Eastern Bank's $750 Combo Bonus: A Solid Offer for New Englanders

Hey there! If you're in New England and looking to switch banks or just want to pocket some extra cash, Eastern Bank has a promotion that's worth a close look. They're offering a combined bonus of up to $750 for opening both a checking and a savings account. It's not the simplest bonus to earn, but the payout is substantial if you can meet the requirements. Let's break down what you need to know, including the fine print that could make or break your bonus.

Is This Bonus Right For You?

This offer really shines for two types of people. First, if you have a steady paycheck or government benefits that you can route to a new checking account, the $350 bonus is very achievable. The $4,000 direct deposit requirement over 90 days is reasonable for many full-time workers.

Second, if you have a chunk of cash sitting in a savings account elsewhere earning next to nothing, moving $15,000 for about four months to grab a $250 bonus (that's a 1.67% return on that balance for the period, not counting any interest) could make sense, especially if you pair it with the checking account for the full $750. Just be aware their savings rate is very low, so this is purely a bonus play, not a long-term high-yield home for your cash.

Navigating the Tricky Parts

The devil is always in the details with bank bonuses, and this one has a few you need to watch.

• **Strict Direct Deposit Definition:** Eastern Bank is specific. Qualifying deposits are electronic payroll, pension, or government benefits. Transfers you initiate from another bank, PayPal deposits, Venmo, or person-to-person payments do NOT count. Make sure your employer's deposit will qualify.
• **The Savings Balance Timeline is a Marathon:** You must deposit the full $15,000 within the first 30 days. Then, you must maintain an *average daily balance* of $15,000 for the next 90 days. This means you can't deposit it, pull it out a week later, and put it back. The average must stay at or above $15,000 for that entire 90-day holding period. A single dip below could disqualify you.
• **New Customer Rules:** You're only eligible if you haven't had a personal checking account with them since October 15, 2024, or a savings/money market account since that same date. Existing customers need not apply.
• **The Combo Bonus Timing:** To get the extra $150, you must open the checking and savings accounts within three *business* days of each other. Mark your calendar when you open the first one.

Practical Steps to Claim Your Bonus

If you've decided to go for it, here's a game plan to keep things smooth and ensure you get paid.

• **Read the Official Terms First:** Always, always review the full offer terms on the bank's website before you apply. Promotions can change, and you want the most current rules.
• **Gather Your Documents:** Have your ID, Social Security Number, and funding details ready. For the savings account, know exactly where the $15,000 is coming from.
• **Set Up Direct Deposit Immediately:** As soon as your checking account is open and you have the routing and account numbers, log into your payroll or benefits portal and switch the deposit. The 90-day clock starts ticking at account opening.
• **Track Your Balances:** For the savings account, set a reminder to check the balance weekly during the 90-day maintenance period. Avoid any withdrawals that would bring the average down.
• **Be Patient for the Payout:** The bonuses pay out months after you complete the requirements (see the dates in the facts above). Don't expect the money the day after your 90th day. Keep the accounts open until the cash lands.

Bottom Line

• A $750 bonus is significant, but the savings requirement ties up a large sum for four months.
• The direct deposit definition is narrow—confirm your income deposits qualify before applying.
• Perfect for New England residents who are new to Eastern Bank and can meet the specific cash flow or balance requirements.
• Plan the timing of opening both accounts to capture the extra $150 combo bonus.

Common Questions