Update 8/3/21: Bonus is back, but at the $150 level.
Update 6/6/20: Any account can be opened for the $200 bonus now.
Update 4/11/20: Bonus has been increased to $200 (from $150). Available until July 31st, 2020. Hat tip to reader Samuel
Offer at a glance
- Maximum bonus amount:Â $150
- Availability:Â MN only
- Direct deposit required:Â Yes, $300+
- Additional requirements: Deposit at least $150 at account opening
- Hard/soft pull: Hard
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees:Â $5.95, avoidable
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â None listed
- Expiration date:Â
September 30th, 2019July 31st, 2020
Contents
The Offer
- Sharepoint Credit Union is offering a bonus of $150 when you open a new checking account. Premier Rate Account also earns 5% APY on balances up to $5,000 for the
first two yearsfirst year. There are no requirements for the bonus or 5% APY rate. To receive the $150 bonus you need to deposit at least $200 at account opening and receive at least $300 in direct deposits per month and complete 10 debit card transactions.
The Fine Print
- APY up to 5.00%, but will vary based on checking account option.
- All accounts are subject to approval.
- Restrictions apply.
- SharePoint will match up to $150 with the first deposit.
- Funds will be deposited into qualified member’s Checking or Savings account at account opening.
- Funds will be held until a minimum of $300 has been received via direct deposit.
- Direct deposit of $300 per month is required.
- SharePoint reserves the right to reclaim funds if the account is closed within six months.
- Member is responsible for any related taxes or restrictions according to MN laws.
- Cannot be combined with other offers.
- Promotion is limited to (1) $150 incentive per member, with no prior checking relationship in the last six months.
- Offer ends 9/30/2019.
- Federally insured by the NCUA.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Premier Rate Account comes with a $5.95 monthly fee, this is waived if you have 10 or more point of sale transactions. They also have a free checking account.
Early Account Termination Fee
Bonus is forfeit if the account is closed within six months of account opening
Our Verdict
Not really worth considering due to the hard pull. Previously they had a $100 bonus with the 5% APY with no requirements, now it’s $50 more but it requires a direct deposit. I won’t be adding this to our best bank account bonuses.
Hat tip to reader Dan
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
Expired. And the link is 404. Here’s a link to the live promotions page; the only active one is $50 for a referral. https://www.sharepointcu.com/tools-and-resources/promotions
Dead
I am also not seeing any checking account promotions as of today.
Looks like they paid the final higher rate interest amounts mid-month and have now reverted to the normal rates after two years.
I assume you were talking about the 3% e-savings account? My two years just finished earlier this month and they posted the last 3% interest right at 24 months.
Anyone tried to close and open another 3% account awhile later?
Anyone know if existing members get another hard pull when later opening a checking account? Seems easy enough for $150 if there’s no HP.
FYI: Current offer says: “Accounts must be opened by 12/31/2021 and will have 60 days from account opening to meet requirements to qualify for promotional funds.”
Wondering the same thing re HP. And anyone considered skipping the debit transactions and just eating the fees? I calculate $5k at 5% for two years earns a bit over $500 in interest and costs $120 in fees.
A guy from Sharepoint called and sent a follow up email demanding that I explain why I had 4 Chexx inquiries during the last 12 months. Totally unprofessional.
Same here. They closed my accounts and mailed me a check. I called and asked what was up and the phone rep said that they were closing lots of accounts lately for a variety of reasons and to move my money elsewhere.
I opened a savings account for the 3% a year or so ago (I think). Put $10k in, have a real DD every 2 weeks that I pull back out a few days later. All automated. No problems so far. (No jinx!)
I’d love $5k at 5%, but can’t deal with debits every month.
There is an up to $200 bonus valid through 9/30/21. $100 for DD, $50 for 10 debit card purchases, and $50 for opening a line of credit. If you can swing the ongoing DD the 3% savings on up to 10k and 5% on up to 5k checking with debit card purchases are a nice perk and the rates are guaranteed for 2 and 1 years respectively.
https://www.sharepointcu.com/tools-and-resources/promotions
FYI they changed the terms on the 5% checking to be fixed for two years like the 3% savings. I had been wondering why it kept going after a year but wasn’t about to complain.
Anybody’s bonus become available yet? My work DD posted two weeks ago but bonus money still not available.
My bonus has become available today.
Anyone know what these terms mean? It seems they pay out immediately, but they might claw back if you don’t maintain DDs through 6 months? Not a huge deal, but it’s definitely unclear.
“Direct deposit of $300 per month is required. If direct deposit is not set up within 60 days of account opening, member is no longer eligible for promotional funds.”
What does count a direct deposit with this credit union other than employer deposit?