Update 10/2/23: Deal is back but heavily restricted now:
The promotion is only available to residents of the following counties: Alabama Counties – Madison, Morgan, Marshall, Limestone, Cullman or Jackson. Tennessee Counties – Rutherford, Bedford, Cannon, Moore, or Lincoln.
Participant must open their first RFCU checking account during the promotional period, and must not have had a RFCU checking account within the past 5 years (1826 days).
Hat tip to ShawntheShawn
Update 6/29/22: Deal is back and valid until September 29, 2022. Hat tip to reader Gadget.
Offer at a glance
Maximum bonus amount: $100
Availability: AL, TN, GA, MS, MO, AR, IN, KY, IL, OH, MI, PA, FL, NC, WV, VA. Can join Financial Fitness Association for $8 to be eligible.
Direct deposit required: No
Additional requirements: 5 debit card purchases & online banking
Hard/soft pull: Soft pull
ChexSystems: Yes, not sensitive
Credit card funding: Up to $530
Monthly fees: $5, avoidable
Early account termination fee: None
Household limit: None mentioned
Expiration date: December 31, 2021 September 29, 2022
The Offer
Redstone Federal Credit Union is offering a $100 bonus for both the referrer and referee when the person being referred completes the following requirements:
Access online banking once
Use your debit card five times
You can refer a maximum of five people
The Fine Print
Note: the promotion is only available to the first 4,000 participants from the following states: Alabama, Tennessee, Georgia, Mississippi, Missouri, Arkansas, Indiana, Kentucky, Illinois, Ohio, Michigan, Pennsylvania, Florida, North Carolina, West Virginia and Virginia.
Promotion available 9/1/2021 – 12/31/2021.
Must be RFCU® member in good standing as defined by RFCU Bylaws and must be referred by an existing RFCU member.
The participant must not have had an RFCU checking account within the past 24 months.
The participant must notify RFCU of the referral code at account opening.
Business accounts are not eligible.
The promotion consists of: $100 first RFCU checking bonus, $100 referral incentive.
In order to receive the $100 checking bonus, within 30 days of account opening the participant must make at least 5 point of sale (POS) purchase transactions with the debit card associated with the new checking account and set up and access Redstone’s online banking at least one time.
Limited to one checking bonus per participant and cannot be combined with any other checking offers.
Promotion is limited to 5 checking incentives per referring member.
Bonus and incentive will be deposited into the members’ primary checking account within 90 days of account opening, but no later than 3/31/2022, if the promotion requirements are met.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Easy checking account is the easiest account to keep fee free. This has a $5 monthly fee that is waived with a direct deposit or 4 debit card transactions.
Early Account Termination Fee
I wasn’t able to find any mention of an early account termination fee in their fee schedule.
Our Verdict
Great bonus as no direct deposit is required and you have the chance to refer people as well. Do not share your referrals in this post, please keep it to discussing the actual bonus. You can share your referrals in the linked post. This will be added to our best bank account bonus page. I do hate promotions that are limited to the first XXXX people though as you never really know when that is hit.
They also offer a Brighter Day savings account which offers 2.02% APY with no requirements on balances up to $2,500 which is worth opening.
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