Offer at a glance
Maximum bonus amount: $300
Availability: be a primary resident of Florida
Direct deposit required: Unknown
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: No
Credit card funding: Can fund up to $3,000 with a Visa or Mastercard
Monthly fees: None
Early account termination fee: 180 days, bonus forfeit
Household limit: None listed
Expiration date: December 31, 2023
The Offer
Addition Financial is offering a bonus of $350 when you open a new benefits checking account and complete the following requirements for six months after account opening:
It’s not clear from the fine print what the actual requirements are? I think you just need to keep the account fee free and have a minimum balance of $1,000?
The Fine Print
The new account promotion is not available to existing Addition Financial Credit Union (“Credit Union”) members who have a current checking account (as primary or joint) or to those whose Credit Union accounts have been closed within the past year (365 days) or were previously closed with a negative balance.
To receive the promotional payment, a new member must: a) be over the age of 18 (eighteen); AND b) meet Credit Union membership eligibility requirements (www.additionfi.com/membership-counties); c) be a primary resident of Florida, d) open new Benefits Checking account (“Account”) and keep the Account active for at least six (6) months; and e) complete the activity associated with the desired promotional payments listed above each month for six (6) months after opening the Account (collectively, The “Promotion Requirements”). To be eligible for the promotion, the new Account must not be closed, restricted or have received a monthly service fee at the time of payout. The appropriate promotional payment will be deposited into your new account six (6) months after the account open date.
This promotion begins on March 3, 2023 and ends December 31, 2023.
Dividend period – For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is January 31.
Minimum balance requirements: There is no minimum balance required to open this account. However, you must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield.
Other Account Requirements: To avoid a monthly fee you must have a minimum amount of direct deposit(s) or debit card transactions each month. Please see the Fee Schedule for current fees that may apply to this account.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Benefits checking has a $15 monthly fee, this is waived if you do any of the following:
Fee waived if there is a $2,000 direct deposit or
20 debit card transactions per month.
Early Account Termination Fee
I didn’t see any mention of any early account termination fee in the fee schedule. But you do forfeit the bonus if closed within 180 days.
Our Verdict
This has been as high as $300 in the past. I’m not sure if I’m an idiot or the bonus requirements just aren’t clear.
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