Posted by William Charles on October 6, 2019
Bank Account Bonuses

Published on October 6th, 2019 | by William Charles

15

[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, 2019 December 1st, 2019

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  • Initial deposit cannot be made from funds contained in an existing RoyalCU account or withdrawn, redeposited or transferred from a Royal account during this promotional period.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

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 $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:



15
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Emporio
Emporio

Royal Credit Unin is a great bank and I’m definitely going to pursue the $500 bonus. The bank does pull your Chex systems report but I’m LOL/24 months so I’d say they are not at all inquiry sensitive. However a large number of inquiries may prevent you from opening this account online. I was required to physically visit a branch with several forms of ID in order to open my first account with them. But since then I’ve opened 5 accounts online with them.

Emporio
Emporio

Data points on timing:
>Opened account 7/15
>Completed $100K in funding on 7/31
>$500 bonus posted to Share Savings account on 8/7

jtizzle
jtizzle

Thanks for the info! Did you close it? Are you gonna? Any word on minimum requirements or early termination fees?

Kent
Kent

It should really be mentioned that membership is only available to those who live, work or attend school in a small selection of counties in southeastern MN (around Minneapolis) and northwestern WI, and additionally through a short list of employers in that area and through other eligible family members (e.g. if your parent or sibling lives in the eligible area, you are eligible even if they are not a member).

maddybeagle
maddybeagle

They only allow you to fund the account to 10,000 to open online. I called and asked if they allow time to bring in the rest of the money online through ACH and wasn’t given a firm answer but they said they would check my account in a week but still haven’t rec. the bonus. I also “saved” the application online before I called them to make sure about terms and they went ahead and processed my application and took the 10,000 out of my other account without even doing trial deposits as the norm for most banks.

maddybeagle
maddybeagle

Edit: Got the 500 credit to the account this morning (after getting account to 100k 2 days ago).

Ak
Ak

How did you make the remaining deposit? Did you use ach directly to mm account in different amounts? In how many days? I guess it’s hard to fund it all at once…

Emporio
Emporio

The ACH transfer limit on a new Royal Credit Union account is too restrictive to allow for fully funding the account via ACH pull.
However, HSBC Bank allows for up $350K in outgoing transfers/per month and another $350K in incoming transfers. I used HSBC as a hub to pull funds from 8 high yield accounts at other banks/credit unions and then transferred $90K to Royal Credit Union. Also you can fund the initial $10K deposit via (non-AMEX) credit card.

Emporio
Emporio

William Charles see my post above for an update to the credit card funding limit from $2K to $10K. I funded the account with $10K via a Chase Ink Preferred and it posted as a Chase points eligible purchase.

maddybeagle
maddybeagle

ACH from external account.

BW
BW

Just not Chase, they’ll suspend your online banking and cancel the transaction.

Rosco
Rosco

The offer has been extended to August 31, 2019.

Jack
Jack

How long are you guys planning to keep the 100k in the money market? Can we pull out the funds after receiving the first $500? It doesn’t make sense to keep funds for 1 full year to get the other $500

Rosco
Rosco

Offer has been extended again to December 1, 2019

BW
BW

Got account to 100k 2 weeks ago, still waiting on bonus to post.

Back to Top ↑