Best Credit Union Checking Bonus Offers for February 2025

By Penny Besana
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Your next checking account could come with cash rewards—discover credit union bonuses that pay you back.

Banks aren't the only ones that offer checking bonuses.

Credit unions often feature limited-time checking promotions, with bonuses ranging from $50 to $300—or even more.

If you've overlooked credit union accounts before, you might have missed some great incentives.

But it's not too late. Explore the latest credit union checking bonuses below and find out how to qualify!

Credit Unions with Checking Account Bonuses
Here are credit union bonuses you may earn for opening an eligible checking account:

Have you ever taken advantage of a checking account bonus offer?

Credit Union Checking Bonus Offers

Unfortunately, you can't really get $50, let alone $500, without strings attached. These checking account bonuses specify what you need to do to qualify:

Now that you've explored your options, let's go over key points you might need clarification on.

What is a Checking Bonus?

A checking bonus is offered by banks as an incentive to customers for opening a new checking account with them.

Expect to perform certain activities in the account to earn the bonus, some of which include the following:

☑ Receive X amount in qualifying direct deposits.
☑ Complete X number of debit card transactions.
☑ Enroll in online banking and/or electronic statements.
☑ Deposit and maintain X balance in a savings account.
☑ Keep the account open for X days/months.

Checking bonuses are sometimes quite substantial, so they would typically have higher requirements. For example, you may need to receive direct deposits for several thousand dollars (or more) into the new checking account if their bonus offer is $500 or higher.

Conditions like these ensure customers engage with the bank's services and maintain an ongoing relationship.

Is it worth it to open a checking account for the bonus?
Checking bonuses can be worthwhile if the checking account has other features you could also benefit from. These may include access to a large fee-free ATM network and no monthly service charges.

Credit Union Bonus Vs. Bank Bonus

At first glance, credit union bonuses seem no different than those offered by traditional banks. However, there are nuances:

  • Amount
    Credit union bonus amounts tend to be a little more modest than bank bonuses that can run up to a few thousand dollars.

  • Membership
    Unlike banks, credit unions are member-owned and typically have prequalifying requirements. These may include living within a specific area or geographical location, working for a particular employer, or membership of an affiliated group.

Is it better to use a credit union or a bank?
A credit union may be a better choice than a bank if you prefer more personalized customer service. It also tends to have more favorable rates for loans and deposit accounts. Ultimately, the most beneficial to you will depend on your financial needs since both options can have their pros and cons.

How Can I Get a Credit Union Checking Bonus?

While steps to claiming a checking bonus may vary across credit unions, here's the usual process you'll follow:

  1. Check if you meet the membership criteria set by the credit union (if you're not yet a member).
  2. Review the terms and conditions of the bonus offer carefully.
  3. Open the checking account either online or in person based on the offer instructions.
  4. Fulfill requirements, i.e. setting up a direct deposit, and/or using your debit card.
  5. Wait for the credit union to credit your bonus, which may take several days, weeks, or even months.
  6. Keep your account open for the specified duration to avoid bonus forfeiture.
  7. Once credited to your checking account, you can now withdraw your cash bonus.

Which credit union has the best benefits?
As one of the best credit unions, Alliant Credit Union may also be considered as the most beneficial overall. It's notable for offering high-yield checking without most fees and a competitive rate for savings.

What Banks Are Paying More Than $500 to Open an Account?

To expand your options, here are larger bonus offers from several banks and credit unions:

Compare Checking Account Promotions

Things to Look for in a Credit Union Checking

Aside from the cash bonus, it's important to consider if the checking account makes sense for your needs.

Here are some aspects to think about before jumping the gun:

  • Monthly fee & balance requirements
    Checking accounts may require a minimum balance or charge monthly fees. That said, you can also check out free checking to avoid monthly fees altogether.

  • Other fees
    There are checking accounts that charge on ATM withdrawals and overdrafts. See if they have additional features that justify the fees they come with.

  • ATM network
    Consider the size and reach of the credit union's ATM network to ensure convenient access to cash withdrawals and other services if you need them.

  • Mobile app features
    A robust and user-friendly mobile app can make things easier. Does it have the functions you need, like mobile check deposit, bill payment options, and other account management tools?

FAQs

Why do credit unions pay more than banks?
As a not-for-profit cooperative, a credit union doesn't distribute profits to shareholders, allowing it to provide more benefits to its members. This often comes in the form of better rates on savings and loan products.

What are the three largest credit unions?
As of March 2024, the three largest credit unions in terms of assets are Navy Federal Credit Union, State Employees' Credit Union, and PenFed Credit Union.

What bank gives the biggest bonus?
Citi offers one of the biggest bonuses when you open or fund a Citi Personal Wealth Management account. Note that this is usually a time-limited deal. Click here to stay up-to-date with the latest Citi promotions.

What is the downside of a credit union?
One of the main disadvantages of credit unions is often its limited accessibility. Unlike traditional banks, credit unions are likely to have fewer physical locations. If you don't have one nearby, it could make frequent in-person transactions challenging.

Do you get taxed on checking account bonuses?
Checking account bonuses are considered taxable interest income. Banks or credit unions must send Form 1099-INT by January 31 if you have earned $10 or more. Even if you don't receive one, you must report any interest income on your tax return. [1][2]

Bottom Line

When opening a credit union checking account, cash bonuses can be a great perk if you qualify.

But remember, an account should work for you long-term. Look beyond the bonuses to ensure the features meet your day-to-day needs and financial goals.

References

  1. ^ IRS. Interest Income, Retrieved 01/21/2024
  2. ^ IRS. About Form 1099-INT, Interest Income, Retrieved 01/21/2024

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Checking Account Promotions

February 5, 2019 - Reviews for Bank Promotions
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