Offer at a glance
Maximum bonus amount: $300
Availability: FL, SC
Direct deposit required: Yes, no minimum
Additional requirements:
Hard/Soft Pull: Soft pull
Chex Inquiry: Yes
Credit Card Funding: Yes, $500 Limit
Monthly fees: $5
Early account termination fee: None listed
Household limit: None
Expiration date: None
The Offer
Grow Financial Federal Credit Union is offering a $300 checking bonus and complete the following requirements:
Set up a monthly direct deposit (no minimum mentioned)
Register for online banking
The Fine Print
To qualify for the bonus, you must open a Grow CashBack Checking or Grow Checkless Checking Account, set up a monthly electronic direct deposit to the account, and register for online banking.
There is not a minimum balance to open the account or obtain the bonus. This offer is not available to existing Grow Financial members, and only one bonus will be paid per member.
This offer is limited to individuals residing in Florida or South Carolina only.
After you have completed all requirements, we will deposit the bonus in your account within 60 days. To receive the $300 bonus, the enrolled checking account must not be closed or restricted at the time of payout.
This offer is effective as of 09/18/23 and subject to change without notice at any time.
The bonus is considered interest and will be reported on IRS Form 1099-INT.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Grow checkless account has a $5 monthly fee. This is waived if you do any of the following:
You are a minor (younger than 18 years old)
You have a Grow Checkless Checking Account
You have a Grow loan
You have a Grow Visa® credit card with 5 or more
monthly transactions or an outstanding balance
You have a Health Savings Account (HSA)
You maintain an average monthly account balance of $200 or more (average monthly balance is defined as the average balance for all shares)
You maintain an average monthly balance across multiple accounts of $400 or more (multiple accounts is defined as having two or more primary membership accounts)
Early Account Termination Fee
According to the fee schedule, there is no EATF.
Our Verdict
Previously the best bonus was $200 with no direct deposit required. This is an extra $100 but obviously with the direct deposit requirement and we don’t have any datapoints on what has worked in the past.
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
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