Michigan First Credit Union: $100 Referral Bonus, $100 CD Bonus, and a 10% Savings Account

If you're in Michigan and looking for a straightforward bank bonus, Michigan First Credit Union has a couple of offers worth checking out. There's a $100 referral bonus for opening a checking account, and you can earn it without setting up direct deposit. There's also a $100 bonus for opening a CD, and a new 10% rewards savings account that could be quite lucrative if you meet the requirements. Let's break down what you need to know.

The $100 Referral Bonus: Easy Money for Checking

The referral bonus is simple: open a new checking account and either make 20 debit card purchases or receive $500 in direct deposits within 60 days. Both you and the person who referred you get $100. No direct deposit is required if you go the debit card route, which is a nice flexibility.

Just make sure you meet the membership eligibility: you need to live, work, or worship in Michigan. If you do, this is one of the easier $100 bonuses out there.

• Open a new Michigan First checking account.
• Complete 20 debit card purchases OR receive $500 in direct deposits within 60 days.
• Both referrer and referee receive $100.

The $100 CD Bonus: A Decent Return, But Not Amazing

Michigan First is also offering a $100 bonus when you open a CD with at least $5,000. The shortest term is 6 months, and the APY varies: 0.8% for a $5,000 deposit, or 3.3% if you deposit $10,000.

Let's do the math. If you put $10,000 into a 5% APY savings account for 6 months, you'd earn about $250. With this CD bonus and the 3.3% APY, you'd earn roughly $265. So the bonus only marginally improves your return. It's not a bad deal, but it's not spectacular either. If you were already planning to open a CD, the extra $100 is a nice perk.

• Requires a $5,000 minimum deposit.
• Shortest term is 6 months.
• APY: 0.8% for $5,000; 3.3% for $10,000.
• Bonus is $100.

The 10% Rewards Savings Account: High Yield with Hoops

The most intriguing offer is the 10% rewards savings account on balances up to $5,000. That's a fantastic rate, but you'll need to jump through several hoops to qualify.

First, you must be enrolled in e-statements for both your account and credit card statements. Second, you need to maintain a Michigan First Premier Checking account. Third, you can't do more than 2 in-person or mail-in transactions per month. Fourth, you need to keep at least $400 in direct deposits flowing into the same account where you have SavingsPlus, Premier Checking, or a credit card. And fifth, you must use your Michigan First debit card at least 10 times per month for signature or PIN-based purchases, OR use your Michigan First Rewards Credit Card at least 12 times per month for merchant purchases.

If you can meet all those requirements, earning 10% on up to $5,000 is outstanding. But miss any one of them, and you likely won't get the rate. It's a commitment, so weigh whether the extra interest is worth the effort.

• E-statements required for both account and credit card.
• Maintain Michigan First Premier Checking.
• No more than 2 in-person/mail-in transactions per month.
• Minimum $400 in direct deposits.
• 10+ debit card purchases OR 12+ credit card purchases per month.

Fees and Fine Print

The Premier Checking account has no monthly fees, which is a relief. However, I couldn't find any information on an early account termination fee, so if you plan to close the account soon after getting the bonus, be cautious. It's always smart to check the fee schedule before closing.

Also, remember that bank bonuses are considered taxable income. You'll receive a 1099-INT for any bonus over $10, so set aside a little for taxes.

• No monthly fees on Premier Checking.
• Early account termination fee: unknown.
• Bonuses are taxable.

Is It Worth It?

The checking referral bonus is a no-brainer if you're eligible—$100 for relatively little effort, and you can avoid direct deposit by using your debit card. The CD bonus is okay but not exceptional; you can find better rates elsewhere without tying up $5,000 for six months. The 10% savings account is the star, but only if you're willing to meet all the monthly requirements. If you're already a Michigan First member or don't mind the hoops, it could be a great way to boost your savings.

As always, do your own research and make sure you understand the terms before signing up.

Bottom Line

• The $100 checking referral bonus is easy to earn without direct deposit.
• The $100 CD bonus is decent but not outstanding compared to other options.
• The 10% savings account offers a high rate but comes with multiple monthly requirements.
• Watch out for potential early account termination fees and remember bonuses are taxable.

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