Greater Iowa Credit Union's $300 Checking Bonus: A Solid Midwestern Deal

Hey there! If you're in Iowa and looking to give your finances a little boost, there's a local credit union running a promotion that's caught my eye. It's not one of those flashy national bank deals you see everywhere, but sometimes the smaller, community-focused offers are the most straightforward. Greater Iowa Credit Union is currently dangling a $300 carrot for opening a new checking account. Let's break down whether it's worth the effort for you.

Who's Eligible and What You Need to Do

First things first: you need to be eligible to join the credit union. Typically, that means living, working, worshipping, or attending school in one of their 33 Iowa counties. It's a good idea to double-check their membership criteria before you get your heart set on that $300.

Assuming you're in, the bonus requirements are pretty clear-cut. You'll need to open a new Greater Checking account. If you already have a checking account with them, you're out of luck—this is for new customers only.

Once the account is open, the clock starts ticking. You have 60 days to complete three tasks: 1) Enroll in paperless e-statements (easy click), 2) Have at least one direct deposit hit the account for $100 or more, and 3) Make a minimum of 20 separate debit card purchases that together add up to at least $100.

The Fine Print and Practical Strategy

The requirements are specific. The transactions must 'post and settle' within that 60-day window. That means you can't wait until day 59 to make your 20th purchase if it won't clear until day 61. Plan to finish your requirements well before the deadline.

The direct deposit part is crucial. While the credit union's own bill pay might count as an alternative, a traditional payroll or benefits deposit is your safest bet. If your employer splits your deposit, ensure at least $100 goes into this new account.

For the 20 debit purchases, think small and routine. Loading up your Amazon gift card balance in $5 increments, buying coffee, or paying for streaming services are common tactics. Just remember, ATM withdrawals or cash-back transactions usually don't count as 'purchases.'

Beyond the Bonus: What's the Account Like?

This isn't just a bonus chase; you're opening a real checking account. The good news is the Greater Checking account itself seems decent. There's no monthly maintenance fee, which is a big plus. You also get some nice perks, like up to $10 per month in refunds for fees charged by other banks' ATMs.

Interestingly, meeting the bonus requirements also qualifies you for their high-dividend (interest) rate on the account for that month—currently a very competitive 5.00% APY on balances up to $20,000. So if you park some cash there after earning the bonus, it could keep working for you.

A Few Cautions Before You Apply

As with any bank bonus, go in with your eyes open. The offer doesn't have a published expiration date, but the credit union explicitly states they can change or end it anytime. Don't delay if you're interested.

We don't have definitive info on whether they use ChexSystems (a checking account reporting agency) or if funding with a credit card is possible. If you've had recent issues opening accounts elsewhere, or were hoping to fund with a card for points, you might want to call and ask first.

Finally, keep all your documentation. Note when you opened the account, save confirmation of your e-statement enrollment, and track your direct deposit and debit purchases meticulously. If the bonus doesn't post after 60 days, you'll need this info to follow up.

Bottom Line

• A $300 bonus for a no-fee checking account is a strong offer, especially from a community institution.
• The requirements (20 debit purchases, one $100 DD) are very achievable but require active management over 60 days.
• The account itself offers useful benefits like ATM fee refunds and a potential high interest rate.
• Eligibility is restricted to those who can join the Iowa-based credit union.

Common Questions