Offer at a glance
- Maximum bonus amount: $100
- Availability: Membership is open to anyone who lives, works or worships in the state of Michigan
- Direct deposit required: Optional
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
Direct link to offers below
- Michigan First Credit Union is offering two deals:
- $100 referral bonus to both parties. Person signing up needs to open a new checking account, make 20 debit card purchases OR reach $500 in direct deposits within 60 days. Do not share your referrals in the comments below, they can be shared in this linked post.
- $100 CD bonus. Requires a $5,000 deposit, shortest CD is 6 months (0.8% APY for $5,000 or 3.3% for $10,000)
The Fine Print
- Full terms here
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Premier checking has no monthly fees
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
If you put $10,000 into a 5% APY account for 6 months you’d earn $250. With this bonus and the 3.3% APY you’d earn $265 so only marginally better. The checking referral bonus is easy though.
Do not share your referrals in the comments below, they can be shared in this linked post. Please share datapoints (e.g hard/soft pull and credit card funding) below.
Hat tip to reader Bockrr
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
