Offer at a glance
- Maximum bonus amount: $2,500
- Availability: MA only
- Direct deposit required: Yes, $2,500+ for three consecutive months
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: No
- Household limit: None
- Expiration date: December 31, 2023
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
- $500 credit for $25,000+
- $1,000 credit for $100,000+
- $2,000 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 New Money Bonus is available to new clients, limited to one per household or tax identification number, and may be withdrawn at anytime.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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William Charles
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