[MI] Honor Credit Union $250 Checking Bonus

Update 6/19/21: Deal is back and seems to be back for all Michigan. Hat tip to Drew J

Offer at a glance

• Maximum bonus amount: $250
• Availability: Michigan, need to be resident as well.
• Direct deposit required: Yes, $100 monthly minimum
• Additional requirements: None
• Hard/soft pull: Hard (Transunion)
• ChexSystems: Unknown
• Credit card funding: Have to pay a $15 fee, maximum is unknown but at least $500
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: January 31st, 2019

The Offer

Direct link to offer

• Honor Credit Union is offering a bonus of $250 when you open a new benefits or connect checking account and complete the following requirements:
  • Open with a minimum deposit of $25
  • Have at least one direct deposit totaling $100 per month (must be received within 60 days of account opening)
  • Conduct 6+ debit card transactions within 60 days of checking account opening

The Fine Print

• $250 paid when new or existing member opens a checking account with a minimum deposit of $25, has at least one direct deposit that totals $100 per month and conducts 6+ debit card transactions within 60 days of checking account opening.
• Bonus will be paid within 30 days of minimum requirements being met.
• New account must remain open and maintain a positive balance for at least 90 days.
• If criteria is not met, $250 bonus will be withdrawn from account.
• New members must open account at honorcu.com/jointhefam or a local member center location.
• Existing members must open new checking account at member center location and specifically mention the $250 offer at time of opening.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Benefit checking has no monthly fees to worry about

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if any early account termination fee is charged or not.

Our Verdict

Benefit checking account used to earn 5% APY, now it’s sadly only 3% so I wouldn’t recommend that considering the better high yield savings accounts out there. This bonus is OK, but sadly it’s a hard pull to open the account so won’t be worth it for most people. Because of that I won’t be adding this to our list of the best checking 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