Pentucket Bank's $500 Business Checking Bonus: What You Need to Know

If you run a business in Massachusetts or New Hampshire, Pentucket Bank has a pretty solid offer on the table right now. They're dangling a $500 cash bonus for new Business Select Checking accounts. It's not the simplest bonus to snag—there are a few hoops—but the payout is worthwhile if your business can meet the requirements. Let's break down exactly what you need to do.

Who's This For?

This bonus is aimed at established businesses that already have some cash flow and are looking for a checking account with more features. If you're a freelancer or a very small operation, the $10,000 average balance requirement might be a stretch. But if your business regularly keeps that kind of money in checking, this could be a nice little payday.

Pentucket Bank is a community bank with roots in Haverhill, MA, and they've been around since 1891. They have six locations and a reputation for personal service. If you like the idea of a local bank that knows your name, that's a plus.

• Businesses in MA and NH with at least $10k in average monthly balances
• Those who can use a Treasury Management service like Remote Deposit Capture or ACH Origination
• Business owners who prefer a community bank over a mega-bank

How to Earn the $500 Bonus

The process is straightforward, but you need to follow each step carefully. First, open a new Business Select Checking account online or in a branch. You'll need to fund it with at least $10 of new money—meaning money that wasn't already at Pentucket Bank.

Then, for the first three consecutive statement cycles, maintain an average daily balance of at least $10,000. That's the big one. You also need to use at least one qualifying Treasury Management service. The bank lists Positive Pay, ACH Origination, and Remote Deposit Capture as options. If you already use any of these, you're golden. If not, you'll need to sign up.

Once you've met both conditions and kept the account open, the $500 bonus will be deposited at the end of the fourth statement cycle. So plan on keeping the account open for at least four months.

• Open a new Business Select Checking account after June 1, 2025
• Fund with at least $10 of new money
• Maintain $10,000 average daily balance for first 3 statement cycles
• Use at least one Treasury Management service
• Keep account open; bonus credited at end of 4th statement cycle

Watch Out for the Monthly Fee

The Business Select Checking account normally has a $40 monthly fee, but that's waived if you maintain a $40,000 average daily balance. The good news is you can combine balances across multiple Pentucket Bank business accounts under the same EIN to meet that threshold. So if you have other business accounts there, you might already be covered.

If you don't meet the $40k balance, you'll be charged $40 each month. That's $480 a year, which would eat into your bonus pretty quickly. So make sure you either keep a high balance or plan to close the account after you get the bonus.

• $40 monthly fee unless $40k average daily balance is maintained
• Balances can be aggregated across business accounts under same EIN
• First 500 items (deposits, checks, ACH credits) per month are free; $0.50 per item after that

A Few Fine Print Details

The bonus is limited to one per Employer Identification Number, so you can't open multiple accounts and collect multiple bonuses. Also, the bonus is considered taxable income—you'll get a 1099-INT at tax time. And the bank can pull this offer at any time, so don't wait too long to act.

You can fund the account with a credit card up to $2,500, which is a nice option if you need to meet the minimum deposit without tying up cash. Just watch out for any cash advance fees or interest charges from your card issuer.

• One bonus per EIN
• Bonus is taxable income
• Offer may be withdrawn without notice
• Credit card funding up to $2,500

Bottom Line

• Pentucket Bank is offering a $500 bonus for new Business Select Checking accounts in MA and NH.
• You need to maintain a $10,000 average daily balance for the first 3 statement cycles and use a Treasury Management service.
• The $40 monthly fee can be avoided with a $40k average daily balance, but plan accordingly.
• This is a limited-time offer, so apply soon if you're interested.

Common Questions