Offer at a glance
- Maximum bonus amount:Â $150
- Availability:Â Must be a Lake or Porter County resident
- Direct deposit required:Â Yes, but fine print says ACH will work
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems:Â Unknown
- Credit card funding: Up to $250
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Purdue Federal Credit Union is offering a $100 savings bonus. Bonus is broken down as follows:
- Set up paperless statements
- Your month-end emergency savings balance is equal to or greater than $500 (after three months)
- Three auto transfers (set up by a Purdue Federal staff member)
- Get another $50 boost when your month-end emergency savings balance is equal to or greater than $1,000
The Fine Print
- A one-time bonus of $50 will be paid when the balance meets $500 and $1000 threshold respectively, maximum bonus total of $100.
- Minimum of 1 recurring automatic transfer deposit set up by a credit union member services representative in 3 separate months is required to earn bonus.
- Paperless statements on same membership required to earn bonus.
- Bonus will be paid no later than the fifth day of the month immediately following the qualifying month.
- Bonus is a considered interest and will be reported on IRS Form 1099-INT. Social Security Number required for account holder to receive bonus.
- Member must maintain a checking account on the same membership as the Emergency Savings Account.
- If the related checking account is closed for two consecutive months the Emergency Savings Account will convert to a special savings account.
- Limited to one Emergency Savings Account per membership.
- Not available to businesses. Membership eligibility required.
- 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
I was unable to find the fee schedule so I’m unsure if there is any EATF.
Our Verdict
Looks like you need a checking account open to be eligible for this account otherwise it’ll be converted to another type of savings account. In the past they have offered a $150 checking bonus, so this might be worth considering for people that already have that account open otherwise I’d just give this one a miss.
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
