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Offer at a glance
- Maximum bonus amount: $475
- Availability: MA
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: 12/31/2023
Contents
The Offer
- East Cambridge Savings Bank is offering a checking bonus. Bonus is broken down as follows:
- $300 when you open a new business checking account at any of their 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)
- 3) maintain an a monthly average balance of $2,000.00 or more in each of the following 3 statement cycles; and
- signup for eStatements
- $450 when you open a new business checking account at any of their 11 banking center locations
- have at least 5 deposits with a minimum transaction amount of $1,000.00 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 $3,500.00 or more in each of the following 3 statement cycles; and
- signup for eStatements
- $300 when you open a new business checking account at any of their 11 banking center locations
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 business checking account or had a business checking account in the past 60 days. To earn the $300 New Business Checking Bonus Reward, you must: 1) open an East Cambridge Business Checking account at any of our 11 banking center locations; 2) 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) ; 3) maintain an a monthly average balance of $2,000.00 or more in each of the following 3 statement cycles; and 4) signup for eStatements. The Bonus will be deposited to your account during the 4th statement cycle. To earn the $450 New Business Checking Bonus Reward, you must: 1) open a new East Cambridge Business Checking account at any of our 11 banking centers; 2) have at least 5 deposits with a minimum transaction amount of $1,000.00 or more in each of the following 3 statement cycles (deposits can be external, mobile, or in person); 3) maintain an a monthly average balance of $3,500.00 or more in each of the following 3 statement cycles; and 4) signup 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 $150.00 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. Product offerings may be withdrawn at any time. For other terms and conditions, please refer to account disclosures available at account opening and upon request. $10.00 minimum deposit required to open an account unless otherwise noted. For business deposits of Massachusetts residents and Massachusetts approved businesses only.
- 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
Early Account Termination Fee
Unknown if there is any EATF.
Our Verdict
Previously this was only $100. Main issue is having to go in branch to open the account.
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View Comments (15)
Seems like this offer now 404s... Wondering if they terminated the promotion early.
I'm curious if anyone has figured out which fake DDs work. I xfered from Schwab but I'm unsure if it will count for one of the monthly DDs.
Thanks to the user below for posting the personal link, I applied online last week and was approved in a couple of days. Strangely enough, they allowed online enrollment but I still don't have online access but received email notification that everything is set up. Will be trying a combo of real DD and Novo as I don't have 5k in monthly deposits naturally.
They pulled Chex, no cc funding, soft credit pull. I am in footprint. Chex inquiries 3/1, 3/2, 4/3, 11/6, 32/12, 36/24.
Weird I was shown the "diff view of DOC comment system" and I did not even get the option to tag the reader and no option to even edit the post. so tagging @guest_1706346 for my previous comment here.
Comment system is broken for now, just ignore it it'll be fixed asap
@ntn Seems like they are not chex sensitive for personal checking accounts? How far was your latest inquiry when you applied for this account?
10 days.
The weird thing is that they sent me a letter a few days later confirming that I had changed my address. I think one of my old landlords had opened a savings account to hold my security deposit so I might have been considered a current/previous customer so that might have changed things.
Anyway, their systems are very archaic. I can't even figure out how to enroll in online statements and it's one of the requirements. @guest_1716772
Yes, I was approved for personal checking last August and after enrolling into the online banking it takes a couple of days until they activate your online login. Maybe 2 or 3 days or so. Doing real DDs, so not sure what possibly counts as fake DDs.
As @guest_1697917 said, this offer is now available online and has a PERSONAL checking offer, not just business.
Maybe it deserves a separate post for personal/online since this page is for business/in branch?
https://www.ecsb.com/personal/checking/personal-checking-bonus
@will
Curious if you would still need to be within the area/county or if it would mean the whole state is now eligible or out of state as well, hmm
This is now updated and clearly states in branch or online. Here's a link to the new offer:https://www.ecsb.com/personal/checking/personal-checking-bonus
There's also a personal checking offer. Only available in branch at Woburn branch though.
https://www.ecsb.com/personal/checking/woburn-checking-bonus
Thanks Will for covering this. It would be much clearer if "Business Checking Bonus" are in the title, to emphasize that this is a business bonus
@will
Added
@will Bonus available on Checking account too
https://www.ecsb.com/personal/checking/personal-checking-bonus