[Expired] [MI only] Michigan Schools and Government Credit Union $175 Checking Bonus

Deal has expired, view more bank account bonuses by clicking here.

Update 8/18/19: Deal is back and valid until August 31st, 2019. Hat tip to reader Lina Max

Offer at a glance

• Maximum bonus amount: $175
• Availability: Must  reside, work, attend school, or worship in Michigan’s lower peninsula
• Direct deposit required: Yes, $100+ within 60 days
• Additional requirements: See below
• Hard/soft pull: Unknown (possibly hard, see comments). Report of soft pull
• ChexSystems: Unknown
• Credit card funding: Up to $500
• Monthly fees: None
• Early account termination fee: Six months or bonus forfeit
• Household limit: None listed
• Expiration date: October 31st, 2018 August 31st, 2019

The Offer

Direct link to offer

• Michigan Schools & Government Credit Union (MSGCU) is offering a bonus of $175. Bonus is broken down as follows:
  • $25 bonus for opening a Regular Checking or Fresh Start account with an initial deposit of $25 or more between June 3 and August 31
  • $75 bonus for a direct deposit of $100 or more within 60 days of opening your account
  • Up to $75 bonus for each MSGCU debit card transaction of $5 or more ($1 per transaction, up to 75) within 60 days of account opening

 

The Fine Print

• Bonus paid for completing the qualifying criteria. Bonus to be paid in one sum at the end of 60 days from the date of the new account opening. Limited to one per member.
• Not available to existing checking account holders or those that have closed an MSGCU checking account 4/1/2019 or later.
• Accounts must remain open for at least 6 months.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about. You do need to keep the account open for six months otherwise you will forfeit the bonus.

Our Verdict

They have offered a bonus of $100 in the past, so this is better than that. It’s nice there are no monthly fees to worry about, but there are a lot of bonus requirements. Might be worth doing if it’s a soft pull, especially if you can fund a decent amount with a credit card. If anybody decides to go for this bonus then please share your experiences in the comments.

Big thanks to reader, SirEel who let us know. Learn how to find bonuses and contribute to the site here.

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