[MA, NH, ME, RI] Eastern Bank $350 Checking Bonus

Update 5/24/24: Deal is back and valid until 06/24/2024.  Hat tip to reader Mark 

Update 9/25/19: Deal is back and valid until October 28th, 2019.

Offer at a glance

• Maximum bonus amount: $350
• Availability: Must reside in MA, NH, ME or RI
• Direct deposit required: Direct deposit of $250 – $1,000+ required
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Yes, sensitive
• Credit card funding: No longer available
• Monthly fees: None
• Early account termination fee: None, bonus will post by January 28, 2020
• Household limit: One
• Expiration date: July 8th, 2019 October 28th, 2019

The Offer

Direct link to offer

• Eastern Bank is offering a bonus of $350 when you open a new checking account. The bonus you receive will depend on the direct deposit received:
  • For direct deposits of $1,000-3,999.99 the incentive will be: $200
  • For direct deposits of $4,000 or more, the incentive will be: $350

The Fine Print

• A minimum of $25 is required to open Eastern Free Checking, $50 to open Eastern eZ Checking, or $500 to open Eastern Premier Checking.
• To qualify for the incentive, you must open an Eastern personal checking account between 06/01/2019 and 07/08/2019 and have a recurring payroll, pension, or government direct deposit in the amount noted below post to your new checking account no later than October 8, 2019.
• Electronic credits other than payroll, pension or government benefits, such as person-to-person payments, transfers between your accounts at Eastern Bank and other institutions or brokerages, and payments through third parties such as Paypal or eBay do not qualify as a “direct deposit”. Incentive amount will vary. See the table below for details.
• The amount of the incentive paid will be based on the largest direct deposit posted to your account by October 8, 2019.
  • For direct deposits of $250-$999.99, the incentive will be: $200
  • For direct deposits of $1,000 or more, the incentive will be: $350
• This offer is valid for new consumer checking account customers, only. New customers are primary signers who have not had a consumer checking account since 06/01/2018.
• The account must also meet the following requirements on 10/08/2019 to receive an incentive: (a) Customer must reside in MA, NH, ME or RI. (b) Customer must be age 18 or older. (c) Account must be open and have a positive balance.
• Incentives for qualified accounts will be deposited into customer’s account no later than 10/16/2019.
• No incentive will be paid if the account is closed on the date we attempt the deposit.
• The Bank may, at its discretion, pay the incentive earlier than 10/16/19 if all the qualifying requirements have been met.
• Only one incentive per customer and one incentive per household as defined by a common address.
• Customer will receive a 1099 form for this incentive.

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about.

Early Account Termination Fee

There is no early account termination fee, but keep in mind the bonus won’t post until 10/16/2019.

Our Verdict

Previous best bonus was $200, so this is significantly better than that. Only downside is that previously you could fund up to $2,000 with a credit card and that’s no longer available but obviously that won’t be coming back so I’d jump on this offer. I’ll be adding this to our list of the best checking bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times