Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- Availability: Anyone who lives, works, worships or attends school in Nassau County or Suffolk Country with the exception of the townships of East Hampton, Southampton or Shelter Island are eligible to join Island.
- Direct deposit required: Yes, two recurring deposits that total $1,000+
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee:
- Household limit:
- Expiration date: June 30, 2025
Contents
The Offer
- Island Federal Credit Union is offering a $400 bonus when you open a new Cash Back Checking
- Use promo code 400
- Get $200 when you set up direct deposit (minimum of two (2) recurring electronic deposits totaling no less than $1,000 USD in a 90 day period)
- Get $200 when you
- make 10 debit card purchases of $5+
- enroll in eStatements
- keep $500 in account
The Fine Print
- All offers subject to credit approval. To receive Reward Points, Member must have an Island Checking Account, Debit Mastercard and enroll in the uChoose Rewards Program at www.uChooseRewards.com. Points will be awarded for purchases at the beginning of each month.
- Open to individuals who have not had an Island Federal Checking account in the past 12 months
- . Eligibility criteria must be fulfilled within the first 120 days of Membership or individual forfeits incentive.
- To qualify a Direct Deposit must include a minimum of two (2) recurring electronic deposits totaling no less than $1,000 USD in a 90 day period.
- Perform at least 10 Debit transactions of $5.00 USD or greater per transaction (excludes ATM transactions.
- Transactions involving peer-to-peer (P2P) services such as Venmo, Pay Pal, Zelle and other P2P services are ineligible).
- Maintain a combined checking account/savings account average month end balance of $500 USD or greater for the first 90 days from account opening.
- If Member successfully completes requirements, Island Federal will deposit the bonus in Member’s savings account in the month following the 120-day period.
- Not available to fiduciary accounts or those accounts that have been closed within 90 days or closed with a negative balance.
- Bonus will be reported on IRS form 1099-INT. Offer valid 05-01-2025 to 6-30-2025; subject to change without notice.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Early Account Termination Fee
I wasn’t able to find any EATF in the fee schedule.
Our Verdict
Not available in many areas unfortunately, looks good apart from that.
Hat tip to Yum
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
For this requirement, make 10 debit card purchases of $5+. I’m thinking about Amazon reload, any other options?
thats what I did. Hopefully it counts
Applied online with credit reports frozen but chex unfrozen. Application went pending and was contacted within a few hours to unfreeze for a soft pull. Unfroze and application was approved the next day. Reviewed my chex report afterwards and was pleasantly surprised to see no chex inquiry from Island. Was able to fund the max 2k with an Ink Preferred that coded as a purchase and *not* as a cash advance. If you live within the footprint this is definitely worthwhile.
DP: denied online with Chex frozen due to “cannot verify identity”, then went to a branch and was approved (Chex still frozen). The manager got involved, he checked my address on the ID (Suffolk county) and approved. They also looked at my work ID (the bank is located in my work building). Now wondering if P2 and P3 should go for it (Chex of all of us is LOL)…
Chex sensitive. Not exact numbers but I’m LOL/24 p2 maybe 10/24. Both denied due to inquiries.
What about recent, like 3 mo?
Applied 5/18 and still waiting.
Did you get an update? I also applied that day, no decision yet.
they asked for copy of ID and proof address. After sending these, the account was open a couple days later.
Denied due to Chex online and in branch. Banker advised they were highly sensitive.
It would have been nicer if the banker had warned you before you applied rather than afterwards. 😀
The application gives an eligibility option of having an immediate family member living in New York. I applied from OOS by choosing this option (I actually do have family members living in New York) and the system allowed me to submit the application without requiring any specifics or verification of those family members. The application went to pending review (“if necessary, a team member will reach out within one business day regarding the status of your application”), so hopefully will be approved. The application allows for 2k credit or debit card funding.
Update: I received a denial email one day later. Reason cited was too many inquiries.
was accepted 2 wks ago, nyc resident but I legitimately work within footprint so was able to provide my most recent Suffolk county pay stubs
Submitted application with everything frozen, got an email that I was denied due to being out of footprint, I replied with pay stubs and they asked me to unfreeze both Experian (700ish) and Chex (30/24), after unfreezing (no hard pulls) I was accepted within 30 mins and the employee confirmed to me that the promo code “400” had been applied to my account successfully.
also funding max possible cc deposit (2k) worked with citi aadvantage biz card i’m working on spend bonus for, coded as Mortgage Companies – Financial Institution but coded as a purchase, not cash advance
Do you know why they needed Experian to be unfrozen? Banks usually dont need to check credit scores right? I read somewhere that they put a hard inquiry when someone tried opening a checking out with them.