iQ Credit Union's Refer-a-Friend Deal: How You and a Friend Can Each Pocket $100

Ever wish you could get paid for recommending your bank? Well, if you're in Washington or Oregon and bank with iQ Credit Union (or know someone who does), now's your chance. They're running a straightforward 'Refer-a-Friend' promotion that puts $100 in your pocket and another $100 in your friend's—just for helping them become a new member. It sounds simple, and the core idea is, but like any financial offer, the devil's in the details. Let's break down exactly how it works, what you need to do, and a few important caveats to keep in mind before you start recruiting your entire contact list.

How the Money Lands in Both Your Accounts

The process is designed to be simple. If you're already an iQ member, you just need to talk up the credit union to a friend or family member. The crucial step is making sure they mention you by name when they apply, either online or in a branch.

For the person joining, the path to their $100 involves opening a specific set of accounts. They can't just open a checking account and call it a day. The official terms require a trio of accounts: a standard Savings account, a Checking account (which comes with a debit card they need to activate and keep active), and an 'Easy Saver' account. They also must opt for paperless e-Statements.

Once that's done and the new member has tucked at least $5 into their Savings account, the clock starts. They have 60 days to keep everything in order. If all requirements are still satisfied on day 61, iQ deposits $100 into the new member's account and another $100 into the referrer's account.

The Fine Print You Really Need to Read

This is where you avoid surprises. The offer is generous, but it has specific guardrails.

First, eligibility: both parties need to be U.S. residents, at least 18 years old, and natural persons (so no business or trust accounts). The new member must have never had an account with iQ before. Interestingly, the terms state you should personally know the person you're referring—this isn't for affiliate marketers trying to game the system.

The 'good standing' condition is critical for payout. It means the new account can't be seriously overdrawn (more than 30 days), have any legal holds like garnishments, or be associated with a delinquent iQ loan. The address on file also needs to be valid. If the account falls out of good standing before the 61-day mark, no bonus for anyone.

Also, note that the new member can only get one $100 referral bonus themselves. But as an existing member, you can refer as many qualified people as you like—the rewards are uncapped.

• Taxes are your responsibility: iQ may issue a 1099 for the $100 reward, so plan to report it as income.
• No status updates: iQ won't tell you if your friend used your name or if their account is on track. You'll only know for sure when the $100 hits your account.
• Geographic limits: This is primarily for Washington and Oregon residents. Use the bank's locator to confirm eligibility if you're near the border.

Is This a Good Deal For You (or Your Friend)?

For an existing iQ member, it's a no-brainer if you have friends or family who were already considering a local credit union. You're getting free money for a recommendation you'd probably make anyway.

For the new member, it's a bit more of a calculation. The $100 is nice, but it requires opening and managing three separate accounts. The savings account APY is very low (0.05%), so this isn't a high-yield opportunity. The real value for them should be whether iQ's everyday banking services—like no monthly fees, their branch/ATM network, or other products—fit their needs long-term. The bonus is a sweetener to join, not a reason to stay if the bank isn't a good fit.

Compared to national bank bonuses that often demand large direct deposits or minimum balances, the requirements here are relatively light. There's no need to shuffle your paycheck around. The main hurdle is the three-account setup, which is more about administrative hassle than financial commitment.

A Few Practical Tips Before You Start

If you're going for this, a little coordination goes a long way. Have a clear conversation with your friend about the requirements so they know exactly what to expect when they apply. Emphasize they must name-drop you—it's the only way you get credit.

Since iQ won't give you progress reports, it might be wise to set a calendar reminder for about 65 days after your friend joins. If the money hasn't appeared by then, you or your friend should contact customer service to inquire.

Finally, remember this is a promotion. The terms can change or the offer could end at any time. Always double-check the official program page for the most current rules before you or a friend take the plunge.

Bottom Line

• A win-win for existing members and their friends, paying $100 to each party.
• Requirements are light on money but involve opening three accounts and opting into e-Statements.
• The biggest hurdle is geographic; it's essentially a regional offer for the Pacific Northwest.
• Perfect for existing iQ customers, but new members should join for the banking services, not just the bonus.

Common Questions