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 $2,000
- Monthly fees: None
- Insured: NCUA
- 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
This account has no monthly fees
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.
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
Did this code for “Office and Shipping” with anyone’s Ink card? Mine did.
beat2def Did you also get the 5% cat?
I haven’t been awarded any points yet. I’ll post the results.
beat2def did it post as ‘Office and Shipping?’
It did post as Office and Shipping. Cross my fingers that it will get the 5x 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.
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?
RobertL It should. I haven’t noticed any issues. They just batch-process them, so they only post them one day per month, approx.
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
Forgot one other question: Early closing penalty?
Any updates on opening the savings and then on the same day, opening the checking (for the cc funding, twice?) I believe I read at least one DP that they tried while logged onto their account (to open the other account) and that didn’t work and at least one other where they did 2 separate applications while not logged in, the 2nd application as a current member and both were approved. Would that be $2,000 and $2,000 for cc funding on each account? I believe I read some DP’s that your cc funding can be held up in the account for a while – wondering on more DP’s for this (I don’t want my funds stuck for a month.) Anyone fund with the AA biz card? Thanks.
Is the 2K opening fund safe to do the Amex SUB?
Yes. I’ve done it as recently as January.
Luke P2 did it on 2/2 with Amex BBC to finish up minimum spend and got SUB shortly after. I just did it myself yesterday with my Amex Marriott Biz card for the $2k spend offer for 7500 points and I got an immediate email congratulating me on meeting the spend reqs.
Thanks! That is great!
Another DP. I just did it with Amex Business Plat as well. So far it went thru on amex.
Another dp with Amex Biz Hilton card
This is probably already public knowledge, but FYI, Chase ink holders can get the PYB bonus on their Hanscom funding.
Which category does it count for?
Office & shipping
Does this count this “office & shipping” count as an “office supplies” purchase if using a Chase Ink credit card? Would it earn 5% cash back for “office supplies” ?
Unclear, I paid with the CIU.
Be the DP! I’m waiting on my Ink card in the mail.
Isn’t PYB for this ending 3/31/23 (tomorrow)
I have been using Ally to complete direct deposit for 5% cashback. In Jan it counted Ally deposit as DD, but not in Feb…
Considering it says “At least 1 ACH Credit/Direct deposit” and not terms about requiring employer/payroll, that’s hard to believe. Did you get the 12 debits done? What were they?
I used Schwab Brokerage last month, Verizon Fios for 11 debits, and the big debit ($240) was Cash App.
2/28/23 REVERSE CHARGE CASH BACK REWARD $10.00
Good point. I will ask them. The qualification email I received –
Minimum Qualifications Results
1 Direct Deposit/ACH Credit Transaction(s) 0
Agree To Receive e-Statements Yes
12 Debit Card Purchases 12
I assume Ally ACH wasn’t sent too soon or too close to the end of the month?
“For the monthly qualification cycle beginning 1-31-2023 and ending 2-27-2023”
My email shows 4 DD’s for Feb… two Schwab trial deposits, one $500 Schwab transfer, and one Ally $200, so appears to still work for me.
I scheduled recurring deposit pushed from Ally every month arriving on 17th. It has been counted since last year I opened the account. Maybe just a system glitch.
A couple of DPs for others. I used Gadget - Bank Bonus Geek ‘s referral to open an account, I did savings. All went fine with CC funding with Ink. Same day, I attempted to open a checking account using my membership number and that app was declined. I waited a couple of weeks and tried again and the checking app was declined again. The message says “We were unable to verify your identity or other personal information at this time.” The instrucion says to call in or visit a branch.
Does anyone know if you can do CC funding if they open the account over the phone?
I have not tried it at Hanscom. I tried it at a different bank and was told it would be considered a cash advance. Maybe someone else has more about Hanscom to share.
IME they review each account opening manually. I would bet that you’d be able to fund over the phone.