Offer at a glance
- Maximum bonus amount: $500
- Availability: Michigan only, maybe nationwide?
- Direct deposit required: Yes, $1,000+
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: 10/31/24
The Offer
- MSU Federal Credit Union is offering a $250 checking bonus when you open a new checking account and complete the following requirements:
- Open a Money Market Checking
- Must have two consecutive electronic deposits each with a minimum deposit of $2000
- Must maintain balance of $2000 for 60 days after account opening
- Complete 10 transactions within 30 days of account opening
- You’ll receive a $250 bonus to kickstart your savings when you open the account with at least $25,000. Must maintain balance for 60 days
The Fine Print
- Offer valid 09/01/24 to 10/31/24.
- To receive $100 bonus, member must open a Totally Green Checking Account and set up direct deposit from their employer or Social Security.
- Must have two consecutive electronic deposits each with a minimum deposit of $1000.
- To receive $250 bonus, member must open a Money Market Checking account and set up direct deposit from employer or Social Security. Must have two consecutive electronic deposits each with a minimum deposit of $2000.
- Must maintain balance of $2000 for 60 days after account opening.
- For both offers, first direct deposit must be set up and funded into member's MSUFCU checking account by 10/31/24 and member must complete 10 transactions within 30 days of account opening. Bonus of either $100 or $250 will be deposited to the member's Cashback+ wallet within 90 days of promotion end date. Not valid for members with existing or previously closed checking accounts.
- Not valid for funds already on deposit with MSUFCU. Bonus may be taxable and reported on an IRS Form.
- Members who do not currently have an Insured Money Management Account (IMMA) and open an IMMA with a minimum deposit of $25,000 and maintain a balance of at least $25,000 for 60 days will receive $250 bonus.
- IMMA must be opened and funded by 10/31/24. IMMA Tier 1 Annual Percentage Yield 1.30% for minimum balance of $2000 as of 8/26/24.
- Rate subject to change.
- Bonus of $250 will be deposited to a 1-Year Add-On Certificate within 45 days of promotion end date. Not valid for funds already on deposit with MSUFCU.
- Offers cannot be combined. Not valid for business or youth accounts.
- Bonus may be taxable and reported on an IRS Form.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
$5 fee if the account has less than $2,000 in it.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any early account termination fee or not.
Our Verdict
Not clear if this is just restricted to that single branch that is opening or not.
Hat tip to ShawntheShawn
Useful posts regarding bank bonuses: