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:
Table of Contents
How to get up to $600 from Teachers Federal Credit Union
The terms of the offer are pretty easy:
- Using the promotion code JOIN600, Open a new Teachers Federal Credit Union checking account and have direct deposits totaling at least $1,000 within 60 days
- Enroll in Online Banking and eStatements
You’ll then earn $100 per month for a total of six months. They have two checking accounts that qualify – Smart Checking and Share Draft Checking.
To become a member, you’ll also need to open a savings account with at least $1.00
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 at least $500 and complete ten debit card purchases each month
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 bonus amount 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.
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 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.
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 9/8/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
