch. Q1 next year, they officially merge with and into Eastern Bank. This could 1) affect the promotions 2) Chex sensitivity for which Eastern Bank is known to be terrible.
Can you just do the 500 bonus with direct deposit for a checking account? I don’t see anything about that on the landing page. Thanks
Approved in branch. My chex numbers (Inquiries/months):
2/1, 5/3, 11/6, 20/12.
Approved in branch with Chex 24/12. They did pull Chex.
Thanks for your DP. Do you know how many you have in last 1 and 3 months?
When I applied in branch I had: 2/1, 5/3, 7 since 08/01/23.
Yes, I did checking and money market. I believe there is still a checking only with direct deposit option, but I’m not 100% sure.
Thanks, I was able to open my account in branch as well. I am planning to withdraw the Direct Deposit Money every time it is going to hit my account and only keep the $25K in money market account. I hope that does not mess up the “New Money Bonus $500” bonus.
One clause that caught my attention in T&C – “Withdrawals and third-party transfers during first six (6) months will reduce combined average daily balance used to determine bonus credit.”
But I guess it would not impact the Money Market bonus because I would not be touching the $25K in money market and would only be withdrawing the Direct Deposit money. Correct me if I am wrong.
Nice! No problem to withdraw. We just need $25k in daily average of combined balances for 6 months. I deposited the $25k by check into the MMA on the day I opened the accounts. Now, I need to verify when this deposit exactly counts for the daily balance, if it’s not on the same day the check was deposited, I would need to add more funds. We will have to check!
Edit: I checked again on the online banking and the date of the deposit is the date when the account was opened. So it should be fine. Also, the interest % number of the MMA updated to the correct number.
Thanks.
I see this clause in T&C –
“Bonus credit is based on the combined average daily balance of new money for the first six (6) months following account opening date of Premium Plus Relationship Account. ”
The way I interpret this is let’s say if we opened the account in Nov any date, then we have to deposit the $25K by Dec 1 as the first 6 months would start from Dec if they consider month as calendar month not the 30 day period from the account open date. What do you think, I find it confusing?
After reading it again I’m not sure when the first day of the 6 months is. Is it the day when the account was opened or the first of the full calendar month after the month the account was opened? I would interpret it as the former but it could equally be that they mean the later e.g. how you understand it. If I hadn’t funded completely on the account opening day, I would probably confirm with them.
May have some Chex sensitivity; I was declined after entering my license information. I apply for a bank account once per month.
Before applying, my Chex inquiries were 0/1 month, 1/3 months, 5/6 months, 10/12 months
Non-citizens can’t open online. Need to go in-branch
Didn’t go. I’m had lots of recent chex hits so will likely do this next year after giving it some rest!
I’m attempting to sign up online for both Premium Plus Relationship Account and Personal Alliance Plus Money Market to get the deposit and $25k balance bonuses. I keep getting an “unable to fulfill your request operation” error. Have tried over multiple days. Called customer service and they told me to try different browsers. This has failed on Chrome, Edge, and Firefox. I think it’s an error on their end. Anyone else having difficulty signing up for both accounts online?
I got the same error when applying for both. I applied for just the Premium Plus Relationship Account, but was declined after entering my license information. It may have been Chex; I apply for bank accounts once per month.