[Expired] [IL only] Credit Union 1 $1,000 Savings Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $1,000
• Availability: IL
• Deposit required: $100,000
• Deposit length: 12 months
• Hard/soft pull:Mixed dp, most are hard
• ChexSystems: Unknown
• Credit card funding:  No
• Monthly fees: None
• Early account termination fee: None
• Household limit: None listed
• Expiration date: 3.15.23

The Offer

Direct link to offer

• Credit Union 1 is offering a $1,000 savings bonus when you open a new savings bonus and deposit $100,000+ in new money

The Fine Print

• This is a limited time offer available only from 1.17.23 to 3.15.23 and cannot be combined with any other offers.
• The $1,000 bonus (Bonus) will be deposited into your CU1 High Yield Savings Plus (HYS+) account at the end of the business day on the day you open the HYS+ account by making a minimum $100,000 deposit balance of new money from a competitor financial institution to earn dividends.
• The $1,000 bonus will start earning interest immediately but not be eligible for withdrawal until the account has a balance of $100,000 or greater for twelve (12) consecutive calendar months from the date of opening of the HYS+ account.
• Bonus is considered interest and will be reported on 1099-INT. Offer may be cancelled at any time without notice.
• Account Closure: If the HYS+ account is closed by the member or Credit Union1 or balance drops below $100,000 within 12 months after opening, Credit Union1 will deduct the Bonus from the HYS+ account at closing.
• 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

There is no EATF but account needs to be kept open for 12 months

Our Verdict

You need the $100,000 in there for 12 months otherwise you forfeit the bonus. $1,000 for a $100,000 deposit works out to be an additional 1% APY. This means the account really earns 4.75% (best rates here), this is a good rate but probably not worth tying up that amount for 12 months.

Hat tip to reader Bockrr

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