Members Plus Credit Union has another promotion that's similar to the one it was offering in April. The first part of the promotion is a $100 bonus for opening a checking account and establishing direct deposit. The $100 will be deposited into your account after 3 consecutive months of direct deposit prior to 12/31/11. Offer expires 9/30/2011. The checking account has no monthly service fee or minimum balance requirements.
Another part of the promotion is a special 2-year step-up CD with a 1.36% APY. Minimum deposit is $500. I'm not too enthusiastic about the credit union's step-up feature. Here's how the credit union describes it in the small print:
You may exercise your step up option to change the rate on your account once in a twelve month period provided your account has been open for at least one year. You may change the rate on your account to the current rate offered on the 2 year step up account at the time you exercise the option to step up. Changing your rate will extend the maturity date on your account for an additional 2 years. To exercise this step up option, you must provide written instructions to the credit union either in person or by mail.
This special CD is listed at the credit union's rates page. The checking account bonus is mentioned in this online ad, and it was originally published on 8/26/2011.
Credit union membership is open to anyone who lives, works, or belongs to a religious or social organization located within Middlesex, Norfolk, Plymouth, and Suffolk counties. Please refer to the credit union's membership page for more details. A minimum balance of $25 in the share savings account is required for membership.
Members Plus Credit Union branches are located in the Massachusetts cities of Medford, Dorchester, and Norwood.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 6.11% (excellent) based on March 2011 data. Please refer to our financial overview of Members Plus Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66706).
Other Bank and Credit Union Bonuses
We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.