First Tech Federal Credit Union $300 Checking Bonus

Update 2/16/25: Deal is back

Update 12/28/24: Deal is back but requires a $5,000 direct deposit now.

Update 6/18/24: Extended until August 31, 2024

Offer at a glance

• Maximum bonus amount: $300
• Availability: Nationwide (with an $8 membership to the Financial Fitness Association); [ChurningExperiences notes that First Tech may automatically reimburse you for the $8 membership]
• Direct deposit required: Yes, $5,000+ per month for three months
• Additional requirements: See below
• Hard/soft pull: Soft in my experience and recent DPs (an older Hard DP exists)
• ChexSystems: Positive DPs, Some Sensitivity (but maybe not)
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None
• Household limit: None listed
• Expiration date: June 30, 2024

The Offer

Direct link to offer

• First Tech Federal Credit Union is offering a bonus $300 when you open a new checking account and complete the following requirements:
  • Set up a new payroll direct deposit to your First Tech Rewards Checking of $5,000+ per month for a minimum of three months

The Fine Print

• Offer valid for enrollment between February 26, 2024 and June 30, 2024 for members without an existing direct deposit.
• Members with existing direct deposits or who are already enrolled in a First Tech direct deposit campaign are not eligible.
• Participant is defined as 18 years of age or older and the primary account owner on a First Tech Rewards Checking (FTRC) account.
• Direct deposits are considered new if there has been no direct deposit activity in the Participant’s share accounts on which they are the Primary Owner within the previous 18 months.
• New Direct Deposit Offer: New direct deposit must occur at least on New Direct Deposit Offer: New direct deposit must occur at least once per calendar month from the Participant’s employer payroll into the First Tech Rewards Checking (FTRC) account of which the Participant is the primary account owner. Direct deposits from a non-employer payroll source do not qualify. The monthly aggregate amount of all qualifying direct deposits must equal to at least $1,000 to earn the $300 bonus. Enrollment is the date of the initial direct deposit transaction. During the period of time commencing with Enrollment and ending 120 calendar days after Enrollment (“Enrollment Period”), at least one direct deposit transaction must occur each calendar month starting with the initial direct deposit transaction. A minimum of three direct deposit transactions must be received during the Enrollment Period. (EXAMPLE: If a member’s initial direct deposit is March 1, 2024, additional required direct deposits must occur at least once in each subsequent calendar month following the month in which the initial direct deposit is made, the last direct deposit must be received by June 29, 2024.) Only the Participant will receive credit for the direct deposits. Any qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the Enrollment Period. Bonuses will be considered dividends and may be reported on IRS form 1099-INT.
• 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

No early account termination fee. They have a $5 inactivity fee after 6 months. Need to have transactions or more than $500 in deposits.

Our Verdict

Previously there was a $350 bonus, but this required $1,500 in spend in three categories to get $150 of the bonus. I think this flat $300 bonus is much better and worth doing and we will add this to our list of the best bank account 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