[IN, Lake & Porter County] Purdue Federal Credit Union $100 Savings Bonus

Offer at a glance

• Maximum bonus amount: $150
• Availability: Must be a Lake or Porter County resident
• Direct deposit required: Yes, but fine print says ACH will work
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Up to $250
• Monthly fees: None
• Early account termination fee: None
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Purdue Federal Credit Union is offering a $100 savings bonus. Bonus is broken down as follows:
  • Set up paperless statements
  • Your month-end emergency savings balance is equal to or greater than $500 (after three months)
  • Three auto transfers (set up by a Purdue Federal staff member)
  • Get another $50 boost when your month-end emergency savings balance is equal to or greater than $1,000

The Fine Print

• A one-time bonus of $50 will be paid when the balance meets $500 and $1000 threshold respectively, maximum bonus total of $100.
• Minimum of 1 recurring automatic transfer deposit set up by a credit union member services representative in 3 separate months is required to earn bonus.
• Paperless statements on same membership required to earn bonus.
• Bonus will be paid no later than the fifth day of the month immediately following the qualifying month.
• Bonus is a considered interest and will be reported on IRS Form 1099-INT. Social Security Number required for account holder to receive bonus.
• Member must maintain a checking account on the same membership as the Emergency Savings Account.
• If the related checking account is closed for two consecutive months the Emergency Savings Account will convert to a special savings account.
• Limited to one Emergency Savings Account per membership.
• Not available to businesses. Membership eligibility required.
• 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

I was unable to find the fee schedule so I’m unsure if there is any EATF.

Our Verdict

Looks like you need a checking account open to be eligible for this account otherwise it’ll be converted to another type of savings account. In the past they have offered a $150 checking bonus, so this might be worth considering for people that already have that account open otherwise I’d just give this one a miss.

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