(MA) Cambridge Savings Bank $800 Checking Bonus + $400 Savings

Update 5/30/21: You can now get $800 checks and $400 in savings. Valid until September 30, 2026. Hat tip to the reader snail

There is also one up to $1000 savings bonusbut the best tier ($100 bonus) still only works out to be ~5% APY so not really worth it.

Update 9/1/25: Extended to 9/30/25

Update 7/2/25: Extends through 8/31/2025

Update 3/22/25: The offer is back, this time only $300. Valid until 30.06.2025. The offer appears to be MA only.

Offer at a glance

• Maximum bonus amount: 400 dollars
• 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: Gentle pull
• ChexSystems:yesit seems to be ChexSystems is also sensitive
• Credit card financing:Can finance up to $1,000 with a Visa, Mastercard or Discover card (this is now a total limit, not per account)
• Monthly fees: $10, avoidable
• Early account closure fee: ANY
• Family boundary: A
• Expiration date: March 31, 2020

Offers

Direct link to the offer

• Cambridge Savings Bank offers a $500 bonus when you meet the following requirements:
  • Open a new personal checking account (except Simple Checking for Students)
  • Register for eDeclaration within 30 days
  • Receive cumulative monthly direct deposits totaling $2,500 or more within each of the first 3 full calendar months after the date the new account is opened and funded
  • Maintain a minimum average monthly balance of $5,000 for the first 3 full calendar months after the date the new account is opened and funded
• You can get another $300 by meeting the following requirements:
  • Complete at least 10 qualifying debit card purchases using the CSB Debit Mastercard® within each of the first 12 calendar months after the date the new account is opened and funded. Each transaction must be $10+. You get $25 per month for 12 months
• You can get a $400 bonus when you fund a money market account and meet the following requirements:
  • Maintain a minimum average monthly balance of $25,000 for the first 3 full calendar months after the date the new account is opened and funded.
  • The deposit(s) used to qualify for the bonus must be new money not currently on deposit with CSB.

Fine Press

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

Avoidance of fees

Monthly fees

Performance Check is the easiest account to maintain with no fees. This has a $10 monthly fee that is waived if you have an average checking balance of $1,000 or more

Early account termination fee

I couldn’t find any mention of any early account termination fees on fee schedule.

Our verdict

Same requirements as previous $300 bonus. That’s basically just an extra $100. It’s definitely worth doing if you live in an eligible area, although it’s frustrating that you have to meet the requirements for three months in a row. I will add this to our list of the best check bonuses here.

Hat tip to readers Pete B & Look

Useful posts about bank bonuses: