[MN] Sharepoint Credit Union $150 Checking Bonus + 5% APY (Up To $5k)

Update 8/3/21: Bonus is back, but at the $150 level.

Update 6/6/20: Any account can be opened for the $200 bonus now.

Update 4/11/20: Bonus has been increased to $200 (from $150). Available until July 31st, 2020. Hat tip to reader Samuel

Offer at a glance

• Maximum bonus amount: $150
• Availability: MN only
• Direct deposit required: Yes, $300+
• Additional requirements: Deposit at least $150 at account opening
• Hard/soft pull: Hard
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $5.95, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: None listed
• Expiration date: September 30th, 2019 July 31st, 2020

The Offer

Direct link to offer

• Sharepoint Credit Union is offering a bonus of $150 when you open a new checking account. Premier Rate Account also earns 5% APY on balances up to $5,000 for the first two years first year. There are no requirements for the bonus or 5% APY rate. To receive the $150 bonus you need to deposit at least $200 at account opening and receive at least $300 in direct deposits per month and complete 10 debit card transactions.

The Fine Print

• APY up to 5.00%, but will vary based on checking account option.
• All accounts are subject to approval.
• Restrictions apply.
• SharePoint will match up to $150 with the first deposit.
• Funds will be deposited into qualified member’s Checking or Savings account at account opening.
• Funds will be held until a minimum of $300 has been received via direct deposit.
• Direct deposit of $300 per month is required.
• SharePoint reserves the right to reclaim funds if the account is closed within six months.
• Member is responsible for any related taxes or restrictions according to MN laws.
• Cannot be combined with other offers.
• Promotion is limited to (1) $150 incentive per member, with no prior checking relationship in the last six months.
• Offer ends 9/30/2019.
• Federally insured by the NCUA.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Premier Rate Account comes with a $5.95 monthly fee, this is waived if you have 10 or more point of sale transactions. They also have a free checking account.

Early Account Termination Fee

Bonus is forfeit if the account is closed within six months of account opening

Our Verdict

Not really worth considering due to the hard pull. Previously they had a $100 bonus with the 5% APY with no requirements, now it’s $50 more but it requires a direct deposit. I won’t be adding this to our best bank account bonuses.

Hat tip to reader Dan

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