Deal has expired, view the best current checking bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- Availability: CA only
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Hard pull for membership
- ChexSystems: Unknown. ChexSystems sensitive
- Credit card funding: Up to $1,000
- Monthly fees: None, but there is a $10 joining fee (waived online)
- Early account termination fee: None
- Household limit: One
- Expiration date: March 12th, 2019
Contents
The Offer
- Provident Credit Union is offering a bonus of up to $400, when you open new accounts using promo code 300. Bonus is broken down as follows:
- $200 when you open a checking account and complete the following requirements for two consecutive months following account opening:
- Make purchases of $300 or more using a Provident debit or credit card per month
- Have monthly direct deposits of at least $500
- Enroll in online banking and eStatements
- $200 when you open a money market account
- Deposit $15,000 within 10 days of account opening
- Maintain balance for two consecutive months
- $200 when you open a checking account and complete the following requirements for two consecutive months following account opening:
The Fine Print
- These are the requirements to qualify for the $200 Checking Bonus: (i) Make purchases of $300 or more using a Provident debit and/or credit card** per month; AND (ii) Have monthly direct deposits or automatic credits of at least $500; AND (iii) Enroll in online banking and e-Documents with valid email address.
- pen one of the following checking accounts: Super Reward Checking, Provident Checking, or Simply Free Checking. You must fund your checking account within the first 60 days of account opening with a minimum deposit of $25. If you fail to fund your checking account within the first 60 days you are no longer eligible for the $200 Checking Bonus and your account(s) will be closed. You are not eligible if you are a current owner or signer on a Provident Credit Union personal or business account or if you have been an owner or signer on a Provident Credit Union personal or business account within the last six months. One $200 Checking Bonus per household/business. $200 Checking Bonus offer may expire anytime.
- In order to qualify for your $200 Checking Bonus, your account must be active and in good standing for two consecutive months following the month that your account is opened. All qualifying purchases and transactions referred to as “per month” or “monthly” only count towards the requirement of the month in which they POST, which will be on a business day (Monday – Friday) and may take one or more business days from the purchase/transaction date.
- Your account is deemed active by meeting the monthly requirements described above. If your account remains inactive after 90 days from account opening you are no longer eligible for the $200 Checking Bonus.
- We generally pay the $200 Checking Bonus by crediting your Provident Credit Union checking account. If Provident funded your Membership Savings account at account opening, you will receive the difference between your initial $5.00 Savings Account Bonus and the stated bonus within 120 days of account opening. We may report the value of the $200 Checking Bonus to the IRS and any applicable taxes are the responsibility of the member.
- Open a money market account and deposit at least $15,000 in new money within 10 business days, and maintain an average daily balance of $15,000 for two consecutive months following the month that your account is opened. After meeting these requirements, we generally pay the $200 Money Market Bonus by crediting your Provident Credit Union money market account. You will receive the stated bonus within 120 days of account opening. We may report the value of the $200 Money Market Bonus to the IRS and any applicable taxes are the responsibility of the member.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Your best option is to open the Super Reward Checking account which has no monthly fees or minimum balance requirements and also earns the 2.01% APY when requirements are met. Money market has no monthly fees
Membership Enrollment $10
If you enroll with provident then you must pay a $10 membership enrollment fee. Although apparently it’s possible to get this waived if you apply online.
Early Account Termination Fee
None of the provident checking accounts come with an early account termination fee
Our Verdict
The $200 checking bonus is usually offer, the extra $200 money market bonus is new as far as I know. For most people this won’t be worth it due to the hard pull for account opening and the fact they are ChexSystems sensitive. Because of that I won’t be adding it to our list of the best checking 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
They do have a referral program — https://www.providentcu.org/index.asp?i=refer (max 10/yr, hey that’s under $600!). I’m not sure entirely how it works, but you would follow a member’s referral link, give your info (name, email, physical address, phone), and then it sends you to the regular online or in-branch signup pages. It does not give you or prefill an offer code, so they must track signup bonus based on that separately. I suspect this might be then stackable, meaning an extra $50 for the referee (and $50 for the referer). Would anyone like to try? (Ok to post either link or email to reach me Will?)
I have a referral link if anyone wants it, or if it is okay to share here. I recommend provident because the 2% that is easy to keep, as well as the fact that you can fund with 1k visa or MC, and it’s very easy to keep adding savings accounts online and fund 1k each.
Please do not offer to share referral links unless it’s specifically allowed in the post.
Please do not offer to share referral links unless it’s specifically allowed in the post.
Wasn’t sure whether you were aware of it, that’s why I asked. Just out of curiosity, what factors go into the choice? (e.g. for star one it’s allowed — afaict that one requires “pii” (name, email) to refer, which this one would not)
Usually if it has been confirmed as stacking we will add it.
The MM bonus is worth considering for existing customers. Works out at an APY of ~6% (for $15k for 2 months). Ill check with Provident to find out if its available for existing customers.
As an existing customer, I’d love to know what you find regarding its availability.
I may just try this and not ask. (2.5% APY down to 0.7%) on 15k is an opportunity cost of $22.50/mo… but I won’t have an answer for a couple of months.
FYI: Info from a Provident rep via IM:
(1) MM promo is available to existing members who currently only have a Rewards Checking account
(2) There is no hard credit pull to open a MM
I have a Rewards Checking, a Membership Savings, and Round-Up Savings. You too?
Also, I’m outside of California now.. are you too? I wonder if this would disqualify us from the bonus. I mean, when I opened the first account with Providence several years ago I was in California, but now I’m out. hmm
I contacted Provident CU regarding the MM promo and received different information.
“Thank you for your inquiry. Unfortunately the promotion that is advertised is for non members who are wishing to establish a membership and satisfy the requirements. The current promotion is not extended to existing members. I do apologize for any inconvenience.
Please reach out to Provident with any questions.
Sincerely,
Acct Services Specialist Kevin Koppinger”
As of 2/19 11:10 PST, I see in the terms:
“Membership required. The minimum deposit required to open a checking account is $25. To qualify for the New Account Bonus, you must be a new member, 18 or older, reside in California. The minimum balance for the Membership Savings account is $5.00. All mortgage loans through Provident Credit Union are for homes in California only. NMLS #412725. All loans subject to credit approval. Other restrictions may apply.”
So they would be well within their rights to deny us for having a membership savings, but no checking or savings. I may try it anyways when my new card comes in.
Though, if it wasn’t open to existing members, the MM bonus wouldn’t have to say *new* money, right? “) $200 Money Market Bonus: Open a money market account and deposit at least $15,000 in new money within […]
Provident customer service: “Thank you for your inquiry. Unfortunately the money market promotion that is advertised is for non members who are wishing to establish a membership and satisfy the requirements. The current promotion is not extended to existing members. I do apologize for any inconvenience. Please reach out to Provident with any questions.
Sincerely, Acct Services Specialist”
I got the same reply via email. Will pass on this one.