Published on September 22nd, 2019 | by William Charles35
[CA only] Stanford Federal Credit Union $200 Checking & $200 Savings Bonuses
Offer at a glance
- Maximum bonus amount: $400
- Availability: CA only
- Direct deposit required: $500+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown,
- Monthly fees: None
- Early account termination fee: None, but account must be kept open for three months
- Household limit: None
- Expiration date: None listed
- Receive a sign up bonus of $500, must sure promo code NEWMB. Bonuses are broken down as follows:
- Open a new checking account & establish a monthly recurring direct deposit of at least $500 to your new checking account and receive a $100 bonus
- Make at least 20 debit card purchases/month for three months and receive a $100 bonus
- Open a rewards credit card and make at least $500/month in purchases or maintain a minimum $2,500 balance for three months and receive a $100 bonus
- Open a savings or money market account with a minimum of $25,000, must maintain that balance for three months and receive a $200 bonus
The Fine Print
- Bonus offers are only available to new Stanford FCU members beginning August 1, 2019, and eligibility requirements apply.
- Loans are subject to credit approval.
- All bonuses will be credited to your checking account within 30 days from satisfaction of the requirements.
- The 3-month new member period begins on the first day of the month following your account open date.
- Any taxes due on the bonus deposit are the sole responsibility of the recipient.
- Stanford FCU will report the bonus deposits to the appropriate state and federal agencies, as required by applicable law.
- This offer is not valid with any other Stanford FCU promotional offer, and is subject to change without notice.
- Checking with a minimum $500 recurring monthly direct deposit plus one of the other offers qualifies you for Partner level Membership Rewards and 3 free worldwide ATM transactions/month.
- Open a Stanford FCU Basic or Premier Checking account with at least $5 and a minimum $500 recurring monthly direct deposit.
- The recurring direct deposits must be posted to your new checking account within 60 calendar days of your account opening date.
- Offer does not apply to second or multiple checking accounts and/or existing members with checking, and will be limited to one bonus per household.
- The checking account must remain open a minimum of three months.
- The $25,000 must be deposited to a Stanford FCU savings or money market account within 30 days of establishing a new membership with a new checking account, and this balance must be maintained for three months.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Their basic checking account has no monthly fees or monthly minimums.
Early Account Termination Fee
There is no early account termination fee, but you must keep the account open for a minimum of three months according to the fine print.
Looks like the money market account earns 0.75% APY if your balance is above $2,500. That means with the bonus you’d be earning roughly 3.95% APY if your balance was exactly $25,000 and you left it in there for three months, not bad but certainly not the best when compared to other savings rates and savings bonuses. The credit card bonus isn’t really worth considering as it will be a hard pull and there are much better bonuses available. The $200 in checking bonuses are worth doing though and are better than the $100 normally offered. I’ll add those to the best bank account bonus page.
Hat tip to reader John C
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