Thrivent Financial Bank continues to offer a $50 bonus for opening its rewards checking account. They call it a reward checking, but there's no high-yield (current rate is only 0.41%). However, it does provide unlimited ATM fee reimbursements (including outside the U.S.). In terms of reward checking type of requirements, there are no debit card usage requirements, but it does require direct deposit. The offer is scheduled to end on 9/30/10.
This is the same promo that the bank was offering last December. Here's the current promotions page link and the small print:
Receive the cash bonus when you or the person you refer opens a new Thrivent Rewards Checking account including free online banking, free bill-pay and debit card by 9/30/10 and set up recurring direct deposit within 60 days of opening your account. Accounts that have been open for 60 days and have met all requirements will receive the bonus as a credit to your checking account within three business days, assuming account is in good standing. Your bonus will be reported as earned interest on IRS form 1099-INT. The $50 bonus will only be paid once; however, you may open up to three Thrivent Rewards Checking accounts.
Notable features of the checking account that are listed in the checking account comparison page and from my conversation with the CSR (last December) include:
- Unlimited ATM fee reimbursements
- $50 minimum opening deposit
- No monthly fees (CSR)
- 0.41% APY on all balances as of 6/21/10 (see rate table)
- Requires payroll direct deposit. Without direct deposit, it'll be converted to Simply Free Checking (CSR)
- Online ACH transfer service (CSR said there's a $2K/day limit but no limit by phone. Reader reported that it's slow)
- 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 with unlimited free ATM use, 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, 4 stars (sound) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Thrivent Financial Bank rates and reviews page). The bank has been a FDIC member since 1998 (FDIC Certificate # 34799).