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Offer at a glance
- Maximum bonus amount: $500
- Availability: MA only. Note: For the purpose of opening an account online, the Bank’s area of service is: Counties: Barnstable, Nantucket, or Dukes Towns: Marion, Mattapoisett, Plymouth, Rochester, or Wareham is required.
- Direct deposit required: Yes, $500-$2,500
- Additional requirements: None
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $0-$20
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: April 30th, 2019
Contents
The Offer
- Cape Cod 5 is offering a bonus of up to $500 when you open a new checking account by April 30th, 2019. Promo code is PH2019A if applying online. Bonuses are as follows:
- $500 when you open a new Premier5 checking account and have at least $2,500 in direct deposits within the first 90 days
- $300 when you open a new PrimaryPlus checking account and have at least $1,000 in direct deposits within the first 90 days
- $100 when you open a new Free or Primary checking account and have at least $500 in direct deposits within the first 90 days
The Fine Print
- Bonus applies to new checking account relationships only
- Limit one per household
- Bonus will be paid within 120 days of account opening
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free checking ($100 bonus)
This account has no monthly fees to worry about
PrimaryPlus ($300 bonus)
This account has a $12 monthly fee, this is waived if you do either of the following:
- Maintain an average daily balance of $1,000 or more AND have combined deposit and loan balances of $10,000 or more
- Maintain a Cape Cod Five Investment Services client relationship
Premier5 Checking ($500 Bonus)
This account has a $20 monthly fee this is waived if you do either of the following:
- Maintain an average daily balance of $1,000 or more AND have combined deposit balances of $50,000 or more
- Maintain a Cape Cod Five Trust and Asset Management client relationship
Early Account Termination Fee
I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Bonus is supposed to be to celebrate opening a new branch, but there is an online code as well. I wonder if there will be some sort of location restriction or if it will work for everybody in MA. It’s very difficult to keep the $300 and $500 bonus accounts fee free, I don’t think the $500 bonus is worth considering at all due to the $50,000 balance requirement but the $300 bonus might be worth it for some people. We still need to know if it’s a hard or soft pull to open. If anybody goes for this bonus then please share your experiences in the comments below.
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- How To Use Our Direct Deposit Page For Bank Bonuses Page
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- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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