Deal has ended, view more bank account bonuses by clicking here.
Update 1/22/23: Deal is back and increased to $1,250
Offer at a glance
- Maximum bonus amount:Â $1,000
- Availability: MN, WI only
- Deposit required: $100,000
- Deposit length: 12 months for full bonus
- Interest rate: 1.6% APY on balances above $100,000
- Hard/soft pull:Â Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Up to $10,000 with a Visa or Mastercard
- Monthly fees:Â None
- Early account termination fee:Â None listed
- Household limit:Â None listed
Expiration date:Â July 31st, 2019 August 31st, 2019 December 1st, 2019 3/31/23
Contents
The Offer
- Royal Credit Union is offering a money market bonus of up to $1,000. Broken down as follows:
- Bring $100,000 or more in new money and get a $500 reward
- Keep the balance above $100,000 for 12 months and get another $750
- Account earns 1.6% APY if balance is above $100,000
The Fine Print
- Offer valid on new Money Market accounts opened June 1 through July 31, 2019 with an initial minimum deposit of $100,000 in new money.
- Initial deposit cannot be made from funds contained in an existing RoyalCU account or withdrawn, redeposited or transferred from a Royal account during this promotional period. Membership and account opening upon qualification.
- The first $500 Reward will be deposited into the tax reported for account holder’s Primary Base Savings Account upon qualification.
- The final $500 Reward will be deposited into the tax reported for account holder’s Primary Base Savings Account if the Money Market account has contained a balance of at least $100,000 and remained open for 12 consecutive months from the account opening date. R
- oyalCU reserves the right to withhold the final $500 Reward if the qualifications are not met based on RoyalCU’s sole discretion during the 12 month time period.
- Limit of one account per Member may be included in promotion.
- Member cannot have had a previously opened or closed Money Market account with RoyalCU in the last 30 days.
- Rewards are subject to federal and state tax requirements.
- RoyalCU reserves the right to terminate this promotion at any time.
- 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 fee to worry about
Early Account Termination Fee
As far as I know there is no early account termination fee
Our Verdict
For the first $500 bonus there doesn’t seem to be any minimum deposit length, but I could be wrong about that. For the other $750 bonus you need to compare this to a 4% APY account at minimum. This account would earn a total $1,860 ($2,350 from the interest and $500 from the bonus) of vs $4,000 from a 4% APY account so it’s not worth considering for the other $750. Most people won’t have $100,000 in liquid funds anyway and moving this amount of money might not be worth it for the relatively small bonus.
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
Post history:
- Update 10/6/19: Deal is back and valid until December 1st, 2019.
