PSECU Offers $250 Checking Account Bonus For New Members

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Deal Summary: $250 bonus for new members who opening a checking account with direct deposit.

Availability: Easy membership requirement.

Now through December 31, 2021 PSECU is offering a $250 bonus for new members who open a checking account. The following is a summary of the $250 Direct Bonus, as stated on the credit union's landing page.

To receive $250, new members must:

  • Join PSECU before 12/31/2021 with a promotional code;
  • Sign up and be approved for checking, debit card, and digital banking (online or mobile); AND
  • Establish one or more qualifying payroll direct deposit(s) that together total $200 per calendar month, recurring monthly, within 90 days of establishing membership.

This promotion is available to U.S. residents who are 18 years or older at the time of account opening, with only one promo code per member. In addition, “employees, agents and officials of PSECU, and immediate family members of any of these are not eligible for this promotion.” The bonus will be deposited into the member’s Regular Share account within 45 days of the requirements being met.

Qualifying payroll direct deposits are defined as paychecks, Social Security payments, and pension payments. If the monthly direct deposit cannot be confirmed as being a recurring payroll deposit, or if the member is not in good standing, “PSECU reserves the right to withhold the payment of the $250 direct deposit bonus.” The direct deposit bonus will also be forfeited if the payroll direct deposit(s) is/are not active for six consecutive months or if the member account is closed within the first year of establishing membership.

PSECU has only one checking account, with a very unoriginal name – Checking Account.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.05%--Pennsylvania State Employees Credit UnionChecking Account
Rates as of September 23, 2021.

The Checking Account has no minimum balance requirement and no fees. Unlimited checking writing is available, with free basic checks. The Checking Account provides online and mobile banking account access, including access to check images, e-Statements, and bill payer service.

As stated on the landing page,

Debit Card Rewards

    You can earn $0.10 cash rewards on eligible purchases of $10 or over with a PSECU checking account and one or more qualifying monthly direct deposits totaling at least $500. You can earn $0.05 cash rewards on eligible purchases of $10 or over for accounts with a PSECU checking account.

Surcharge-Free ATMs

    If you use a PSECU debit card at an out-of-network ATM and get charged, we’ll rebate fees on withdrawals up to $20 per month with direct deposit and up to $8 per month without.

Availability

Headquartered in Harrisburg, Pennsylvania, PSECU’s field of membership (FOM) continues to provide a way for almost any U.S. citizen or resident alien to join.

I say “continues to” because two years ago, PSECU’s FOM seemed to be in a continuous state of flux. The short version of the long tale is that I was first told anyone could join; then it changed to only Pennsylvania residents can join; and then as of October 2019, I was able to confirm that the FOM extends across the country.

Easy Membership: Joining the Pennsylvania Recreation and Park Society (PRPS) qualifies for membership.

PRPS Friend membership is a one-time fee of $20, but PSECU will cover $10 when you open your account online. We will also take care of your PRPS membership registration as part of your PSECU membership application. You do not need to renew your PRPS membership to maintain your PSECU membership.

Employment: Employees of Pennsylvania government agencies (both state and local), municipalities, or school districts are eligible to join, as are employees of more than 1,000 Pennsylvania companies.

Educational Relationship: Employees, students, and alumni of a number of Pennsylvania colleges and universities also qualify for membership.

Family Relationship: Household and immediate family members of current PSECU members are welcome to apply. “Immediate family” is defined as spouse, parent, child, sibling, grandparent, and grandchild, including step- and adoptive relationships.

Joining PSECU and applying for the $250 bonus can be done online using the Promo Code “MEMBER.”

A $5 minimum share purchase will be made on behalf of the new member by PSECU. If the member account is closed within the first year of membership, the initial $5 share will be retained by PSECU

PSECU participates in the CO-OP ATM network, with access to nearly 30,000 surcharge-free ATMs.

ATMs found at Sheetz®, Rutter's®, and Wawa® are also surcharge-free to our members. Traveling on the Pennsylvania Turnpike? Look for Select-a-Branch ATMs for surcharge-free access. Our locator will show you ATMs where you can withdraw cash and deposit cash and checks

Credit Union Overview

PSECU has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.61% (excellent) based on March 31, 2021 data. In the past year, PSECU has increased its total non-brokered deposits by $1.32 billion, which ua an excellent annual growth rate of 22.49%. Please refer to our financial overview of PSECU (NCUA Charter # 64131) for more details.

Originally known as the Pennsylvania State Employees Credit Union, PSECU was established in 1934 and was “born out necessity.”

Our 22 founders were state workers, struggling against low wages and a high cost of living. They were living paycheck to paycheck. Banks didn’t want to lend them money, and loan sharks were charging as much as 40% interest.

As Pennsylvania’s largest credit union, PSECU currently has more than 482,000 members and assets in excess of $7.9 billion.

Bottom Line

Other than setting up the direct deposit, qualifying for the $250 bonus doesn’t require much effort. Since there is no minimum balance requirement or fees, keeping a Checking Account open for a year isn’t a hardship. To earn $250 in six months in an top-rate online savings account (currently earning 0.60% APY) would require a minimum balance of about $83k.

If you don’t qualify for the PSECU bonuses, check out our full list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 8/30/2021.

Related Pages: Harrisburg checking accounts, checking accounts, nationwide deals, bank bonuses

Comments
Rickny
  |     |   Comment #1
The big banks like Wells, Citi and Keybank along with others seem to make new checking account bonuses without the direct deposit. A direct deposit is a deal killer for me.

Became a member of PSECU when they offered a 3 year 3.25% a while ago which I'm sure others took advantage of. Thanks again Ken.
QED
  |     |   Comment #2
I am a PSECU member. For anyone unfamiliar with this CU, I can offer a very high recommendation.

A while back I somehow managed to navigate PSECU's unique add-on CD rules (I think add-on CDs remain available at PSECU, but of course at vastly reduced interest rates). Anyway, there was good and bad in the outcome:

The good is I was able over time to lock in a high interest rate, feeding money in slowly as it became available.

The bad is my CDs mature in something more than just one year; fall of 2022. I'm concerned that is too soon and interest rates will not have recovered by then.

Oh, well. At least between now and next fall I will remain in the tall alfalfa thanks to PSECU.
gregk
  |     |   Comment #3
So direct deposits are required for 6 consecutive months to earn the bonus?

T
orleans704
  |     |   Comment #4
So the quickest and cheapest way to get the bonus is to direct deposit for 6 months, pull that money out but keep your account active for 6 more months, then pull the $250 out after 12 total months?
Update on PSECU’s Very Competitive Special CD Rates
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UPDATE 11/11/19: The special CD rates ended on Nov. 9th. Lower rates are now in effect for the 2-year, 3-year and 5-year terms.

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