Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $220
- Availability:Â CA only
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: $5, avoidable
- Early account termination fee:Â None listed
- Household limit:Â None listed
- Expiration date:Â August 16, 2022
Contents
The Offer
- Community First Credit Union is offering a bonus of $220 when you open a new checking account and complete the following requirements:
- Open the special offer 2 – year certificate with a minimum of $10,000 (2.2% APY)
- Open a new local advantage plus checking account
- Maintain the checking account with an average daily balance of at least $5,000 for 6 months following account opening
The Fine Print
- To receive the $220 Cash Bonus, you must: 1) Be 18 years of age or older., 2) Open the special offer 2-Year Certificate funded with a minimum of $10,000., 3) Open a new Local Advantage Plus Checking account by 8.31.22. Existing checking account members not eligible., 4) Maintain the checking account in good standing and an average daily balance of at least $5,000 for the 6 months following account opening.
- The Cash Bonus will be deposited into your new CFCU checking account by 3/15/23.
- Cash Bonus may be reported on a 1099-INT.
- Member must not have closed a Community First Checking Account 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
This account has a $5 monthly fee, but this waived with 12 debit card purchases.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any early account termination fee.
Our Verdict
Needing to open a two year CD with $10,000 makes this a deal breaker. Because of that we won’t 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
At the current interest rates the bonus almost exactly offsets the lost interest on the balance in the checking account. Am I missing something ?
Looks like in branch only:
“To become a Member … we will need a “wet” signature and to check a photo ID, so easiest to Visit us at any branch.”
https://www.comfirstcu.org/about-us/join-the-credit-union/
Their branches appear to all be in Northern California: “SERVING CO-OP MEMBERS IN LAKE, MARIN, MENDOCINO, NAPA AND SONOMA COUNTIES”