[TN, AL only] Redstone Federal Credit Union $500 Checking Bonus

Update 11/9/24: Deal is back until 12/23/24 and now available in Cullman, Jackson, Limestone, Marshall, DeKalb, Morgan and Lawrence Counties in Alabama, or Bedford, Cannon, Lincoln, Moore, Rutherford, and Williamson Counties in Tennessee

Update 7/15/23: Deal is back and valid until September 7, 2023.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Rutherford County Residents
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes, not sensitive
• Credit card funding: Up to $530
• Monthly fees: $5, avoidable
• Early account termination fee: None
• Household limit: None mentioned
• Expiration date: 10/4/2022

The Offer

Direct link to offer

• Redstone Federal Credit Union is offering a $500 checking bonus when you complete the following requirements:
  • Use code MBR500 to open your first checking account
  • Log in to online banking
  • Use your debit card 10 times

The Fine Print

• Promotion available 7/6/2022 – 10/4/2022.
• RFCU® member must be in good standing as defined by RFCU Bylaws to qualify.
• The participant must not have had an RFCU checking account within the past 24 months, and notify RFCU of the promotion code at account opening.
• Membership and opening a share savings account with a $5 minimum balance are required.
• A $25 minimum deposit required to open checking account.
• Monthly maintenance fees may apply to checking accounts.
• Monthly maintenance fees waived for account holders 24 year and younger.
• Business accounts are not eligible.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easiest account to keep fee free seems to be the easy checking account, Easy Checking as $3 per month fee (waived with 1 Direct Deposit or 4 or more POS debit card transactions posted to account per month

Early Account Termination Fee

I wasn’t able to find any mention of an early account termination fee in their fee schedule.

Our Verdict

The fine print terms don’t actually state you need to be a Rutherford resident, but the general offer instructions do. Will add this to our list of the best bank account bonuses.

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