[Expired] Thrivent Federal Credit Union $500 Money Market Bonus [Christian Faith Required]

This checking bonus has now ended. You can view more checking bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Must be of Christian faith or married to somebody who is
• Deposit required: $10,000-$50,000
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull
• ChexSystems: Yes,  they are sensitive
• Credit card funding: Unknown
• Monthly fees: Avoidable
• Early account termination fee: $20, 90 days
• Household limit: None listed
• Expiration date: May 1st, 2020

The Offer

Direct link to offer

• Thrivent Federal Credit Union is offering a bonus of up to $500 when you open a new money market account with the promo code MMKT2020. The bonus you receive depends on the amount of new money you deposit within 30 days of account opening. The balance must be maintained for 90 days for half the bonus and until 12/31/2020 for the other half. Deposit tiers as follows:
  • $10,000 = $100 bonus
  • $20,000 = $200 bonus
  • $30,000 = $300 bonus
  • $40,000 = $400 bonus
  • $50,000+ = $500 bonus

The Fine Print

• Open a new Preferred Plus Money Market or Thrivent Rewards Money Market account using promo code MMKT2020.
• The maximum bonus you will be eligible for will be based on the total of all deposits made within 30 days of the account being opened.
• Deposits made after the initial 30-day period will not qualify for a bonus.
• Account must be funded with new money which means deposits must be from another financial institution (transfers between Thrivent Federal Credit Union accounts will not qualify).
• Bonus tiers: $10,000 – $19,999.99 earns $100, $20,000 – $29,999.99 earns $200, $30,000 – $39,999.99 earns $300, $40,000 – $49,999.99 earns $400 and $50,000 or more to earn $500.
• To receive a bonus, after the initial 30-day period, you must maintain a daily balance equivalent to the amount of new money required for the bonus: you will be eligible for half of the bonus after maintaining this balance for 90 days, and you will be eligible for the other half of the bonus after maintaining this balance until 12/31/2020.
• You will receive a bonus based on the lowest daily balance you maintain in your account for the period prior to each bonus payment, but each bonus payment will not be more than half of the maximum bonus you are eligible for.
• If all requirements are met, the first half of the bonus will be deposited into your Preferred Plus Money Market or Thrivent Rewards Money Market account within two weeks of the end of the 90-day period.
• The second half of the bonus will be deposited into your Preferred Plus Money Market or Thrivent Rewards Money Market account within two weeks of 12/31/2020.
• Offer limited to one bonus per member; you must be primary owner on the account.
• Offer is effective February 3, 2020 through May 1, 2020.
• Bonus is not available to any account holder who has earned a money market bonus in the past 12 months. Bonus may be reported as dividends to the IRS.
• This offer is subject to change and can end at any time 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

Average balance of $2,500+ required to avoid the monthly fee

Early Account Termination Fee

$20 if closed within 90 days

Our Verdict

Your best bet would be to open the account on May 1st and then fund it as late as possible in that first 30 day period. You’re still going to need to keep the funds in the account until December 31st, 2020 which is roughly six months (best case). This works out to be an additional 2% APY. The money market accounts earn 0.4%-0.65% so this is an annualized return of 2.4-2.65%. Not bad considering the current market conditions, but not good either. Because of that we won’t be adding this to our list of the best savings account bonuses.

Hat tip to reader EW

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