For a long time, credit unions often remained in the shadows of big-name banks. Due to their smaller size and regional focus, they mostly concentrated on serving their members instead of seeking new ones.
However, recently, credit unions have become more popular. They’re now ramping up their marketing efforts and offering attractive bonuses to new members.
Only a while ago, not many credit unions had new account incentives. But now, many credit unions with lenient membership rules are offering noteworthy bonuses. Here are some top picks:
Understanding Credit Union Membership
Unlike traditional banks, credit unions have “membership rules.” A credit union must limit its membership to a specific group of people, although the criteria can vary. For instance, while some banks only operate in particular states, a credit union might tie membership to a certain association.
For example, PSECU, which initially catered to Pennsylvania state employees, has expanded its membership to those associated with the Pennsylvania Recreation and Park Society. In some cases, the credit union even covers the membership fee for these affiliated organizations.
Joining a credit union might involve an extra step, but the perks often outweigh the effort.
Highlighted Credit Union Bonuses:
- PSECU: Earn up to $300 in bonuses through a three-tiered system. Requirements include joining PSECU, setting up a free checking account, and establishing direct deposits.
- SkyOne FCU: A potential $1,000 bonus awaits, though it involves various activities like opening savings and checking accounts, making purchases, and setting up online banking.
- Credit Human: Formerly SACU, this credit union offers a straightforward $200 bonus upon opening a checking account, registering online, and using your debit card.
- US Alliance Financial: Grab a $250 bonus with their MyLife Checking account when you meet specific direct deposit and spending conditions.
- BluPeak Credit Union: Formerly USECU, they offer up to a $300 bonus based on account longevity and direct deposit setup.
- KeyPoint Credit Union: Their $300 bonus divides into three parts, including opening a checking account and setting up direct deposits.
- Provident Credit Union: A hefty $300 bonus awaits when you fulfill criteria like making purchases and setting up direct deposits.
- Credit Union 1: While the $500 bonus is tempting, some users have faced challenges in acquiring it.
- SECU: This Maryland credit union offers $100 for specific requirements like opening an account and setting up direct deposits.
- Wings Financial Credit Union: Their $300 bonus might have expired, but the requirements were inclusive of direct deposits and debit card usage.
- BECU: A simple $100 bonus is up for grabs upon meeting specified criteria.
Disclaimer: PSECU’s promotional terms from 1/1/2023 to 12/31/2023 outline a new member incentive bonus of up to $300. To be eligible, new members must adhere to the listed requirements. Potential members should be aware of specifics like the need for a $5 share deposit and the possibility of tax implications on the bonus amount. Always refer to the credit union’s terms and conditions for comprehensive details.
