Tobyhanna Federal Credit Union is offering several promotions. Two of them are especially good deals for savers. One is a money market promotion which guarantees a 3.00% APY for balances up to $50,000 for the first six months. The second one is a checking account promotion with a $105 bonus. These promotions are listed in the credit union’s promotions page as of 3/21/2013. Thanks to the reader who emailed me news of these promos.
Money Market Promotion
To qualify for the money market promo with a 3% APY for the first six months, a member must first open a money market account with new money of at least $500. The 3% APY will apply to the first $50,000. Anything exceeding $50,000 will earn 0.25% APY. Another downside is listed at the bottom of the promo description:
Electronic incoming transfers (i.e. Online Banking, Toby24) will not be allowed for this product during the promotional period. All incoming transfers will need to be performed in person at a branch location or by phone.
If you can maintain a $50,000 balance for six months, the total interest that you will earn for those six months will be $750. If that balance is kept in a competitive internet savings account with a 1% APY, the total interest will be $250. So you can make an extra $500 with this promotion.
Checking Account Promotion
The $105 checking account promotion requires a new checking account that includes direct deposit ($500 minimum direct deposit required must be funded within 60 days of new account opening), debit card, online banking, bill pay (Must pay at least two bills within 60 days of account opening) and eStatements.
There’s also a refer-a-friend bonus. You can make $25 when you refer someone to this promotion.
The credit union’s share draft checking account is free with no monthly fees and no minimum balance requirements.
Credit union membership is primarily based on select employer groups. To view all the groups and to learn about other ways that you can join, please refer to the credit union’s How-to-Join page.
Credit Union Overview
Tobyhanna FCU branches are located in the Pennsylvania cities of Scranton, East Stroudsburg, Tobyhanna and Wilkes Barre.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 18.62% (average) based on December 2012 data. Please refer to our financial overview of Tobyhanna FCU for more details. The credit union is federally insured by the NCUA (Charter # 9198).
How This Money Market Promotion Compares
The best money market promotion that’s nationally available is at EverBank which continues to offer 1.25% APY guaranteed for six months for balances up to $50,000. New customers can also open the checking account which guarantees 1.25% APY for six months for balances up to $100,000.
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.