Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Must be one of the member groups, most are employee groups but some more generic ones towards the bottom. They seem to be AL & TN only
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding:Â Up to $530
- Monthly fees:Â $5, avoidable
- Early account termination fee:Â None
- Household limit:Â None mentioned
- Expiration date:Â December 31, 2021
Contents
The Offer
- Redstone Federal Credit Union is offering a $300 checking bonus when you complete the following requirements:
- Use promo code MP300
- Access online banking
- Use your debit card 5 times
The Fine Print
- Promotion is only available from October 1, 2021 to December 31, 2021, and is available to any individual that belongs to one of RFCU®’s Membership Partners or Approved Geographic Locations that provides us with a valid promotional coupon opening their first checking account with a debit card. RFCU employees and their family members are not eligible to participate. The initial $25 deposit requirement on checking accounts will be waived as an added benefit of this promotion if account is opened in branch.
- Monthly maintenance fees apply to checking accounts.
- If the promotion participant is not already a member, RFCU will provide the initial $5.00 share balance for the share savings account if account is opened in branch, which must be maintained at all times.
- In order to receive the bonus, the participating member must make at least five point of sale (POS) purchases with the debit card associated with the new checking account and must set up and log in to RFCU’s online banking at least one time within the first 30 days of opening checking account. ATM withdrawals do not constitute POS purchases.
- The bonus can expire at any time without prior notice. Bonus will be deposited into the member’s checking account within sixty (60) days of account opening, but no later than March 1, 2022, if all requirements are met.
- This offer cannot be combined with any other promotional offers.
- The bonus applies only to accounts opened on or before December 31, 2021.
- Promotion limited to one bonus per participant member
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Easiest account to keep fee free seems to be the easy checking account, this has a $5 monthly fee that is waived with a direct deposit or with an average daily balance of $100+. No longer an option according to this comment.
Early Account Termination Fee
I wasn’t able to find any mention of an early account termination fee in their fee schedule.
Our Verdict
Terms on this one are a bit strange as the header says it’s for their membership partners but the terms say “is available to any individual that belongs to one of RFCU®’s Membership Partners or Approved Geographic Locations” so might just need to live in one of the geographical area that would open it up a lot more. This is better than the $100 referral bonus.
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
