Deal has ended, view more bank account bonuses by clicking here.
Update: Possibility targeted as it says to use promo code from mailer.
Offer at a glance
- Maximum bonus amount: $750
- 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: Required for the $250 bonus
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $0-$20
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: 6/15/2023
Contents
The Offer
- Cape Cod 5 is offering a bonus of up to $750 when you open a new checking account with promo code CC5NEW.
- Receive a $750 bonus when you open a Premier5 checking account with $50,000 in deposit balances with new funds
- Receive a $500 bonus when you open a PrimaryPlus checking account with $10,000 in deposit balances with new funds
- Receive a $250 bonus when you open a free checking or primary checking account and receive $1,000 in direct deposits within 60 days of account opening
The Fine Print
- To qualify for the bonus, a new checking account must be opened at Cape Cod 5’s Chatham Banking Center or online using the promo code CC5NEW beginning 3/20/2023 through 6/15/2023.
- Required qualifying direct deposits for Primary and Free Checking accounts must be received by Cape Cod 5 within 60 days of the date of the checking account opening and must total $1,000 or more.
- Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits from your employer or a governmental entity to your Primary or Free Checking account at Cape Cod 5.
- Person-to-person and bank transfers between your Cape Cod 5 accounts or accounts you have at other financial institutions do not qualify.
- Offer is Nontransferable.
- Limit one bonus per customer and household.
- Eligible account must be open, be in good standing and have a positive balance at the time of the bonus payout in order to receive the bonus.
- Eligible Premier5 checking accounts must have balance of $50,000 or more and eligible PrimaryPlus accounts must have balance of $10,000 or more 120 days after account opening. Bonus will be paid on eligible accounts directly to your checking account within 125 days of opening the account.
- PrimaryPlus and Premier5 checking accounts earn an annual percentage yield (APY) of 0.02% and Primary Checking accounts earn an APY of 0.01% as of March 3, 2023. APY is subject to change after account opening.
- The cash bonus will be identified as “New Ckng Acct Bonus” on your monthly statement. The bonus is considered interest paid to the applicable account and will be reported to the IRS on Form 1099-INT at year end
- . Offer cannot be combined with any other offers.
- New account will not be eligible for offer if any signer has signing authority on an existing Cape Cod 5 consumer checking account or has closed an account within the past 90 days, or has been paid a cash bonus or other promotional premium in the past 12 months.
- If multiple accounts are opened with the same signers, only one account will be eligible for the bonus. For this offer, signing authority will be defined by the customer name(s) and Social Security number(s) registered on the account. Employees and their immediate family members are not eligible.
- Offer may be extended, modified or discontinued at any time and may vary by market.
- All other rules and regulations for checking accounts apply.
- 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 ($250 bonus)
This account has no monthly fees to worry about
PrimaryPlus ($500 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 ($750 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
You need to maintain the balance for 120 days. If you put the $50,000 into an account earning 5% you’d earn $821, if you put the $10,000 into an account earning 5% you’d earn $164. Means only really the $500 bonus would be worth doing (or the $250 bonus). We will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Bonus extended, only for about the next two weeks though:
https://www.capecodfive.com/checking-incentive-cc5plym
Application now says, “Note: For the purpose of opening an account online, the Bank’s area of service is:
Counties: Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk”
William Charles Chuck
Opened PrimaryPlus checking online in April 2023 and deposited 10K. $500 bonus received in August 2023. In process of transferring money out (takes awhile due to archaic online banking system).
Data Point DP
04/02/2023 – Applied Online
04/22/2023 – I called to follow up on application and was approved. I think they did mention my number of inquiries and asked a couple security questions.
04/25/2023 – They called to see if I wanted a debit card which I asked for but never used.
04/25/2023 – Account Opened with $25
05/12/2023 – Real DD of $525
05/26/2023 – Real DD of $525
05/30/2023 – CC5NEW $250 Promotion shows pending – Email received the same day
I was in footprint but not targeted.
I received an email today reminding me to complete my direct deposit for this bonus. I wasn’t targeted but am in the footprint. Hoping this means I’ll eventually get payout but I guess we’ll see.
Captain Greg zeer0 Minnu Bad news. They cancelled my application.
“After reviewing your application for a new account we, unfortunately, are unable to approve your application at this time. One of the Bank’s requirements is that a potential customer must have a connection to Cape Cod 5’s geographic area of service. This includes some of the following scenarios:
· You are an existing customer
· You live in Barnstable, Dukes, Plymouth, Nantucket, Bristol, Norfolk, Middlesex & Essex counties. .
· You own a second home in one of the areas above.
· You work within the Bank’s area of service.
From your application information, we could not conclude that you have a connection to the Bank and the areas we serve.”
I guess they don’t count us being BFFs 🙁
Just buy a Cape house! Problem solved!
so this is targeted for residence in these counties not the entire Mass.
Lefty thanks for being the DP we needed!
Thanks for the DP.
Selected Free Checking, I’m within the footprint:
“We are currently in the process of reviewing your application. You will receive a communication from us within 1-2 business days to let you know of the next steps in this application process.”
Peek Did you hear anything back on your application?
newguy Not a thing, not even an email.
Finally approved after calling in, my number of inquiries was commented on but didn’t disqualify me. I think it helped that I was in footprint. Whether the code will actually work or not is another question, I didn’t ask.
Peek Lefty Where did you enter the Promo Code in the application? I am at the last page of application and there is no place to enter the promo code.
It showed for me in a popup when I added the account. I added free checking and it showed at the bottom under additional features. I think it auto filled. newguy
Thanks.
It says to enter the promo code found on the mailer. While the promo code is surely generic, I wonder if you have to have a targeted name and address?
William Charles This is an excellent point, maybe this is targeted?
“Get started now. Open a Checking Account online and enter the promo code found on your mailer.”
The offer language doesn’t explicitly require that the balance be maintained for 120 days. It says, “Eligible Premier5 checking accounts must have balance of $50,000 or more and eligible PrimaryPlus accounts must have balance of $10,000 or more 120 days after account opening. Bonus will be paid on eligible accounts directly to your checking account within 125 days of opening the account.” If they allow you to only have the required amount by 120 then that’s a much better offer.
It sounds like you just need the money on day 120. Although, I’m a little thrown off by “Maintain an average daily balance of $1,000 or more AND have combined deposit and loan balances of $10,000 or more” to avoid the monthly fee. Is this saying that I need to deposit $10k per month (but not necessarily direct deposit)? If so, it’s worded oddly.
For Oos…only basic checking account there with no promotions
Free checking can earn $250 for having $1,000 in direct deposit in the first 60 days.
Have you tried to apply as out of state and get the promo? Any tips for that? Are the chex sensitive?
ShawntheShawn I applied OOS for the free checking account and selected the “I have other connections” option and then selected the friend or family option. Let’s see how this plays out. Interestingly, I couldn’t even get the other two checking options to populate even with a zip code in their service area which is strange because I was curious if I could select the PrimaryPlus option and then go for the $500 promotion.
Lefty thank you for your service lol. Will be following to see if it works out, good luck!
Lefty ….did urs got approved?
Lefty …also regarding the connection,do you really know some1 or was a bluff?
Minnu I just submitted the application today so it will take a few days to get a decision. Oh sure I have lots of friends on DOC. Surely one of them lives in MA and can be my friend, right?
Yeah…we are family..doc amigos..hihi
Lefty and I are good friends who go way back. It has nothing to do with this bonus or the fact that I live on Cape Cod, right old friend?
Any cc funding available during the app?