Snag a $300 Bonus from a Classic New England Bank

Looking for a solid checking account bonus from a bank that's been around since before the Civil War? Cape Cod Five, a steadfast mutual bank in Massachusetts, has a $300 offer on the table that's worth a look if you're in the area. It's not the simplest bonus to earn, as it has a few moving parts, but for $300, it might be worth the effort. Let's break down what you need to do and what you should keep in mind before applying.

Is This Bonus Right for You?

This isn't a 'set it and forget it' kind of bonus. To pocket that $300, you'll need to be fairly active with the account in the first couple of months. You're committing to routing at least a grand in direct deposits, using the debit card ten times, and keeping a cushion of a thousand dollars parked there for four months straight.

If you're someone who can easily meet those requirements without changing your financial habits much, it's a great deal. But if keeping that minimum balance tied up is a stretch, or you don't typically use a debit card, the hoops might feel a bit high.

The Step-by-Step to Earn Your $300

Okay, so you've decided to go for it. Here's your action plan, straight from the terms.

• Open a new Free Checking or Primary Banking account online or in-person by December 31, 2025. Don't forget to enter the promo code NEWCHK300.
• Within the first 60 days, have qualifying direct deposits totaling $1,000 or more land in the account. The bank specifies these should be recurring electronic deposits like paychecks, pensions, or government benefits via ACH. Transfers from other banks or person-to-person payments won't count.
• Also within those first 60 days, make at least ten purchases using the debit card linked to your new account.
• Here's the longer-term commitment: keep an average of at least $1,000 in the account every day for the first 120 days after opening. This means you can't dip below that average, so plan accordingly.
• If you do all that, the bonus should show up in your account, labeled as 'New Ckng Acct Bonus,' within 130 days of opening. Remember, the bank will send you a 1099-INT for this money at tax time.

A Few Important Caveats and Considerations

Before you jump in, let's talk about some fine print and practical realities.

First, this bank is a local institution. You need to be in Massachusetts to qualify. While you can open the account online, their physical presence is key for any in-person service needs.

Second, watch those fees. The 'Free Checking' account is, well, free. But the 'Primary Banking' account has a $7 monthly fee. You can dodge that fee by keeping that same $1,000 minimum balance or having a direct deposit each month. Since you need the balance for the bonus anyway, waiving the fee should be straightforward during the promo period.

Also, be aware of eligibility rules. You can't get this bonus if you've had a Cape Cod 5 checking account before, closed one in the last 90 days, or received a bonus from them in the past year. It's strictly one bonus per person and household.

Finally, a note on timing: this bonus pays out slowly. You might be waiting over four months to see the cash. Make sure you're comfortable maintaining the account requirements for that entire period before you'd get paid.

Bottom Line

• The $300 reward is substantial, but requires juggling three separate requirements: direct deposits, debit card use, and a sustained minimum balance.
• This is a good fit for Massachusetts residents who can naturally meet the requirements without hassle, especially if they want to bank with a long-standing local institution.
• Plan for the long game—you'll need to keep funds in the account for about four months before the bonus is paid.

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