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.
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How to get $400 from Teachers Federal Credit Union
The terms of the offer are pretty easy:
- Open a new Teachers Federal Credit Union checking account and have direct deposits totaling at least $2,500 within 60 days – get $300
- 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.
(Offer expires 9/30/2022)
They have two checking accounts that qualify – Smart Checking and Share Draft 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 – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2023. Then, within 20 days of opening your account, deposit at least $10,000 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 $10,000.
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 WH922 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.
Bank of America – $100 Bonus Offer
Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
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!
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.