[Expired][CA only]Provident Credit Union $150 Checking Bonus + 1.36% APY Account

This offer has expired, you can view the new offer here.

Offer at a glance

• Maximum bonus amount: $150
• Availability: CA only
• Direct deposit required: Yes, $500
• Additional requirements: See below
• Hard/soft pull: Soft
• Credit card funding: Up to $1,000
• Monthly fees: None, but there is a $10 joining fee (waived online)
• Early account termination fee: None
• Expiration date: None listed

The Offer

Direct link to offer

• Receive a sign up bonus of $150 when you open a new super rewards checking account from Provident credit union and complete the following requirements and use promo code KNBR :
  • Perform 10 debit card transactions per month (excludes ATM transactions).
  • Have a monthly direct deposit or automatic credit of at least $500.
  • Maintain enrollment in e-Documents (electronic statements and notices).

 

1.36% APY

To receive the 1.36% APY you need to complete the bonus requirements every month. You only earn this 1.36% rate on the first $25,000 in funds (after that it’s 0.08% APY) and you’ll receive a 0% APY if you don’t meet the requirements.

The Fine Print

• Offer may expiry at any time
• Not eligible  if you are a current owner or signer on a Provident Credit Union personal or business account or if you have been an owner or signer on a Provident Credit Union personal or business account within the last six months
• One bonus per household/business
• Eligible accounts are: Super Reward Checking, Provident Checking, Simply Free Checking, or College Checking; all other checking accounts are not eligible for the bonus
• Must complete requirements within 90 days
• Bonus will generally be deposited within 120 days of account opening
• All bank bonuses are treated as interest and as such you have to pay taxes on them

Avoiding Fees

Your best option is to open the Super Reward Checking account which has no monthly fees or minimum balance requirements and also earns the 1.36% APY when requirements are met.

Membership Enrollment $10

If you enroll with provident then you must pay a $10 membership enrollment fee. Although apparently it’s possible to get this waived if you apply online.

Early Account Termination Fee $0

None of the provident checking accounts come with an early account termination fee.

Our Verdict

It should be noted you can’t use transfers or bill pay within 30 days of opening the account.

Provident currently offers a similar bonus but it gives you $100 and then another $250 in round up debit card transactions, I don’t think the round up program is worth considering as you are forgoing credit card rewards so this is the better bonus.

The upside to the other bonus is that you can use a Bill Pay to replace the direct deposit, although I’m pretty sure any ACH transfer will trigger this bonus requirement as well so not a massive deal either way. I passed on the $100/$250 bonus because I try to get at least $100 in value (and I would have only gotten $90 after paying the $10 joining fee).

Here’s what I’ll do:

• Become a member online (that way I avoid $10 fee)
• Sign up for the super rewards checking account, using a 2%+ credit card to fund the account with $1,000 (+$20)
• Wait thirty days and then complete the bonus requirements, will just make 10 regular small purchases using debit card and change my employer payroll (easy for me to do so now) (+$150)
• Wait for bonus to post
• Close account

In total I’ll net $170, I’ll probably actually try to use my Discover it Miles card and then I should be able to net another $10 bringing me closer to $200. Not bad at all.

Hat tip to reader Paul