Is the Alliant Checking Bonus Worth the Direct Deposit Hassle?

Bank bonuses are a favorite way to earn a little extra cash, but they often come with strings attached. Right now, there's an offer floating around for a $100 bonus on an Alliant Credit Union checking account, but it's not as straightforward as it seems. The bonus comes through Rakuten, not directly from the bank, and there's a specific direct deposit requirement that could trip you up. Let's break down whether this one is worth your time, especially with the clock ticking.

The Catch: Defining a 'Qualifying' Direct Deposit

This is the most important part. Alliant and Rakuten are very specific about what counts. Your $500 deposit must come directly from an employer or a government agency. That means your regular paycheck or a benefits payment like Social Security.

What won't work? Pretty much every other convenient method you might think of. Transferring $500 from your current bank, sending money via PayPal or Venmo, depositing a check, or even getting a tax refund—none of these will trigger the bonus. If your deposit doesn't come from one of the approved sources, you'll miss out.

Timeline and How You Get Paid

You need to act fast. The window to sign up for this promotion closes on November 2nd. Once you apply through the Rakuten link and open the account, the 30-day clock starts for you to get that direct deposit set up and completed.

The bonus itself won't show up immediately. Alliant says they'll review accounts around December 3rd to see who met the terms. If you did, Rakuten will add the $100 (or points) to your Rakuten account within 45 days after that review. So, you're looking at a payout in early-to-mid January 2025.

Practical Advice Before You Apply

First, ask yourself if you can easily redirect a $500 paycheck. If changing your direct deposit at work is a hassle or takes weeks, you might not hit the 30-day deadline. This offer is best for someone who can quickly update their payroll details.

Also, be aware that Alliant uses ChexSystems, a reporting agency for bank accounts. If you've had issues with bank accounts in the past (like overdrafts you didn't resolve), you could be denied. While many get approved, it's not a guaranteed application.

Don't forget about the $10 early termination fee. If you just want the bonus and plan to close the account, you must wait at least 90 days after opening to avoid that charge.

The Swagbucks Alternative

If the direct deposit requirement is a deal-breaker, there's another path. Swagbucks has a similar offer for a $75 bonus on the same Alliant checking account, and it doesn't require a direct deposit. The trade-off is a lower payout and different terms to qualify.

For some, the easier process for $25 less might be the better value, especially if you don't want to touch your payroll setup.

Bottom Line

• This bonus is entirely managed by Rakuten; Alliant is just providing the account.
• The direct deposit definition is narrow—only employer/government payments count.
• You must be a brand-new Alliant customer to qualify.
• Plan for a payout timeline that stretches into early 2025.
• Weigh the $100 bonus against the effort of changing your direct deposit.

Common Questions