Offer at a glance
- Maximum bonus amount: $300
- Availability: In branch only, all branches are in Texas [Branch locator]
- Deposit Required: $15,000 for up to one year
- APY: 0.3% APY on balances $2,000-$19,999.99 [Rates here]
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None, as long as $2,000 is in account otherwise unknown fee
- Early account termination fee: $100, 6 months
- Expiration date: None listed
The Offer
- Get up to $300 when you open a new money management account with Mobiloil Credit Union and deposit a minimum of $15,000 in new money from another financial institution. The bonus you’ll receive depends on the length of time you keep the money in the account and is credit automatically in increments of $100:
- Keep it for 14 days and receive $100
- Keep it for 6 months and receive another $100
- Keep it for 12 months and receive another $100
The Fine Print
- Open a New Money Management Account with $15,000 or more in NEW MONEY from another financial institution.
- Limit one new Money Management account per member.
- Earn three $100 payouts over 12 months when you keep a balance of $15,000 or more. Payouts on eligible accounts will be credited automatically after 14 days, 6 months, and 12 months.
- This account earns a tiered dividend rate on balances of $2000 and over. Dividends are calculated daily and paid monthly on eligible balances.
- Daily balance must not go below $15,000 during the promotional period in order to qualify for all payouts over the 12 month period.
- Withdrawals are limited to 6 per month, 3 of which can be made by check.
- Rates subject to change without notice.
- Offer is for a limited time and is subject to approval based on eligibility for membership and account opening guidelines.
- Promotion may end without notice. This is a limited time offer.
- If the account is closed by the member or Mobiloil CU within 6 months after opening, we will deduct the initial $100 payout at account closing.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
You need to keep $2,000 in the account, otherwise I think a fee is charged but I’m not certain what that fee is. There is an early account termination fee of $100 if the account is closed within six months.
Our Verdict
Let’s look at how much you’d earn if you kept the $15,000 in there for each of the minimum requirements (this includes the interest and bonus):
- 14 days: ~$101.7
- 6 months: ~$225
- 12 Months: ~$345
If you put it into a 1% account you’d earn:
- 14 days: ~$$5.75
- 6 months: ~$75
- 12 Months: ~$150
But as you should know it’s possible to get much better rates than 1%. I don’t really think this bonus is worth considering unless it’s a soft pull and you can fund a significant amount with a credit card. There are much better offers out there.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
