Update 5/27/23: Deal is back and valid until 12/31/23.
Offer at a glance
Maximum bonus amount: $200
Availability: Must be eligible to join CU (live, work or worshipping in Washington State qualifies you – more options here). Looks like it’s also available to some in Oregon as well. Idaho: Live, work, worship, or attend school in Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce or Shoshone county
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Yes, sensitive
Credit card funding: Unknown
Monthly fees: None listed
Early account termination fee: None listed
Expiration date: 3/31/2023
The Offer
BECU is offering a $200 checking bonus when you open a new checking account with the promo code PASSPORTMBR and perform 5 qualifying actions within the first 30 days of joining:
Make a purchase using your BECU Debit Mastercard®.
Write a check or electronic check.
Make a payment using BECU Bill Pay.
Or deposit $500 or more into your checking account.
The Fine Print
1Redeemable at any BECU location and online. The promo code 23Q1CONV must be entered at time of application. BECU is not required to pay the promotional incentive for accounts opened without the appropriate promo code. New member may not be an existing member, must be 18 years or older, within BECU’s field of membership, and be eligible to open and maintain membership. Not all applicants will qualify. New members who are rejoining but have had a membership relationship with BECU in the last six (6) months do not qualify. Business, Fiduciary, Zero-Dividend, HSA, and Early Savers accounts are not eligible to receive deposit bonuses. BECU employees are also not eligible to receive deposit bonuses. New member will receive the $200 bonus deposit to the open Member Advantage savings account within 120 days of opening qualifying accounts and meeting the utilization requirements within 30 days. Accounts must remain open and in good standing for at least 90 days. Bonus deposits will not be made to closed accounts. $200 bonus deposit will be reported for the new member as interest income to the IRS on Form 1099-INT at year-end. Other terms, limitations, and conditions may apply. Check with BECU for current Annual Percentage Yield (APY) of accounts. BECU reserves the right to terminate this offer at any time.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Their member advantage and regular checking accounts both come with no monthly fee, you’re probably better off with the member advantage checking account as this earns 4.07% APY on balances up to $500
Early Account Termination Fee
As far as I could see there was no early account termination fee in their fee schedule.
Our Verdict
Better than the previous $100 referral bonus as this way the person signing up gets the full $200 bonus. Deal might also be nationwide. This bonus is definitely worth chasing, just keep in mind they are very ChexSystems sensitive so people might not get approved unfortunately.
Hat tip to reader Flip
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