A checking account bonus is often not worth the time when you have to open a checking account that you don't intend to keep. Also, you have to be careful that the new checking account doesn't cost you more in fees than you'll make from the bonus. The best case is when there's a free checking with competitive rates that offers a bonus. That's what Nassau Educators Federal Credit Union offers. You can earn $100 for opening any of its checking accounts with direct deposit. This offer is listed in the NEFCU's promotions page as of 12/17/2012.
Below is an excerpt of the small print for this promotion:
Offer is for new, first-time Checking accounts with Direct Deposit only. Minimum Direct Deposit of $200 must be deposited to the Checking account within 60 days of account opening. Cash bonus of $100 will be credited to the Checking account within 30 days after meeting the Direct Deposit requirement. Cash bonus will be reported as income on IRS form 1099-INT. Direct Deposit is considered to be a recurring, pre-authorized deposit credited to the account via ACH and excludes one-time ACH credits (i.e. tax refunds, deposits from other banks etc.). Offer not eligible on existing checking, recently closed, negative balance, or business accounts. Account must remain open for six months or bonus will be forfeited. Membership eligibility restrictions apply. Offer can be withdrawn at any time.
The most noteworthy of NEFCU's checking accounts is its GO Green Checking. This is a free reward checking account that pays 2.53% APY on balances up to $25,000 as of 12/17/2012. Like all reward checking accounts, monthly requirements most be met to qualify for the high interest rate. This reward checking account is a little unique in that it not only requires 12 debit card purchases per month, but it also requires that purchases be at least $5. I first reviewed this account in 2008 when it was paying 4.00% APY. The rate has fallen less than many other reward checking accounts.
NEFCU membership is open to all those who live, work, worship or attend school in Nassau or Suffolk County, New York. Please refer to NEFCU's Membership page for the full details. Membership requires a minimum deposit of $5 in the share savings account. An online application is provided.
Credit Union Overview
NEFCU branches are located in the New York towns of Valley Stream, Rockville Centre, Westbury, Syosset, Massapequa, Franklin Square, New Hyde Park, Plainview and Brookville.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 12.87% (above average) based on September 2012 data. Please refer to our financial overview of NEFCU for more details. The credit union is federally insured by the NCUA (Charter # 2760).
Other Credit Union and Bank Bonuses
We have a 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.
Other Reward Checking Accounts
To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.
To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.