[Update: This deal looks to be dead due to a rebranding, we will be making a post on the radius bank bonus shortly. For now, go here for more deposit account bonuses]
The Offer
- You can receive up to $50 for opening a checking account and another $50 for opening a savings account. Here are the terms of each:
- Checking $50 bonus:
- Receive $25 when you open a new checking account with First Trade Union Bank
- Receive $50 when you make a qualified direct deposit to your new FT checking account ($10 per month for five months)
- Receive up to $25 by using the FT Pay app. When a merchant participating in LevelUp providers you with a percentage off the regular price of it’s goods or service FTUB will match that amount and put it in the app’s vault for potential redemption (to turn this potential redemption into actual redemption you must open a FTUB checking account before June 30th and link your FTUB debit card to the FT Pay app)
- Savings $50 bonus (you must have a First Trade checking account and must link a First Trade Union Bank Debit Card to the FT Pay app). You choose a percentage of your savings through the FT Pay app to be automatically transferred to your savings account (0, 20, 40, 60, 80 or 100%) and FTUB will match this up to a limit of $25.
- Checking $50 bonus:
The Fine Print
- Valid from June 24, 2013 till
June 30th, 2014Offer extended until December 31st, 2014 - Minimum direct deposit of $100 is required
- Minimum opening deposit of $1oo, balance must be $100 or greater at the time bonuses are to be deposited as well
- Limit of one bonus per individual
- Bonuses will be credited to your account within 60 days of completing the requirements
- If you opened an account during the 2013 promotion, you do not qualify for this promotion
- Bank account bonuses are treated as interest and as such you must pay tax on them
Avoiding Fees
This account has no monthly fee, there is no mention of an early account termination fee but we can’t be sure one doesn’t exist as we weren’t able to locate their fee schedule online.
Our Verdict
- They seem to be extremely picky on what counts as a direct deposit
- You cannot fund this account with a credit card
- Opening this account is a soft credit pull
This promotion is far too complicated for a potential reward of $125. There is no way I’d ever go to this much trouble to try and get $125, especially when they seem to be picky about what triggers the direct deposit requirement.
To make this deal worth it you’d need to find $25 worth of savings using FT Pay. Considering I’ve never heard of FT Pay or LevelUp, I have no idea how likely this is. If you have more experience with it, let us know in the comments.
