PSECU $300 Checking Bonus

Update 1/2/25: Deal is back until 12.31.25.

Update 1/1/24: Extended until 12/31/2024.

Update 1/3/23: Bonus is now $300 and can also be done using a referral link again.

Offer at a glance

• Maximum bonus amount: $300
• Availability: PA only, nationwide if you become Pennsylvania Recreation and Park Society (PRPS) for $20. See this comment.
• Direct deposit required: Yes, $200+ per month ongoing
• Additional requirements: See below
• Hard/soft pull: Hard pull
• ChexSystems: Yes
• Credit card funding: Up to $100 with a Visa or Mastercard
• Monthly fees: None
• Early account termination fee: None
• Household limit: None
• Expiration date: May 31, 2021 December 31, 2021 December 31, 2023

The Offer

Direct link to offer (or use a referral link found here)

• PSECU is offering a bonus of up to $300:
  • Use promo code 300PROMO
  • Sign up and log into digital banking (online or mobile).
  • Set up and receive two (2) qualifying payroll direct deposits each of $500 or more.

The Fine Print

• Participant must be a U.S. Resident.
• Promotion open to persons 18 years of age or older at the time the account is opened. One promo code per New Member. Additional promo code will be invalid.
• The recipient of the $100 bonus is solely responsible for payment of applicable taxes on that amount. If you have any questions, please seek the advice of a qualified tax professional.
• PSECU reserves the right to recall the $100 bonus if the member account is closed within the first year of establishing membership.
• PSECU reserves the right to recall the $250 direct deposit bonus if the payroll direct deposit(s) is/are not active for six consecutive months or if the member account is closed within the first year of establishing membership.”
• If PSECU is unable to confirm any qualifying monthly direct deposit is a recurring payroll deposit, or if the member is not in good standing as defined by PSECU’s Bylaws Article II, Section 1, PSECU reserves the right to withhold the payment of the $250 direct deposit bonus.
• If the member is not in good standing, at any time prior to the payment of the bonus, as defined by PSECU’s Bylaws Article II, Section 1, PSECU reserves the right to withhold the payment of the $100 bonus.
• Payment of the $100 bonus will be deposited into the Regular share within 45 days after the requirements are satisfied.
• This offer is only open to new members who meet PSECU eligibility requirements.
• All decisions of PSECU regarding this promotion are final. PSECU may terminate or change the terms and conditions of this promotion without notice.
• Employees, agents, and officials of PSECU and immediate family members of any of these are not eligible for this promotion.
• Subject to all applicable federal, state and local laws and regulations.
• Promotion open to persons 18 years of age or older at the time the account is opened.
• Limit (1) new member incentive bonus per tax identification number used to open a new account per rolling 12-month period.
• PSECU will only pay one new member incentive bonus per tax identification number per rolling 12-month period.
• This is a one-time offer available to new members only, who have not previously been a PSECU member within the last 12 months.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fees to worry about.

Early Account Termination Fee

I didn’t see any mention of an early account termination fee in the fee schedule.

Our Verdict

There is a hard pull, but that is less of an issue with how restrictive credit card issuers are now. This is significantly better than the $150 bonus offered in the past. I do think this is worth doing if you don’t care about hard pulls and will add it to the best bank account bonuses.

Hat tip to reader Ed I, Davis & ShawntheShawn

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 1/2/23: Deal has been extended until 2/28/23. No longer available via referral and bonus reduced to $200 from $250.
• Update 1/11/22: Deal is now available via referral (person referring gets $50). Please do not share referrals in the comments below, they can be shared in this linked post here.
• Update 6/1/21: Extended until 7/31. Looks like direct deposits need to be active for six months as well.
• Update 4/10/21: Deal is actually available nationwide.