APG Federal Credit Union's $350 Checking Bonus: A Solid Deal for Marylanders

If you're in Maryland and looking for a checking account that pays you to open it, APG Federal Credit Union has a promotion worth considering. They're offering a substantial $350 cash bonus for new checking accounts, plus they have a separate referral program that pays $50 for bringing in new members. Let's break down whether this offer makes sense for your banking needs.

What Makes This Checking Account Special

Beyond the $350 bonus, this High Yield Checking account actually lives up to its name. If you meet certain requirements, you can earn up to 4.00% APY on balances up to $20,000. That's pretty impressive for a checking account that also gives you a sign-up bonus.

To get that top rate, you'll need to go paperless, have at least $200 in monthly direct deposits (separate from the $500 bonus requirement), and make 15 debit card purchases each month. If you don't hit those targets, the rate drops significantly, but the account still has no monthly fees.

The Fine Print You Shouldn't Skip

Like any bank bonus, there are important details to understand before you apply. First, this is for Maryland residents who meet the credit union's membership requirements. Typically, that means living, working, worshiping, or volunteering in specific counties (Cecil, Hartford, or parts of Middle River). Family members of eligible people can usually join too.

The direct deposit requirement is specific: it must be 'qualifying recurring direct deposits.' That generally means payroll, Social Security, pension, or similar regular income deposits. Transfers from other banks or ATM deposits won't count. You need to maintain at least $500 in these deposits each month for three consecutive months.

Also worth noting: if you've closed an APGFCU checking account since January 5, 2025, you're not eligible for this bonus. And if you close the account within 60 days, there's a $15 early termination fee.

• One bonus per member - can't combine with other offers
• Account must be in good standing to receive bonus
• Taxes on the bonus are your responsibility (they'll send a 1099)
• Offer could change or end without notice

The $50 Referral Bonus: Easy Money If You Know Eligible People

Separate from the checking bonus, APGFCU has a referral program that pays both you and your friend $50 each when they open a new savings account. The new member just needs to open a personal or business share savings account with a minimum $5 deposit.

The catch? They have to mention your name when applying, and the account must be opened online, by mail, or at a branch. This is a nice little perk if you're already a member and know someone who could benefit from joining.

Practical Advice Before You Apply

First, verify your eligibility. Credit unions have membership restrictions, so check APGFCU's requirements carefully. Don't assume you qualify just because you live in Maryland.

Second, make sure you can comfortably meet the direct deposit requirements. $500 monthly is reasonable for many people, but if your income is irregular or you're between jobs, this might not be the right time.

Third, consider whether you'll actually use this account. The 4.00% APY is great, but only if you maintain the requirements. If you're not a regular debit card user or prefer paper statements, you'll earn much less interest.

Finally, remember that bank bonuses are taxable income. Come tax time, you'll need to report that $350.

Potential Drawbacks to Consider

While the bonus is attractive, APGFCU isn't known for having competitive rates on their savings accounts or CDs. If you're looking for a primary banking relationship with top savings rates, you might want to keep your savings elsewhere.

Also, being a credit union means you're dealing with a smaller institution. They have only 14 branches, all in Maryland. If you travel frequently or move out of state, you might find the limited footprint inconvenient.

The checking account itself has no monthly fees, which is great. But if you opt for their Member Protect Checking instead (which has a $6 monthly fee unless you meet requirements), make sure you understand the fee waiver conditions.

Bottom Line

• The $350 bonus is substantial and the 4.00% APY on checking balances is genuinely competitive
• Requirements are straightforward but specific - make sure you can meet the direct deposit and debit card purchase requirements
• Great for Maryland residents who can meet membership eligibility and want a local credit union
• Consider keeping savings elsewhere if you're chasing the highest possible rates

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