[Expired] [MN, WI] Royal Credit Union: $1,250 Money Market Bonus ($100,000 Deposit Required)

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

Update 1/22/23: Deal is back and increased to $1,250

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: 1.6% 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, 2019 December 1st, 2019 3/31/23

The Offer

Direct link to offer

• 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 $750
• Account earns 1.6% 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• Initial deposit cannot be made from funds contained in an existing RoyalCU account or withdrawn, redeposited or transferred from a Royal account during this promotional period.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

Avoiding Fees

Monthly Fees

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

Our Verdict

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 $750 bonus you need to compare this to a 4% APY account at minimum. This account would earn a total $1,860 ($2,350 from the interest and $500 from the bonus) of vs $4,000 from a 4% APY account so it’s not worth considering for the other $750. 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.

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• Introduction To ChexSystems
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Post history:

• Update 10/6/19: Deal is back and valid until December 1st, 2019.