Arsenal Credit Union's $300 Welcome Bonus: A Sweet Deal for Illinois and Missouri Residents

If you're in Illinois or Missouri and looking for a straightforward bank bonus, Arsenal Credit Union has a pretty compelling offer on the table. It's not just a simple sign-up cash grab—it's structured in tiers, so you can earn more by using more of their services. The best part? The core checking account has no monthly maintenance fees, which is a huge win for avoiding those annoying charges that eat away at your balance. Let's break down how this promotion works and whether it's a good fit for your wallet.

How the Bonus Tiers Stack Up

Think of this promotion like building a financial layer cake. You start with a base and add on to increase your reward. The official terms outline three clear levels.

First, you get $100 just for becoming a member with both a deposit account and a transaction account that comes with a debit card. You'll need to use that card for at least ten purchases. This is the foundational layer.

To add another $100 (for a total of $200), you need to complete the first tier and then do two more things: set up a direct deposit of any amount and enroll in online banking. The direct deposit can be from your employer, benefits, or even a transfer from another bank that codes as such—sometimes even small, recurring transfers work, but you should confirm with the credit union.

The final $100 layer, bringing you to the full $300, requires you to also open a credit product. This could be a credit card, auto loan, personal loan, or home equity loan. This tier is obviously a much bigger commitment, so it's only worth pursuing if you were already in the market for that type of financing.

What You Need to Know Before Applying

This isn't a nationwide offer. Membership is restricted to people who live, work, worship, or attend school in specific counties in Missouri and Illinois, or who are part of certain employer groups. Always double-check the eligibility page on their site before you get your hopes up.

You must use the promo code 'New2026' during the application to qualify. Don't forget this step!

A few practical notes: you'll need a minimum of $5 to open the required share (savings) account. They will review your credit history when you apply, which could result in a hard inquiry. Also, the bonus itself is reported as a dividend for tax purposes, so you'll get a 1099-INT form for it.

• No monthly fee on the basic checking account is a major perk.
• The bonus pays out relatively quickly—within 30 days of completing the steps.
• The offer is quite long, running through the end of 2026, so you have plenty of time.

Potential Pitfalls and Things to Watch

While the offer is attractive, there are a few caution flags to consider. The requirement for ten debit card transactions is easy, but remember that using a debit card doesn't offer the same purchase protections as a credit card.

The top-tier $300 bonus requires taking out a loan or credit card. Never borrow money just to get a bonus. The interest you'd pay will almost certainly outweigh the $100 extra incentive. Only consider this tier if you need the credit product anyway and the terms are competitive.

Make sure you understand all the account terms. While the Totally Free Checking has no monthly charges, other accounts or services might. Also, keep the account in good standing (no overdrafts, etc.) to ensure you receive your bonus.

Is There a Referral Bonus Too?

Yes, separately from the new member promotion, Arsenal runs a referral program. If you're already a member, you can give a unique link to friends. When they join and meet certain account requirements, you both get a $75 Visa gift card. There's a limit of five referrals, so you could earn up to $375 this way. It's a nice perk for existing members to share the credit union with their network.

Bottom Line

• A solid, tiered bonus for eligible residents of IL and MO, with a very generous deadline.
• The no-fee checking account makes this a potentially keeper account, not just a bonus churn.
• The full $300 requires a credit product—only pursue that tier if it makes independent financial sense for you.

Common Questions