Michigan State University Federal Credit Union (MSUFCU) has a long history of competitive long-term CD rates, and that CD competitiveness continues today. For those not interested in MSUFCU CDs, there’s another reason to become a member, a $250 checking account bonus. For those who joined MSUFCU for their CDs, this may make a MSUFCU checking account worthwhile.
MSUFCU recently opened a new branch location in Auburn Hills. As part of the grand opening celebrations, MSUFCU is offering a variety of limited-time specials (January 1–February 28, 2022), including a $250 bonus. According to the Offers and Promotions landing page,
When you open an MSUFCU checking account, add direct deposit, make 10 purchases on your debit card, and have a $1,000 balance in your savings account, you'll receive $250!
The requirements and limitations are listed in the Disclosures drop-down at the bottom of the Offers and Promotions page.
- Offer valid for new MSUFCU checking accounts with qualifying direct deposit.
- Current members without an existing checking account are eligible when opening a checking account with qualifying direct deposit.
- Must add qualifying direct deposit of at least $500 weekly, $1,000 biweekly, or $2,167 monthly to MSUFCU checking account between 1/1/22 and 2/28/22.
- First qualifying direct deposit must be made by 3/31/22.
- Second qualifying direct deposit must be made by 4/30/22.
- MSUFCU Visa Debit Card must be activated by 2/28/22 and 10 debit card purchases must post within 30 days of activation.
- Must have at least a $1,000 balance in an MSUFCU savings account on 2/28/22.
- $250 will be deposited into member's new checking account within 8 weeks of meeting all qualifications.
A qualifying direct deposit is defined as a “recurring electronic deposit of your net paycheck, pension, or government benefits (such as Social Security) from your employer or the government.” Transfers and deposits from Venmo, Paypal, Square, or other P2P services do not qualify.
MSUFCU has four checking accounts (Totally Green Checking, Classic Checking, Money Market Checking, and Rebuild Checking), all of which qualify for the bonus. Only the Money Market Checking is an interest-bearing account.
|0.10*%||$50k||-||Michigan State University Federal Credit Union||Money Market Checking|
|OTHER TIERS: 0.05% → $2k - $50k|
According to the Checking Comparison page,
Totally Green Checking: No monthly fees, and no minimum balance
Classic Checking: Monthly fee of $5, if the account falls below the $500 minimum balance requirement
MoneyMarket Checking: Monthly fee of $5, if the account falls below the $2,000 minimum balance requirement
Rebuild Checking: $10 per month fee
The Spartan Saver (required for MSUFCU membership) earns 0.05% APY on all balances. The Savings Builder account has tiered rates and earns 0.95% APY on balances up to $1k.
|0.95*%||-||$1k||Michigan State University Federal Credit Union||Savings Builder|
|OTHER TIERS: 0.37% → $2k+ | 0.52% → $1k - $2k|
|0.05%||-||-||Michigan State University Federal Credit Union||Spartan Saver|
Headquartered in East Lansing, Michigan State University Federal Credit Union’s field of membership (FOM) offers a way for almost any US citizen/resident alien to join.
Easy Membership: A $10 donation to the Desk Drawer Fund qualifies for MSUFCU membership.
Residency: Individuals who live, work, worship, attends school, or owns a business in the Michigan counties of Genesee, Lapeer, Livingston, Macomb, or Oakland are eligible to join.
University Relationship: Faculty, staff, and students of Michigan State University (MSU) or Oakland University (OU); members of MSU or OU Alumni Association; MSU Alumni Association Legacy Program members; and “those who regularly work on the MSU or OU campus who are under the control of the MSU Board of Trustees or the governing body of OU” are eligible for membership.
Employment: Employees of more than 540 SEGs are eligible to join.
Family Relationship: Immediate family members (spouse, parent, sibling, grandparent, or child) and household members of current MSUFCU members are also welcome to apply.
Joining MSUFCU and/or applying for the $250 bonus can be done online or by calling 517.333.2424 or 800.678.4968. In addition to applying at the new Auburn Hills branch, accounts can also be opened at any of 21 Michigan branches located in Auburn Hills, Berkley, Charlotte, Clarkston, East Lansing (4), Grand Rapids, Haslett, Holt, Lansing (4), Mason, Okemos (2), Ortonville, Rochester, and Traverse City. Appointments can be scheduled online for any branch location.
The New Account Application is also available as a download and can be returned by snail mail.
A $5.00 minimum deposit into your Spartan Saver is required to open your account.
MSUFCU participates in the CO-OP Shared Branch and ATM networks giving members access to more 5,600 shared branches and nearly 30,000 surcharge-free ATMs located throughout the country.
Credit Union Overview
Michigan State University Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.44% (excellent) based on September 30, 2021 data. In the past year, MSUFCU increased its total non-brokered deposits by $947.33 million, an excellent annual growth rate of 20.51%. Please refer to our financial overview of Michigan State University Federal Union (NCUA Charter # 23279) for more details.
Michigan State University Federal Credit Union is the largest university-based credit union in the world, with more than 317,000 members and assets in excess of $6.5 billion. Established in 1937 by eight Michigan State College faculty and staff members, the fledgling MSC Employees Credit Union’s first “office” was a founding member’s desk drawer. (Founded in 1855 as the Agricultural College of the State of Michigan, the college was one of the country's first institutions of higher education to teach scientific agriculture.) In 85 years of operation, the credit union has re-branded twice (reflective of the school’s name changes), merged with two other Michigan credit unions, and was named Federal Credit Union of the Year (2014) by the National Association of Federal Credit Unions.
Checking bonuses have more appeal when interest rates are low, because they offer a significant return in short amount of time not available in either a liquid account or short-term CD. While qualifying for the $250 bonus requires some effort (specifically the direct deposit) and time (3-4 months before the bonus is paid), earning $250 in an online savings account (current top rate of 0.65% APY) would require about $38k on deposit for a year. If you’re thinking of opening MSUFCU’s 5-year Jumbo CD (see my blog post from the beginning of the week), applying for the $250 bonus makes sense.
The above information and rates are accurate as of 1/13/2022.
If you don’t qualify for the Michigan State University Federal Credit Union bonus, take a look at our list of the best savings and checking account bonus offers to find a bonus that’s right for you.