Offer at a glance
- Maximum bonus amount: $100
- Availability: MI only
- Direct deposit required: Yes, $200+
- Additional requirements: eStatements
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None with eStatements
- Early account termination fee: $5, 60 days
- Household limit: None listed
- Insured: NCUA
- Expiration date: None listed
Contents
The Offer
- Community West is offering a bonus of $100 when you meet the following requirements:
- Open a checking account
- Minimum $200 monthly direct deposit into checking account
- Sign up to receive electronic statements
- In addition this account earns 7% APY on balances up to $2,000 when you meet the following requirements:
- Monthly direct deposits totaling at least $200
- At least 7 debit card transactions
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fee
I don’t think there is any monthly fee for this account, you will be charged $2 if you receive paper statements though. Keep in mind electronic statements are required for the bonus anyway.
Early Account Termination Fee
If you close your account within 60 days of opening you will be charged a $5 fee.
Our Verdict
We need to know whether it’s a soft or hard pull to open, but this looks interesting. Usually when we see accounts earning at above 5% APY they have a maximum balance of like $500, at least this is $2,000. Not sure if it’s worth having to do the debit & direct deposit requirements monthly but that will likely depend on how easy those requirements can be met and also what other high interest accounts you currently have. If anybody opens this account, please share your experiences in the comments below.
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
