Posted by William Charles on September 8, 2019
Bank Account Bonuses

Published on September 8th, 2019 | by William Charles

19

[Expired] [CA only] $1,000 Tech CU Savings Bonus

Deal has now ended, view more savings bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $1,000
  • Availability: Must reside in  Santa Clara, Alameda, San Mateo, Santa Cruz, San Francisco, or Contra Costa counties
  • Deposit required: $20,000+
  • Additional requirements: Keep deposit until 12/31/19
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Up to $125, Visa/MC/Discover
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: September 30th, 2019

The Offer

Direct link to offer

  • Tech CU is offering a bonus of up to $1,000. Deal is available to new and existing account holders. The bonus you receive varies based on how much you grow your deposit balance:
    • $20,000 to $49,999 and get a $200 bonus
    • $50,000 to $99,999 and get a $400 bonus
    • $100,000 to $249,999 and get a $600 bonus
    • $250,00+ and get a $1,000 bonus

The Fine Print

  • Promotional Period is 07/01/19 to 09/30/19. Campaign End Date is 09/30/19.
  • You must enroll during the Promotional Period.
  • Must be 18 years or older.
  • Offer excludes balances held in business accounts.
  • During the Promotional Period, grow your total deposit relationship with Tech CU by moving New-to-Tech CU funds from any outside institution to any Tech CU share deposit account where you play a primary owner role. On 10/01/19, Tech CU will determine how much your total deposit relationship grew during the Promotional Period by taking your total deposit balance on 09/30/19 and comparing them to your total deposit balance on 06/30/19.
  • The increase in your total deposit balances during the Promotional Period will determine which Promotional Tier you are eligible to participate in.\ Your total deposit balance must increase by $20,000 or more during the Promotional Period to be eligible for any Promotional Tier.
  • To receive a Promotional Tier payout, you must maintain the minimum required total deposit growth for the Promotional Tier you were eligible to participate in through 12/31/19.
  • If your total deposit growth drops below the Promotional Tier you were eligible to participate in, but still falls within one of the lower Promotional Tiers, you’ll be paid the amount for the corresponding lower tier. Tech CU reserves the right to change or cancel 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

Their basic checking account doesn’t come with any monthly fees.

Early Account Termination Fee

Not sure if there is any early account termination fee

Our Verdict

Best way to maximize this promotion would be to deposit funds on 9/31/19 and then withdraw on 12/31/19. Basically need the funds in there for 3 months at absolute minimum. The best tier is tier 1 in terms of a return (works out to be 4% APY), as the tiers increase the rate gets worse. For most people this won’t be worth it, but if you already have an existing account or are looking to park some funds it might be worth considering. I’ll be adding this to our list of the best savings bonuses.

Hat tip to reader EW

Useful posts regarding bank bonuses:



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SMan
SMan

Can we keep new money in 3 months certificate, which pays 1.25% APY and get Bonus?

Heritage
Heritage

Did you ever find out the answer? I’m thinking about maybe trying this.

SMan
SMan

no. I will call Tech CU on 23rd and post here.

SMan
SMan

I called Tech CU, the CSR said we can keep the money in CDs also.

Heritage
Heritage

the interest from the 3 month certificate comes to $62.5. Altogether, it looks like +$80 for this bonus as opposed to keeping it in a high interest earning account (around 3%). So I guess it’s worth it for the $80.

With the certificate, I guess we just open the certificate first, and then transfer the funds into the certificate later on? I haven’t even transferred the funds into Tech CU yet from my external account.

Which date are you thinking to initiate the transfer to make sure it arrives by September 30? I was thinking to initiate the transfer around September 25? Or maybe that’s even too early?

SMan
SMan

As 28 and 29 are weekends, I will go for 25. I think after that you are risking.

Heritage
Heritage

hey man any idea how to fund this certificate? I opened it yesterday, but now I can’t find any way to select to transfer funds into it. hmm

SMan
SMan

Sorry, No idea. My funds are not in Tech cu yet.

SMan
SMan

Click Apply (at the top just below Tech CU logo). Select certificate. Than website will guide. You can fund from the money which is already in Tech CU. I just opened.

SMan
SMan

Sorry I did not red your question properly. I checked on Website, it says once account is open you have to call CSR with in 14 days to fund. I opened and funded the account at the same time.

qmc
qmc

Not too bad, the 50k/$400 is about 3.2% equivalent, before the 0.25-1.25% APY for the savings-to-CD APY range.

JASON
JASON

There’s no 31st in Sept

Samus
Samus

fake news

Zubair
Zubair

So if I move 20k cash from my WF account, currently earning 2.32%, and move here for 3.5 months (assuming moving cash in and out takes 1 week each), I earn $200.

However if I keep my 20k cash in my WF account, for 3.5 months , I earn $134.

This account gives me $65, and after tax, maybe $50. Really worth it?

qmc
qmc

That’s up to you — keep in mind you earn more than-zero interest here, but yes, you do have to trade the opportunity cost.

Samus
Samus

yeah, it’s worth it.

Jeff J.
Jeff J.

Doc, my only gripe with your otherwise amazingly helpful and much appreciated site is headlines like this that don’t specify that a $250,000 deposit is required to get that $1,000 bonus.

Samus
Samus

This is interesting.

I opened a Tech CU account years ago when I was living in California. I updated my address to a different state. Any idea whether I would qualify for this bonus? I already have the accounts open. Sounds like I just need to register for the promotion and transfer funds? Or would I somehow be disqualified for having an address from a different state?

Heritage
Heritage

Is anyone else doing the tier 1 for $200 for 20k? I’m thinking to do it? Since it works out to 4%, and currently the best I’m getting with my money is 3.33% with Heritage Bank.

If anyone else has suggestions on a better investment or bonus right now, I’d love to know before transferring 20k over to Tech. Thanks!

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