Posted by William Charles on March 23, 2017
Bank Account Bonuses

Published on March 23rd, 2017 | by William Charles

5

[MA only] Melrose Bank $125 Checking Bonus



Offer at a glance

  • Maximum bonus amount: $125
  • Availability: MA only
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: 3 bill pays
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown 
  • Monthly fees:  $25 avoidable
  • Early account termination fee: Unknown 
  • Household limit: None 
  • Expiration date: March 31st, 2017 April 30th, 2017

The Offer

Direct link to offer

  • Melrose Bank are offering a bonus of $125 when you open a new All-In checking account and complete the following requirements:
    • Sign up and receive direct deposit from payroll, pension, or recurring payment; direct deposit must be established and utilized within 90 days of account opening.
    • Sign up for bill pay and pay 3 bills via Melrose Bank online banking & bill pay system within 90 days of account opening

all in checking $125 bonus



The Fine Print

  • Offer available for new Melrose Bank All-In Checking accounts opened between 2/28/2017 and 3/31/2017.
  • Receive $125 when you meet two requirements: 1) Sign up and receive direct deposit from payroll, pension, or recurring payment; direct deposit must be established and utilized within 90 days of account opening. 2) Sign up for bill pay and pay 3 bills via Melrose Bank online banking & bill pay system within 90 days of account opening.
  • All applicable taxes are the responsibility of the recipient.
  • Bonuses limited to one account per customer and will be credited to the checking account within 90 days of completing the requirement(s).
  • Offer may be withdrawn or amended without prior notice. Personal accounts only.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees



This account has a $25 monthly service charge, you can receive the following rebates:

  • $10 rebate for maintaining a $1,000 minimum daily balance
  • $5 rebate for using eStatements
  • $10 rebate for $2,000 minimum monthly direct deposits.

I was also unable to find a fee schedule so I’m unsure if any early account termination fee is charged or not.

Our Verdict

Not a bad bonus considering it’s a soft pull, will be interesting to see what counts as a direct deposit. At the moment I don’t consider it one of the best bank account bonuses due to the fact it’s in branch and somewhat difficult to keep the account fee free. Please share your experiences and data points about this bonus in the comments below.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



5 Responses to [MA only] Melrose Bank $125 Checking Bonus

  1. BOS George says:

    https://melrosebank.com/personal/checking/all-in-checking/

    Minimum deposit of $100.00 required to open an All-In Checking Account. Daily minimum balance of $100.00 required to obtain APY on All-In Checking Account. Fees could reduce the earnings on the account. A monthly service charge of $25.00 will be imposed each month. $10.00 monthly service charge rebate for maintaining $1,000 minimum daily balance. $5.00 monthly service charge rebate for using Melrose Bank eStatements. $10.00 service charge rebate with $2,000 minimum monthly direct deposit. A qualifying direct deposit is a recurring direct deposit of a paycheck, pension or other regular monthly income (including Social Security) electronically deposited into account per statement cycle. Personal transfers or deposits made at the branch, online or ATM do not qualify. Nationwide ATM surcharges assessed to your account will be rebated monthly. Melrose Bank accepts deposits only from its primary business area, and currently is opening new accounts from customers residing in Massachusetts.

  2. AndrewChickentendi says:

    Hey Doc – long time follower but first time posting. I’m not big on bank bonuses but I live close enough to Melrose Bank so I just signed up for this one today. They’ve actually extended the bonus for accounts opened through 4/30/2017. I can confirm that there is no hard pull for opening, only a ChexSystems inquiry.

    New terms state “Offer for new Melrose Bank All-In Checking accounts opened between 2/28/2017 and 4/30/2017.”

    I will comment back when I meet the bonus requirements and it posts.

    • Thanks, Andrew! Very useful comment. Any idea what the monthly fee is?

      • AndrewChickentendi says:

        Apologies for the delated response — here are the monthly fee details. In short it’s possible to avoid them but there are minimum balance, e-statement enrollment (easy enough), and minimum monthly DD requirements. See below for details. May be not the right fit for some, I happen to live and work nearby so I went for it.

        Taken straight from their site:

        “Minimum deposit of $100.00 required to open an All-In Checking Account. Daily minimum balance of $100.00 required to obtain APY on All-In Checking Account. Fees could reduce the earnings on the account. A monthly service charge of $25.00 will be imposed each month. $10.00 monthly service charge rebate for maintaining $1,000 minimum daily balance. $5.00 monthly service charge rebate for using Melrose Bank eStatements. $10.00 service charge rebate with $2,000 minimum monthly direct deposit. A qualifying direct deposit is a recurring direct deposit of a paycheck, pension or other regular monthly income (including Social Security) electronically deposited into account per statement cycle. Personal transfers or deposits made at the branch, online or ATM do not qualify. Nationwide ATM surcharges assessed to your account will be rebated monthly. Melrose Bank accepts deposits only from its primary business area, and currently is opening new accounts from customers residing in Massachusetts.”

        I also received a flyer with these terms:

        “Offer available for new Melrose Bank All-In Checking accounts opened between 2/28/2017 and 4/30/2017. Receive $125 when you meet two requirements: 1) Sign up and receive direct deposit from payroll, pension, or recurring payment; direct deposit must be established and utilized within 90 days of account opening. 2) Signup for bill pay and pay 3 bills via Melrose Bank online banking & bill pay system within 90 days of account opening. All applicable taxes are the responsibility of the recipient. Bonuses limited to one account per customer and will be credited to the checking account within 90 days of completing the requirement(s). Offer may be withdrawn or amended without prior notice. Personal accounts only.”

        Apparently these accounts are brand new to the bank, which itself underwent a recent re-branding. Hope this helps!

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