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Offer at a glance
- Maximum bonus amount: $100
- Availability: UT only
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown (hard maybe)
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: None listed
Contents
The Offer
- Utah First Credit Union is offering a $100 bonus for high school students.
The Fine Print
- 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 fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Good deal if it’s not a hard pull. Unfortunately it’s only for high school students.
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
I am in the process of opening this account for my 14 year old. I am a Utah resident. I applied online yesterday and during the process was asked to upload a copy of my daughter’s SSN card and also some other form of identification. I used her passport. After completing the remaining steps, I received the following page:
Thank you for opening your Savings for Success account and for becoming a member of Utah First Credit Union! The $100 seed money will be placed in your account shortly.
I did not receive an email or any other contact for several hours. I called the bank (same day) and they informed me that it was still in the ‘application’ process and I would be contacted later. I received a call around 5pm and said they were reviewing my application and they would need a driver’s license from me and my daughter’s student ID. I was sent a link to provide those and now have just completed the docu-sign for the actual application. I will update when I see the open account and $100. I was not able to fund the account during the online application process. Not an awful experience, but a little cumbersome and unclear at times.
While I talked to the rep from the bank, I asked the age range for this account as it did not appear on the webpage offer. I was told it’s 14-18
It was not a hard pull and does not appear to be chex sensitive.
Update – Account Created and $100 deposited.
After my daughter and I both completed docu-sign forms, I received an email (within an hour) from the bank representative I had previously talked to and was informed that the account had been created and the $100 was deposited. The email also had information regarding online access and if I wanted that, I could reply with my preferred login id and they would create a temporary password (which I did). The login worked and there was the $100!
It is a joint account and I can confirm it was no hard pull.
Definitely a small operation with the procedure, but within 24 hours my daughter had an account, is $100 richer and we didn’t ever have to provide an initial deposit.
In the application verbiage there is a fee schedule that includes:
Account closed within first year = $10
OOS (out of state) is theoretically possible with this one. The application defaults to eligibility: “Through Community Volunteers of Utah, our non-profit charity organization, you qualify for membership at Utah First Credit Union. For more information, please visit CVofUT.com.”
Utah First pays the $5 donation to the non-profit.
Without DP’s of Chex sensitivity or HP, I am holding off for now.
Looks like they have previously offered $300 for a checking account, however, for that promo: “Member must live in Cache, Iron, Piute, San Juan, Sanpete, or Washington County to qualify.”
Source: https://webcache.googleusercontent.com/search?q=cache:VFXwIGoDOksJ:https://utahfirst.com/offer-300/+&cd=1&hl=en&ct=clnk&gl=us
I’m unable to find a fee schedule.