Honor Credit Union Continues To Offer $250 New Checking Bonus

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Deal Summary: $250 bonus when opening a new checking account.

Availability: All residents of Michigan and residents of 14 Indiana and five Wisconsin counties.

Michigan-based Honor Credit Union (Honor CU) continues to offer a $250 bonus when opening a new checking account. As stated on the Join the Fam landing page,

  • Checking Bonus: $250 paid when new or existing member without a current checking accounts opens a checking account with a minimum deposit of $25, has at least one direct deposit that totals $100 per month and conducts 6+ debit card transactions within 60 days of checking account opening.
  • Bonus will be paid within 30 days of minimum requirements being met.
  • New account must remain open and maintain a positive balance for at least 90 days.
  • If criteria is not met, $250 bonus will be withdrawn from account.
  • New members must open account at honorcu.com/jointhefam or a local member center location.
  • Existing members must open new checking account at member center location and specifically mention the $250 offer at time of opening.
  • Existing members that have closed a checking account at Honor in the last five years, are not eligible. (This is a new limitation.)

Honor CU offers two checking accounts: Benefits Checking, a rewards checking account, and Connect Checking, a cash back account.

Benefits Checking

The Benefits Checking account currently earns 3.00% APY on qualifying balances up to $10k. (While the rate has been lowered, the previous 5.00% APY was limited to qualifying balances up to $5k.) Qualifying balances above $10k and non-qualifying balances do not earn any interest.

The monthly qualification requirements include,

  • At least 12 or signature debit cards transactions
  • At least one direct deposit or ACH transaction per month
  • Enroll in e-Statements with a valid email address
  • At least one online banking login per month

The Benefits Checking account has no monthly service fee, no minimum balance requirement, and can be opened with a $25 minimum opening deposit. Unlimited check writing is available and a fee-free MasterCard® debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed per month up to $20 per month, if all qualifying requirements are met. There is a limit of one account per Social Security number.

Connect Checking

The Connect Checking account earns “cash back (percentage-based) at over 30,000 local and national merchants” through the Ampre network. According to the “Enjoy the Perks” video on the Connect Checking page, the cash back option ranges from 2%-15% of total transactions.

Complete details for the Benefits Checking and Connect Checking accounts can be found on the Compare Checking Accounts page.

Availability

Headquartered in Berrien Springs, Michigan, Honor Credit Union's field of membership (FOM) has expanded in the past few years. The long-standing statewide FOM is still in effect, with individuals who live, work, worship, or attend a post-secondary educational institution anywhere in Michigan eligible to join.

Individuals who live or work in the northern Indiana counties of Dekalb, Elkhart, Jasper, Kosciusko, Lagrange, Lake, LaPorte, Marshal, Newton, Noble, Porter, St. Joseph, Starke, or Steuben, or in the north central Wisconsin counties of Florence, Forest, Iron, Marinette, or Vilas also qualify for membership.

Immediate family members of a current Honor CU member are eligible to join, regardless of residency status.

Joining Honor CU and applying for the $250 bonus can be done online, or at any of 22 Michigan branches located in Allegan, Battle Creek (2), Benton Harbor, Berrien Springs, Buchanan, Coldwater, Coloma, Decatur, Gwinn, Kalamazoo (2), Marquette, Negaunee, Niles, Paw Paw, Plainwell, Portage, St. Joseph, South Haven, Springfield, and Stevensville.

As stated on Honor CU’s Locations page,

Members have the option to schedule an appointment at any member center location. Avoid waiting in our lobby and meet with a team member for specific account needs and questions when it’s convenient for you. Please note that appointments are not required for basic teller transactions.

Opening a Share Savings account with a $5 minimum deposit establishes an Honor CU membership. The $5 monthly service fee can be avoided by maintaining a $200 balance in the Share Savings account, or by having a checking account or loan.

In addition to participating in the CO-OP Shared Branch and ATM networks, Honor CU belongs to the Jeanie ATM network.

Credit Union Overview

Honor Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.07% (excellent) based on September 30, 2021 data. In the past year, Honor CU has increased its total deposits by $207.47 million, an excellent annual growth rate of 20.7%. Please refer to our financial overview of Honor Credit Union (NCUA Charter # 63004) for more details.

Founded in 1934 as the Berrien Teachers Credit Union, Honor Credit Union has grown from a one-county, restricted field of membership credit union into an institution offering membership to the entire state of Michigan, northern Indiana, and north central Wisconsin. In the past ten years, four Michigan credit unions merged into Honor CU: Allegis Credit Union (2012), SIR Federal Credit Union (2013), Post Community Credit Union (2017), and ATL Federal Credit Union (2021). Currently, the 14th largest credit union headquartered in Michigan, Honor Credit Union has nearly 96,000 members with assets in excess of $1.3 billion.

Bottom Line

When interest rates are low, savings and checking bonuses are more attractive because they offer earnings not available in a liquid account or short-term CD. There are no liquid accounts or CDs that currently return $250 on a $125 deposit ($25 opening deposit, $100 direct deposit) in approximately three months. To earn $250 in an online savings account offering the current top rate of 0.65% APY would require approximately $38k on deposit for a year.

If you don’t qualify for Honor Credit Union’s $250 bonus, check out our full list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 1/26/2022.

Related Pages: Marquette checking accounts, Grand Rapids checking accounts, South Bend checking accounts, checking accounts, reward checking accounts, bank bonuses

Comments
Honor Credit Union Offers $250 Checking Bonus In MI, IN, And WI
Deal Summary: $250 bonus when opening a new checking account.

Availability: All residents of Michigan and residents of 14 Indiana and five Wisconsin counties.

Michigan-based Honor Credit Union (Honor CU) is offering a $250 bonus when opening a new checking account. As stated on the Join the Fam landing page,

There are two checking accounts in Honor CU’s product line: Benefits Checking, a rewards checking account, and Connect Checking, a cash back account.

Benefits Checking

The Benefits Checking account currently earns 3.00% APY on qualifying balances up to $10k....

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