[Coachella Valley, CA only] Sun Community Federal Credit Union $250 Money Market Bonus

Offer at a glance

• Maximum bonus amount: $200
• Availability: CA only. Anyone who lives, works, worships or volunteers in Imperial or Coachella Valley is eligible to join
• Deposit: $10,000-$25,000
• Interest rate: 1.25%
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: $50, six months
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Sun Community Federal Credit Union is offering a money market bonus of up to $250:
  • Deposit $10,000 within 30 days of account opening and maintain it through July 31st, 2020 and receive a $100 bonus
  • Deposit $25,000 within 30 days of account opening and maintain it through July 31st, 2020 and receive a $250 bonus

The Fine Print

• New Opportunity Money Market account with new funds is required to be eligible for bonus. A minimum deposit of $10,000 to get a $100 bonus or $25,000 to get a $250 bonus into an eligible account within the first 30 days from account opening is required and an average balance must be maintained through July 31, 2020.
• Cash bonus will be credited to the new eligible account within 30 days after required balance period is over.
• The bonus will be reported on IRS Form 1099-INT for the year received.
• Please consult your tax advisor if you have any questions about your personal tax situation.
• This offer is subject to change and may be cancelled at any time without advance notice.
• 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

According to the fee schedule there is a $50 fee if the account is closed within six months

Our Verdict

Bit annoying there is no end date listed, I’m guessing it will probably be pulled on March 31st. Best case scenario you’re going to have to lock up your funds for roughly 3 months. The bonuses work out to be an additional 4% APY, bringing the total to 5.25%. Definitely worth doing if it’s a soft pull to open, might be even better if you can still open the account much after March 31st.

Hat tip to reader John C

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