Published on October 6th, 2019 | by William Charles15
[Expired] [MN, WI] Royal Credit Union: $1,000 Money Market Bonus ($100,000 Deposit Required)
Deal has expired, view more bank account bonuses by clicking here
Update 10/6/19: Deal is back and valid until December 1st, 2019.
Offer at a glance
- Maximum bonus amount: $1,000
- Availability: MN, WI only
- Deposit required: $100,000
- Deposit length: 12 months for full bonus
- Interest rate: 1.36% APY on balances above $100,000
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $10,000 with a Visa or Mastercard
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date:
July 31st, 2019 August 31st, 2019December 1st, 2019
- Royal Credit Union is offering a money market bonus of up to $1,000. Broken down as follows:
- Bring $100,000 or more in new money and get a $500 reward
- Keep the balance above $100,000 for 12 months and get another $500
- Account earns 1.36% APY if balance is above $100,000
The Fine Print
- Offer valid on new Money Market accounts opened June 1 through July 31, 2019 with an initial minimum deposit of $100,000 in new money.
- Initial deposit cannot be made from funds contained in an existing RoyalCU account or withdrawn, redeposited or transferred from a Royal account during this promotional period. Membership and account opening upon qualification.
- The first $500 Reward will be deposited into the tax reported for account holder’s Primary Base Savings Account upon qualification.
- The final $500 Reward will be deposited into the tax reported for account holder’s Primary Base Savings Account if the Money Market account has contained a balance of at least $100,000 and remained open for 12 consecutive months from the account opening date. R
- oyalCU reserves the right to withhold the final $500 Reward if the qualifications are not met based on RoyalCU’s sole discretion during the 12 month time period.
- Limit of one account per Member may be included in promotion.
- Member cannot have had a previously opened or closed Money Market account with RoyalCU in the last 30 days.
- Rewards are subject to federal and state tax requirements.
- RoyalCU reserves the right to terminate this promotion at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fee to worry about
Early Account Termination Fee
As far as I know there is no early account termination fee
For the first $500 bonus there doesn’t seem to be any minimum deposit length, but I could be wrong about that. For the other $500 bonus you need to compare this to a 2.5% APY account at minimum. This account would earn a total $1,860 ($1,360 from the interest and $500 from the bonus) of vs $2,500 from a 2.5% APY account so it’s not worth considering for the other $500. Most people won’t have $100,000 in liquid funds anyway and moving this amount of money might not be worth it for the relatively small bonus.
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?
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