Deal has ended, view more bank account bonuses by clicking here.
Update 1/29/22: Extended until 12/31/2022.
Update 7/6/21: Extended until December 31, 2021 with a new promo code.
Update 6/12/21: Deal is back with a new promo code.
Update 4/28/21: There is also a $200 credit card bonus. You can also join if you are outside of the field of membership by donating $35. Hat tip to Econ0mist
Offer at a glance
- Maximum bonus amount: $100
- Availability: Must work for an employer group or be a member of organizations in our field of membership and have a valid promo code. Branches are all in MD
- Direct deposit required: No
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: No
- Credit card funding: Can fund up to $500 with a credit cards
- Monthly fees: None
- Early account termination fee:
- Household limit: One (not enforced, might require a different promo code)
- Expiration date:
December 31, 2020 June 30, 2021December 31, 2021
Contents
The Offer
- Tower Federal Credit Union is offering a bonus of $100 when you open a new checking account and complete the following requirements:
- Use promo code
CWFGOLF2021
- Use promo code
The Fine Print
- §$100 deposit offer ends 12/31/2020 and may be withdrawn at any time.
- Member must enter promotion code when applying online or provide promotion code to Member Service Representative at Tower branch.
- $100 deposit will be deposited in a qualified Prime Share account within 6-8 weeks from account opening.
- The minimum balance to open and maintain a Prime Share account is $5.
- Annual Percentage Yield is 0.08% and subject to change. Rates effective: 9/16/2020.
- $100 bonus is subject to taxation.
- New member accounts only.
- Current Tower members, employees and their family members are not eligible for the $100 bonus.
- Tower’s field of membership eligibility requirements must be met to qualify.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking account with no monthly fees to worry about
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.
Our Verdict
Looks to be a great bonus, especially if there is a decent amount of credit card funding. Will add this to our list of the best bank account bonuses.
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
Bonus over, link just brings you to main site
In my case, they pulled Chex. Declined with Chex at time of application: 0/1, 0/2, 0/3, 6/6, 27/12 & 56/24.
Can anyone share referral to me?
([email protected])
Thanks
don’t think they have any promos right now
Applied 12/30, bonus received 2/22. P2 got it within a week last year so I figured it wasn’t coming, surprised to see it today. Didn’t get the email advert for FAMILY2023 though…
They pulled chex now, not EWS (at least, no inquiry shown on myidcare)
MyIDCare (OPM edition) is very flakey about EWS “financial account” monitoring – IME, sometimes it goes months without being triggered, even though I know I received new EWS inquiries. Once upon a time I called them and asked why it was not working and the reps were clueless.
Basically, I wouldn’t assume Chex just because MyIDCare didn’t alert you. Chex is easy to pull online and that will remove all doubt.
jd
yeah, i did see the chex hit
Well, that’s an unfortunate change. It’s hard to find credit unions that don’t pull Chex.
What is the promo code to use? I don’t see any on their website
Apparently they sent an email many months ago saying to some current Tower members to refer people using promo code FAMILY2022 with an expiration of 12/31/22. I did not get said email.
So, are we sure they aren’t inquiry sensitive? I’m at probably close to 20 inquiries this year, most of which have been in the past month or so.
It’s basically gambling if you have to spend the $35 up front for membership. I don’t think that one more inquiry would push any Chex checking over the top for me, so that isn’t much of a concern, but for it to be breakeven, I need at least a 50% chance of approval when factoring in taxes. And it’s still gambling. If they’re approving the vast majority of people and other, more lucrative offers are already used up, sure, it’s maybe worth it. But if it’s basically a coin flip, then no.
I haven’t tried to churn this but you can add at least one more additional account for more CC funding if you desire.
Also, IME, they do not pull Chex. They pull EWS. But that was about two years ago. Things can change.
Tee
Apply first and then if you get accepted pending your membership, apply for membership.
they robbing me:
“Thank you for your inquiry and patience. Please see the comments below from our internal department. We apologize for any inconvenience this may cause.
Without a promo code there is no $100 incentive deposit. There is also no promo code associated with making a donation to the Foundation. Unfortunately there are still several outside websites that we are unable to get taken down that tell people they’ll get $100 for opening an account. The sites either do not mention or have it in very small and hard to find print that eligibility qualifications must be met.
If you have any further questions or concerns regarding this matter, please feel free to reply. You can also contact our Member Service Center at (301) 497-7000 or toll free at (866) 56-TOWER. If no additional questions or comments are added to this email, the status will automatically be updated to “Resolved” and will then be closed.”
So you didn’t provide a promo code? Their response is consistent with what they have written in the terms for the offer.
i did put a promo code. i forget which one, i think it was “CWFGOLF2021” or maybe the family one. i forget. but i def did put the promo code.
The CWFGOLF2021 promo code expired on 12/31/21 (see
ShawntheShawn’s comment).
Anybody try opening additional accounts from their online banking login as an existing member for CC funding? Will they pull EWS again?
Gadget - Bank Bonus Geek 
Daedalus 
mothman69 
Dominique
I opened one of the “You Name It” Club Savings Accounts in March for $500 in CC Funding. However, I haven’t pulled my full EWS report since then. MyIDCare hasn’t notified me of a new EWS inquiry, but I have noticed less than a 100% track record on that service for EWS notifications.
Tower Federal Credit Union $100 Bonus DP
– 1/31 – Application submitted with National Business Park used for eligibility and funded $505 on Venture X (posted as purchase)
– 2/3 – Application approved and account opened after providing driver’s license, social security card, and utility bill
– 4/20 – $100 bonus posted to savings account
What promo code did you use? I’m not seeing one on there site.
Applied from OOS, funded $3k via fidelity CC. They requested docs and I uploaded. They give back this message: “Thank you again for your application with Tower. We were unable to complete verification with the documentation provided. We have issued a credit back to the card you used for funding. Please see the receipt provided.”
Looks like recent DP showed that cc funding is only up to $500. Have you tried again?
killdozer