Teachers Federal Credit Union Promotions: $400 for New Checking Account

Teachers Federal Credit Union was my first bank account (OK, technically it’s a credit union).

I grew up in Stony Brook on Long Island and my mom worked for the school district, so as wise financially savvy individuals we opted for our local credit union. Teachers Federal Credit Union had a branch near our home and I remember going in to open the account.

It took maybe half an hour and I left with a little green piece of paper that had my name, account number, and the bank’s routing number. I remember thinking that it was odd that I had a “share draft account” and not a “checking account,” but that’s just credit union nomenclature.

Fast forward several decades (👀!) and I get to write about how they have a new checking account promotion – and a pretty sizable one at that.

Teachers Federal Credit Union is NCUA insured (NCUA# 8116) so your money is protected there, as it is in every insured credit union or bank (via FDIC). With that out of the way, here are the details of their promotion:

A Quick Warning: Consider this offer a “Your Mileage May Vary” type of deal – we’ve had people email us that their accounts were not being approved. Or they were being approved and then closed later. It’s not clear what leads to an account closure but we are hearing it’s not smooth sailing.

Table of Contents
  1. How to get $400 from Teachers Federal Credit Union
    1. Smart Checking
    2. Share Draft Checking
  2. What are the Credit Union Qualifications?
  3. How Does This Bank Offer Compare?

How to get $400 from Teachers Federal Credit Union

The terms of the offer are pretty easy:

  1. Open a new Teachers Federal Credit Union checking account and have direct deposits totaling at least $2,500 within 60 days – get $300
  2. Open a new account with a debit card and then spend $500 in debit card purchases within 60 days – get $100

What’s nice about this offer is that you can do one or the other or both – sometimes banks will require you to get the direct deposit offer before you can get the debit spending one. In this case, you can pick if you so choose.

Lastly, you have to enroll in online banking and eStatements.

Promotion code is OFFER400.

Learn more about this offer

(Offer expires 7/31/2022)

They have two checking accounts that qualify – Smart Checking and Share Draft Checking.

Smart Checking

The Smart Checking offers a higher APY but you have to meet one of the three following qualifications to get the higher APY:

  • Average monthly balance of $5,000 in the Smart Checking account
  • $20,000 in combined end of month deposit balances
  • Establish direct deposits of $500+ and complete 10 debit card purchases

There is no penalty or fee if you don’t meet these requirements, you just don’t get the higher APY.

Share Draft Checking

Share Draft Checking is their free checking – no fees, no minimum balance, no opening deposit, etc.

What are the Credit Union Qualifications?

If you open this account online, it’s available nationwide. If you want to do it locally, they only have 32 locations on Long Island in New York. I was surprised to see them offer a bonus in part because in my mind, it’s a small credit union!

But, if you open it online, anyone can qualify.

How Does This Bank Offer Compare?

This offer stacks of pretty favorably and considering it’s a nationwide offer, pretty nice. The $300 for opening an account with a direct deposit of $2,500 in 60 days is competitive. The accounts also has no fees and no minimum, a nice bonus, and if you meet the qualifications for Smart Checking, you even get a competitive APY.

The direct spend offer of $500 in purchases to get an extra $100 is a nice bonus, ups everything to $400 for your hard work.

⭐Citi Priority Account – $300, $700, or $1,500

Citi Priority is offering $300, $700, or $1,500 bonus when you open an account by 7/17/2022. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000.

Click here to learn more

Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH622 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!

Click here to learn more

SoFi Money – up to $300

SoFi Money will give you up to $300 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.

Click here to learn more

HSBC Premier Checking – $450

HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.

Click here to learn more

Huntington Bank – up to $300

If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $300 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region.

Click here to learn more

TD Bank – $300 or $150

TD bank has two bank offers for checking accounts and both are fairly easy to attain. For example, get $300 when you open a TD Beyond Checking account and receive direct deposits of $2,500 or more within 60 days of opening your account.

Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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