Offer at a glance
- Maximum bonus amount: $200
- Availability: Must live, work, worship or attend school in Washington D.C. Looks like joining the ACC might also make you eligible.
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $10, avoidable
- Early account termination fee: $25, 60 days
- Household limit: None
- Expiration date: May 31, 2023
The Offer
- Andrews Federal Credit Union is offering a bonus of $200 when you open a new PayBack checking account. Bonus is broken down as follows:
- When you open a new Payback Checking account, you’ll automatically receive $75 credited into your account within 1 business day.
- You can also receive a $125 bonus within 60 days of account opening when you establish and maintain monthly electronic deposits of $500 or more.
The Fine Print
- This $200 offer is paid in two parts, contingent on account requirements.
- The first $75 will be credited to the new Payback checking account within one business day of the opening of the account; Payback checking account most be opened during the promotional period of March 1, 2023 – May 31, 2023.
- To qualify for the remaining $125 credit, you must make at least $500 in qualifying direct deposits within 60 days of the Payback checking account opening date.
- No minimum balance required to obtain the bonus or to open the Payback Checking account. Members with an existing personal checking account with Andrews Federal (either as a primary or joint account holder) are not eligible.
- Qualifying direct deposits include recurring electronic deposits of payroll, pension or Social Security. Person-to-person, bank transfers or other electronic money transfers, such as those made through internet payment services, do not qualify.
- The $125 credit will be made to the new Payback checking account within 90 days of all requirements being met.
- Your new Payback checking account must still be open and in good standing when we seek to credit the bonus, otherwise the bonus is forfeited.
- Only one bonus will be awarded per member regardless of the number of accounts opened. Bonus offers are not transferable and are reportable for tax purposes.
- A $25 early account closing fee applies if the account is closed within 60 days of opening. All Andrews Federal checking and savings accounts are subject to Andrews Federal standard account agreements. Offer is subject to change at any time. Employees, Directors or contractors of the Credit Union, or their direct family members are not eligible for this offer. Andrews Federal Credit Union is Federally Insured by the NCUA.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
$10 monthly fee will be waived if you receive at least $500 in total direct deposits within a calendar month
Early Account Termination Fee
$25 if closed within 60 days.
Our Verdict
Older datapoints indicate a hard pull to open, but seems to be a soft pull now. Should be worth doing for a lot of people even though it’s difficult to keep fee free. Will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
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