[Expired] [Targeted] [MA only] Cape Cod 5 Up To $750 Checking Bonus

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

The Offer

Direct link to 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