Terms say offer is non transferrable but looks like it’s from VALPAK so should be available to everybody.
Offer at a glance
Maximum bonus amount: $250
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, $1,000+
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: None
Household limit: One
Expiration date: August 31, 2024
The Offer
Cape Cod 5 is offering a $250 bonus when you open a new checking account and complete the following requirements:
Set up a recurring direct deposit into the account of $1,000+
Make 10 debit card purchases in the first 60 days
The Fine Print
To qualify for the bonus, a new checking account must be opened at Cape Cod 5’s Plymouth, Commerce Way Banking Center or other Cape Cod 5 Banking Center, or online using the promo code VALP250 beginning 05/01/2024 through 08/31/2024.
Required qualifying direct deposits must be received by Cape Cod 5 within 60 days of 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 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.
You must also make ten (10) purchases with a Cape Cod 5 debit card linked to the account within 60 days of account opening.
Eligible Primary and Free Checking accounts must have an average balance of $1,000 or more for 120 days after account opening.
Bonus will be paid directly to the qualifying eligible accounts within 130 days of opening the account.
The bonus is considered interest paid to the applicable account and will be reported to the IRS on Form 1099-INT at year end.
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 is nontransferable and cannot be combined with any other offers.
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
. Offer may be extended, modified or discontinued at any time and may vary by market. All other rules and regulations for checking accounts apply. Member FDIC.
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 has no monthly fees to worry about.
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
Same as what was offered before, but there were higher tiers in the past as well.
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
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