Deal has ended, view more bank account bonuses by clicking here.
Update 7/4/23: Extended through July 31, 2023
Update 4/17/23: Extended through June 30, 2023.
Update 3/1/23: Extended until March 31st, 2023.
Update 1/30/23: Extended until2/28/23.
Update 12/31/22: Extended until January 31, 2022.
Update 12/13/22: Deal is back until December 31, 2022.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â IL
- Direct deposit required:Â Yes, $1,000+ per month for three months
- Additional requirements:Â Use promo code
- Hard/soft pull:Mixed dp, most are hard
- ChexSystems: Unknown
- Credit card funding:Â Â No
- Monthly fees:Â None
- Early account termination fee:Â Bonus forfeit, 12 months
- Household limit:Â None listed
- Expiration date:Â
July 31, 2022 August 31st, 2022December 31, 2022
Contents
The Offer
- Credit Union 1 is offering a $500 bonus when you open a new free checking account and complete the following requirements:
- Use promo code CHK500
- Establish direct deposit activity within 60 days of account opening or by August 31st, 2022. Requires three month of direct deposits $1,000+ per month
The Fine Print
- To redeem this offer you must use Promo Code: CHK500.
- Offer not available to existing members who already have direct deposit coming into a CU1 account, those whose accounts have been closed within 90 days, or closed with a negative balance within the last 3 years from the date of use of the Promo Code.
- Promo Code is only good for one-time use and is not redeemable with any other offers.
- To receive $500 bonus:
- (1) Within 60 days of use of the Promo Code, you must establish and receive a minimum recurring aggregate total direct deposit of $1,000 per month into a new or existing CU1 checking account.
- (2) Your direct deposit must be from an electronic deposit of your paycheck, investment account, pension or government benefits (such as Social Security) distribution from your employer or government agency. Person to Person transfers or payments are not considered a direct deposit.
- Bonus will be paid by deposit into your CU1 checking account within 7 days of meeting all qualifying criteria.
- To receive the bonus, the checking account must not be closed or restricted at the time of payout.
- Bonus is considered interest and will be reported on 1099-INT.
- Offer may be cancelled at any time without notice. Account Closure: If the checking account is closed by the member or by CU1 within 6 months after opening, we will deduct the bonus amount from the checking account at closing.
- 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
Account must be kept open for 12 months or bonus will be forfeit.
Our Verdict
Looks to be a great bonus, if anybody goes for it just make sure to share if you can fund it with a credit card and also if it’s a hard or soft pull. Will add this to our list of the best checking bonuses either way.
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
Post history:
- Update 10/14/22: Extended until October 31, 2022
- Update 9/11/22: Extended until September 30, 2022
- Update 9/5/22: 9/30/22. Possibly nationwide as long as you join CU1EDA for $5. Hat tip to Curmudgeon
- Update 8/3/22: Now requires direct deposit for three months.
