Bonus is no longer being offered. Click here to view the best current bank account bonuses.
Update 7/13/19: Deal is back and available until August 31st, 2019. Bonus has been increased to $300
Bonus is back and available until October 31st, 2018. Hat tip to reader Toad.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Must live, work, attend school or worship in Michigan
- Direct deposit required:Â Yes, $1,000+
- Additional requirements:Â Make 10 debit card transactions
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Up to $600
- Monthly fees:Â $6, avoidable
- Early account termination fee:Â $5, 90 days
- Household limit:Â None
- Expiration date:Â
August 25th, 2018 October 31st, 2018August 31st, 2019
Contents
The Offer
- Credit Union One is offering a bonus of $300 when you open a new cash back checking account. Bonus is broken down as follows:
- eStatements are required
- Receive a direct deposit of at least $1,000 within 60 days of account opening and receive a $100 bonus
- Make 10 debit card transactions within 60 days of account opening and receive a $100 bonus
- Maintain an average balance of $3,500 for 90 days after account opening and receive a $100 bonus
The Fine Print
- Direct deposit must be new and not currently with Credit Union ONE and post to account within 60 daysof account opening.
- Debit card transactions must post to the account within 60 days of account opening.
- ATM transactions not eligible. Funds will be credited to account within seven days after eligibility requirements have been met.
- Must subscribe to E-Statements.
- Member is responsible for any tax liability associated with cash back.
- Cash back will be reported on applicable 1099 IRS form as required by law.
- May not be combined with any other offer and is limited to one offer per member.
- Offer does not apply to members who have an existing checking account or have closed a checking account within the past six months.
- Offers expire 10/31/18.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Monthly fee of $6 is waived if you do any of the following:
- Have an average monthly balance of $500
- Receive a monthly direct deposit
- Make 15 debit card or bill pay transactions
- If you are under 24 or older than 65
Early Account Termination Fee
A $5 fee is charged if the account is closed within the first 90 days of being opened.
Our Verdict
Should be worth doing for most people as it’s a soft pull to open and there is a small amount of credit card funding. You do need to deposit $500 to keep the account fee free (or do one of the other methods) and it does require a direct deposit but at least the bonus itself is $200 and bigger than a lot of others. Because of this we will be adding it to the best checking bonuses.
Big thanks to reader, Aaron W who let us know. Learn how to find bonuses and contribute to the site here.
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
