[MD only] Tower Federal Credit Union $100 Checking Bonus, No Requirements + $200 Credit Card Bonus

Update 4/28/21: There is also a $200 credit card bonus. You can also join if you are outside of the field of membership by donating $35. Hat tip to Econ0mist

Offer at a glance

• Maximum bonus amount: $100
• Availability: Must work for an employer group or be a member of of organizations in our field of membership. Branches are all in MD
• Direct deposit required: No
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Can fund up to $500 with a credit cards
• Monthly fees: None
• Early account termination fee:
• Household limit: One (not enforced, might require a different promo code)
• Expiration date: December 31, 2020 June 30, 2021

The Offer

Direct link to offer

• Tower Federal Credit Union is offering a bonus of $100 when you open a new checking account and complete the following requirements:
  • Use promo code 100GPS21

The Fine Print

• §$100 deposit offer ends 12/31/2020 and may be withdrawn at any time.
• Member must enter promotion code when applying online or provide promotion code to Member Service Representative at Tower branch.
• $100 deposit will be deposited in a qualified Prime Share account within 6-8 weeks from account opening.
• The minimum balance to open and maintain a Prime Share account is $5.
• Annual Percentage Yield is 0.08% and subject to change. Rates effective: 9/16/2020.
• $100 bonus is subject to taxation.
• New member accounts only.
• Current Tower members, employees and their family members are not eligible for the $100 bonus.
• Tower’s field of membership eligibility requirements must be met to qualify.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fees to worry about

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.

Our Verdict

Looks to be a great bonus, especially if there is a decent amount of credit card funding. Will add this to our list of the best bank account bonuses.

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

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