Update 6/19/21: Deal is back and seems to be back for all Michigan. Hat tip to Drew J
Offer at a glance
- Maximum bonus amount: $250
- Availability: Michigan, need to be resident as well.
- Direct deposit required: Yes, $100 monthly minimum
- Additional requirements: None
- Hard/soft pull: Hard (Transunion)
- ChexSystems: Unknown
- Credit card funding: Have to pay a $15 fee, maximum is unknown but at least $2,500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: January 31st, 2019
The Offer
- Honor Credit Union is offering a bonus of $250 when you open a new benefits or connect checking account and complete the following requirements:
- Open with a minimum deposit of $25
- Have at least one direct deposit totaling $100 per month (must be received within 60 days of account opening)
- Conduct 6+ debit card transactions within 60 days of checking account opening
The Fine Print
- $250 paid when new or existing member opens a checking account with a minimum deposit of $25, has at least one direct deposit that totals $100 per month and conducts 6+ debit card transactions within 60 days of checking account opening.
- Bonus will be paid within 30 days of minimum requirements being met.
- New account must remain open and maintain a positive balance for at least 90 days.
- If criteria is not met, $250 bonus will be withdrawn from account.
- New members must open account at honorcu.com/jointhefam or a local member center location.
- Existing members must open new checking account at member center location and specifically mention the $250 offer at time of opening.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Benefit checking has no monthly fees to worry about
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if any early account termination fee is charged or not.
Our Verdict
Benefit checking account used to earn 5% APY, now it’s sadly only 3% so I wouldn’t recommend that considering the better high yield savings accounts out there. This bonus is OK, but sadly it’s a hard pull to open the account so won’t be worth it for most people. Because of that I won’t be adding this to our list of the best checking 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
