Offer at a glance
- Interest Rate: 5% APY
- Minimum Balance: $5
- Maximum Balance: $6,000
- Availability: View requirements here, possibly anybody can join by becoming a member of a partner organization
- Direct deposit required: No
- Additional requirements: None, but maximum $500 deposit per month
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: Up to $100
- Monthly fees: None
- Insured: NCUA
The Offer
- Hanscom Federal Credit Union is offering 5% APY on balances up to $6,000
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees
Referral Bonus
You can also get a $30 referral bonus when using a referral link. Don’t share your referrals in the comments here, you can share them in this linked post here.
Our Verdict
This account is slightly different in that you can only transfer $5 – $500 per month and it matures after 12 month. At the end of the 12 months the funds automatically transfer to your savings account. You can ask them to keep this account open rather than having to open a new one but your balance will be back to $0.
Hat tip to reader Yuri
DP: Closed via SM, next day. Account(s) disappeared from online banking. Login currently works. CANNOT access statements anymore.
FWIW, the Hanscom Thrive product *might* not be able to be used more than once anymore. In the past I have filled one page renewal forms to restart a new one every year as the interest rates are usually competitive and the account is easy to automate. However, this year I didn’t get a renewal form, just a letter that said this:
“Now that you have achieved your savings goal, meet with a Financial Wellness Coach and set a new one. Our products and services are flexible and can be tailored to your specific needs and goals.”
My renewal isn’t until mid-January. I’ll try to open a new Thrive account then and see what happens.
Since the rate is only 5% APY, why would you want to go through the hassle of doing Thrive? Many banks are above 5% without gimmicks. I chose not to renew mine several months ago.
I was thinking that maybe you wanted the CC funding, but IIRC… they don’t let you do that because you have to call to open/renew that account, and last I knew, CC funding is only $100 now on other deposit accounts.
If it’s your local credit union and you want to support them, no worries & no judgment.
Is the referral bonus still active? I can’t find the webpage to refer people anymore.
Referral program is paused (read cancelled)
With this and Kasasa Checking gone I am wary if this CUs health is seriously declined.
The $10 per month cash-back account will be gone soon:
“Effective November 1, 2023, if you have Free Checking, Kasasa Cash Checking, or Kasasa Cash Back Checking, your account will be migrated to Your Way Checking. If you have Kasasa Saver Savings, your account will be migrated to Your Way Savings. You will continue to have no minimum balance requirement and no monthly maintenance fee, and your account number will remain the same. These changes will keep more money in your pocket and working for you.”
Aww 🙁
Oh damn it, I just utilized the $10 cashback for 3 months…
received this snail mail as well
Received this same mail
RobertL 
seven any thoughts?
Is there any reason to continue with the new account?
Between the CC funding being reduced to $100, and now this removal of the Kasasa $10/month, it’s the end of the road.
Unless you want to keep a no fee credit union that might run a better promo or referral offer in the future.
Somewhat unrelated, has anyone had an issue with Cash App transactions going through but not showing up in online banking?
Guess it doesn’t matter much since this is the last month.
Sometimes the transactions don’t show up until next day. That’s with Verizon too.
P1-P3 got the last $10 reward from this today. The checking accounts have already converted over as well. I also see that the referral program is gone. If you’re not regularly using this account, I would try to zero it out and close it asap before they start charging inactivity fees or something.
🪦RIP Hanscom🪦
You will always be remembered for your $2k CC funding and $10 monthly rewards.
What to you expect the total interest to be for this CD
since it is funded partially each month?
About $160. Your average deposit will be around $3200. Mine closed at $6158.17, but it was only 362 days because of a weekend.
Can confirm that cc funding for a CD has been reduced to $100 max. Not sure about new accounts. RIP
It was confirmed here that the $100 limit applies for new member accounts too: https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#comment-1637343
yea. this is my only account that takes AMEX funding to 2k:(..Anyone has other good Amex funding options?
Do you mind sharing if your AMEX is a charge card or credit card?
Did this code for “Office and Shipping” with anyone’s Ink card? Mine did.
I haven’t been awarded any points yet. I’ll post the results.
It did post as Office and Shipping. Cross my fingers that it will get the 5x points.
What credit card did you use that office supplies was a special category? Was it a Chase ink? Did you get 5 points?
DP: I applied online, from my office at work, and was denied because they “were unable to verify your identity or other personal information at this time.”
I called in and the customer service rep said that I was denied because my IP address’s address didn’t match my home address?! They asked if I was using a VPN. I’m not. She said apply for the account again when I’m at home.
