[TN only] Redstone Federal Credit Union $200 Checking Bonus

Offer at a glance

• Maximum bonus amount: $200
• Availability: Seems to be restricted to Murfreesboro in TN. Must also be a member of one of the 1,500 clubs listed here or have a family member that is an existing user.
• Direct deposit required: Yes, no minimum specified
• Additional requirements: 4 debit card purchases
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $5, avoidable
• Early account termination fee: None
• Household limit: None mentioned
• Expiration date: May 31st, 2017

The Offer

Direct link to offer

• Redstone Federal Credit Union is offering a $200 checking bonus when you complete the following requirements:
  1. Become a Redstone member by opening a basic savings account
  2. Open a checking account and use it. After making just 4 debit card purchases, you’ll earn $100
  3. Set up direct deposit and when you get paid, you’ll earn another $100

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

I wasn’t able to find any mention of an early account termination fee in their fee schedule. Easiest account to keep fee free seems to be the extra checking account, this has a $5 monthly fee that is waived with a direct deposit or with an average daily balance of $100+.

Our Verdict

Could be a good deal if it’s a soft pull, seems like you need to open the account in branch in Murfreesboro and need to be part of one of the qualifying clubs/groups as well. If anybody decides to go for the bonus, please share your results and data points in the comments below.

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