Florence Bank Raises Checking Bonus to $400 in Four States

Florence Bank boosted the bonus on its checking account to $400, expanding availability to Massachusetts, Connecticut, Vermont and New Hampshire. The previous offer, which paid $250, required customers to sing a song. The current deal drops that requirement, substituting mobile banking setup instead.

The bank charges no monthly fee on the account, and its fee schedule shows no early termination penalty for closing the account within a certain period. The offer matches a growing trend among smaller lenders to increase upfront cash incentives for new deposit relationships, though the regional bank did not disclose a deadline for the promotion.

Florence Bank, based in Florence, Massachusetts, has offered a similar bonus in the past. The increased payout and broader geographic reach suggest a push to compete with national banks and credit unions for retail deposits across New England.