Thrivent Financial Bank is offering a $50 bonus for opening its rewards checking account. They call it a reward checking, but it's not a high-yield reward checking account. There are no debit card usage requirement, but it does require direct deposit.
According to the promotions page, you have to open the account by 12/31/09 and set up recurring direct deposit of at least $100 within 90 days of opening your account. The instructions state:
Call 800-688-6031 today and have promo code: Checking1109 handy to take advantage of this offer.
The bonus is reported to IRS as interest, and it'll be credited to your account within 3 business days after qualifying for the bonus.
Notable features of the checking account that are listed in the checking account comparison page and from my conversation with the CSR include:
- $50 minimum opening deposit
- No monthly fees (CSR)
- 0.51% APY on all balances as of 12/16/09 (see rate table)
- Requires payroll direct deposit. Without direct deposit, it'll be converted to Simply Free Checking (CSR)
- Online ACH transfer service
- Unlimited ATM fee reimbursements
- Free first order of checks
- No hard credit pull in the application. Just ChexSystem (CSR)
This isn't an account for rate chasers, but for someone looking for a regular checking account this is comparable to other online checking accounts like those at ING Direct, Charles Schwab and Salem Five Direct.
Thrivent Financial Bank opens accounts for customers in any state. The bank is headquartered in Wisconsin with branches in both Wisconsin and Minnesota.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1998 (FDIC Certificate # 34799).
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