Update 1/14/23: Deal is back, this time a $100 referral for both sides. Feel free to share your referrals in the comments below.
Update 9/11/22: Deal is back. Hat tip to alopez14
Offer at a glance
Maximum bonus amount: $100
Availability: Santa Clara County CA only
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Hard pull
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: None listed
The Offer
Commonwealth Central Credit Union is offering a $100 bonus to both sides when using a referral when you open a new checking account and complete the following requirements:
Use promo code SHARE100
Account also earns 2% APY on balances up to $20,000 when you meet the following requirements:
Make 15+ transactions with your debit card and/or Visa credit card
Have direct deposit or ACH deposit transactions totaling at least $300
Receive eStatements
The Fine Print
Membership in CommonWealth is required.
Offer applies to new checking accounts only.
Subject to $100 fee for closing checking account within 6 months.
All new accounts will be verified by Chex Systems.
Cash or non-cash gifts in excess of $10 are subject to IRS reporting on form 1099-INT.
Offer is subject to cancellation without notice and cannot be combined with any other offer. Promotion code: SUMMER
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees as long as you opt out of paper statements.
Early Account Termination Fee
Wasn’t able to find a fee schedule so unsure is there an early account termination fee or not.
Our Verdict
Not the most attractive bonus as it’s a hard pull, but given there are no requirements this is worth doing for some people. The 1.5% APY rate isn’t that attractive given the requirements.
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