In synopsis, apply for this account at home, not at your work. Probably sage advice anyway. 🙂
The extra $5 bonus for making 32 debit card transactions in March posted for P1-P3 on 5/1 to our Prime Share savings accounts. We only had to make an extra 20 Venmo P2P debit card transactions each since the Kasasa cashback checking account already requires 12 transactions monthly/per statement cycle. We all did receive the promotional mailer, not sure if it was targeted or not. Love it when banks and credit unions offer small extra rewards just for making some debit card transactions.
I’m trying to figure out where to go to open the savings first. I see the checking link when I click the above link that was posited, but do you first have to fill out that small form and have them call you back? Isn’t there a way to open up the savings online? Or do I become a member first, then it gives you the option to apply for the savings?
1. Get someone to send you a $30 referral. It will have a link to: https://www.hfcu.org/why-us/about-hanscom-fcu/join-hanscom-fcu.html
2. Choose to become a member, fill out the application, and open a Savings account, called a Prime Shares. You get to fund it with a credit card (CC) & they (hopefully) give you a member number.
3. Once you are a member, open a Checking account. I recommend the Kasasa Cash Back for the $10/month Cash Reward for spending $200, easily fulfilled by Cash App loading. Use the same link previously mentioned. You get asked if you are an existing member, and you click that option. Fund it with a credit card as well. If this account is applied for on the same day, you only get one Chex inquiry for both accounts.
bonus
The highlight of this deal is that they accept Amex (Visa, MC too) up to $2K per account, and multiple accounts can be obtained. The referral $30 bonus and the monthly $10 reward keep you satisfied with your decisions.
They do hold the CC funds as not available for about two weeks. Probably 10 biz days.
Appreciate it – so regardless if you want to get the $30 referral bonus (for keeping the account open for 90 days,) you need to start with applying to become a member, then it asks you what account you want to open and you say savings, correct? Then (hopefully) you get a member # and then open a checking account. I am not sure I will be doing $200 a month, so are all of the accounts free of charge each month? Any early closing penalty? As far as them holding the funds, how do you know when they are released (is there something indicative of this on the site?) Would you be able to open a second savings or checking account down the line? Another question: I believe you previously posted that the first time you can fund $2,000 and the next time $1,999 – any reason for this?
To get the $30 it says “The referred member’s prime savings and checking account must remain open and in good standing for 90 days after opening.” They don’t have to be done on the same application, or the same day even.
Yes, you have to apply for membership first. “Prime Shares” is their Savings account. It’s mandatory as part of credit union membership and is symbolic of your share of ownership in the credit union. That first application will for you to open this account, IF you get approved.
$200 a month in debit card “spending” is optional. You can get $10 reward for doing so with the Kasasa Cash Back checking acct, if you do the other requirements (12 debits/ACH)
All the checking/savings accounts are free of charge – no requirements, other than keeping $25 in your Prime Shares. To get it, you have to close your credit union membership.
No early closing fee. There is an inactivity fee after 12 months of no activity. https://www.hfcu.org/content/docs/fee_schedule.pdf
You know the funds are not available during that two-week period because online banking access will show a $0 Available Balance, but a Current Balance of $xxxx, based on my experience.
I don’t know how many accounts you can open up. I haven’t tried to add another checking or savings acct. I know some people who have opened CD’s and were able to fund them with a CC after opening the checking/savings.
I said to use $1999 when opening the 2nd account because sometimes the CC can trigger a fraud alert for doing what appears to be a duplicated charge. However, if you are using two different cards or on another day, that should not be an issue.
Allowing credit card funding on secondary/additional accounts is somewhat rare. Enjoy it while you can.
bonus The only downside, will likely get another Chex inquiry when not done on the same day for each application.
Appreciate it.
Oops. My account say the funds are available. I just opened my account three days ago.
It’s possible they have changed their policy, or the rep that processed the deposit screwed up and forgot to apply the hold restriction. Another possibility, it could depend on the specific credit card used.
Will the referral bonus post automatically?
Per terms, the prime savings and checking account must remain open and in good standing for 90 days after opening, and the bonus posts between days 91-135.
The last bonuses I have gotten were posted on 1/31, 3/24, and 4/28, into the PRIME SHARES 80-1 as “REVERSE CHARGE Thank you for referring us!”
Thanks so much for the detailed response, will wait until day 91-135.
The 3/24 was from referring me. 95 days from opening.
RobertL
Well, that’s too bad but not uncommon for FIs to change the CC funding limits once it gets too popular.