Royal Credit Union Is Back With $400 for a New Checking Account

Royal Credit Union has resurrected its checking bonus, and this time the payout is $400 — double what it used to be. The catch is that the deposit bar moved up too. If you live in Minnesota or Wisconsin and can route a paycheck through a new account, this is one of the cleaner offers on the market right now: no monthly fee on the basic accounts, no minimum balance to open, and a soft credit pull.

What You Actually Have to Do

The mechanics are straightforward. Open one of the eligible personal checking accounts during the promo window, then get two payroll-style direct deposits of $500 or more into it. Both need to land within 120 days of opening. Once the second one posts, Royal says the $400 shows up within 10 calendar days.

One wrinkle people miss: you also need a Primary Base Savings account, and you have to be the primary owner on it. That's where the money gets deposited, and it's also where the tax reporting happens. So this isn't a checking-only setup — plan for both accounts from the start.

• Open the checking account between 10/15/26 and 12/15/26
• Receive two qualifying direct deposits of $500+ each
• Both deposits must post within 120 days of account opening
• Keep the account open for six months
• Bonus is paid into your Primary Base Savings account

What Counts as a Direct Deposit (and What Doesn't)

Royal is specific here, and it matters. A qualifying deposit is an ACH credit coming from an employer, a pension, Social Security, or a government benefits agency. That's the whole list.

Things that look like deposits but won't count: transfers from another Royal account, transfers from an outside bank, mobile payment services, and person-to-person payments. If you were planning to push money in from your main bank and call it a day, that won't trigger the bonus. This one really does want a paycheck or a government payment.

The Six-Month Rule and Other Fine Print

The account has to stay open for six months. Close it early and Royal can claw the $400 back — the terms explicitly reserve the right to withhold or reclaim the incentive if you don't meet the qualifications.

There's also a prior-relationship rule. If you already have a Royal checking account, or you had one that was opened or closed within the last 12 months, you're out. And it's one account per Member, so no doubling up within a household.

The offer can't be combined with any other Royal checking promotion, and Royal can end the promotion at any time. That last clause is standard, but it's a reason not to sit on this until mid-December.

Fees, Balances, and Picking the Right Account

The fee picture is genuinely friendly. Smart Start Checking (for members 13–25), Smart Checking, and Duo Checking all have no monthly fee and no minimum balance. Smart Checking Plus is the odd one out — it earns dividends but charges $10 a month if your balance falls below $700.

For a bonus-chasing setup, Smart Checking is the obvious pick: nothing to maintain, nothing to monitor. Duo Checking bundles in a savings account paying 3.00% APY on the first $10,000 (0.40% above that, rates as of 10/15/26 and subject to change), which is a nice extra if you'd rather park cash somewhere useful.

Also worth knowing: the accounts come with free ATM access at shared ATMs nationwide, free online banking, mobile check deposit, and a free instant-issue Visa debit card. Nothing here is going to nickel-and-dime you while you wait out the six months.

Should You Bother?

If you're in Minnesota or Wisconsin and can redirect two paychecks, this is close to free money. Two deposits of $500 is $1,000 of income you were going to receive anyway — you're just changing where it lands for a couple of months. The soft pull means no hit to your credit report, and the no-fee account means the bonus isn't eaten by maintenance charges.

The main friction is the savings account requirement and the six-month hold. Neither is a dealbreaker, but they do mean this isn't a set-and-forget situation. Mark a calendar reminder for the six-month mark so you don't close early and hand the money back.

One more thing: the $400 is taxable. Royal reports it, so expect a form and factor it into your math. Even after taxes, a $400 payout for a few direct deposits is a solid return on about fifteen minutes of paperwork.

Bottom Line

• $400 bonus requires two direct deposits of $500+ each within 120 days of opening
• Open the account by 12/15/26 — the promo window is 10/15/26 to 12/15/26
• You must also open a Primary Base Savings account; the bonus is paid there
• Keep the account open six months or risk losing the bonus
• Only ACH credits from employers, pensions, Social Security, or government agencies qualify — bank transfers and P2P payments don't
• No monthly fee or minimum balance on Smart Checking, the simplest option

Common Questions