Update 4/15/23: Deal is back through Dec 2023. Recent dp say it’s a soft pull.
Offer at a glance
The Offer
- On Tap Credit Union is offering a bonus of $150 when you open a new checking account and complete the following requirements:
- Mention promotion at account opening
- Set up a direct deposit and maintain it for six months
The Fine Print
- Subject to IRS dividend reporting. Must mention this promotion at the time of account opening to qualify. A $5 par membership share with On Tap Credit Union is required. Checking account and direct deposit must be maintained for six (6) months after the date opened.
- Offer available through Dec 2022.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is a $5 fee if the account is closed within six months. You need to keep the account open for longer than six months anyway to complete the requirements.
Our Verdict
Very annoying that the direct deposit must be maintained for six months, not worth it for a lot of people.
Hat tip to alopez14
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