Together Credit Union's Referral Deal: Get $50, Help a Friend Get $200

Here's a nice little win-win situation if you're in the right area. Together Credit Union is running a promotion that rewards you for bringing in new members, and it sets up your friend or family member to earn a decent chunk of change themselves. It's a referral program with a twist, where both parties start with cash and the new member has a path to earn more. Let's break down how it works and whether it's a good fit for you.

How This Two-Part Bonus Works

The promotion really has two separate incentives tied together. First, there's the referral piece. If you're already a member, you can refer someone. When they open a new checking account, you get $50. They also get $50 right off the bat just for becoming a member.

But it doesn't stop there for the new person. After opening the account, they have a 60-day window to complete three specific tasks to unlock an extra $150. That would bring their total bonus to $200. It's a nice structure because it gives an immediate reward and then an incentive to actually use the account.

What Your Friend Needs to Do for the Extra $150

To grab that additional $150 and hit the full $200, the new account holder needs to meet a few requirements within the first 60 days. These are pretty standard for bank bonuses, but it's crucial to understand them clearly to ensure the bonus posts.

• Receive at least one direct deposit (or ACH credit) of $500 or more.
• Make five separate debit card purchases. ATM withdrawals don't count.
• Sign up for electronic statements (e-statements).

Practical Tips and Things to Watch Out For

The geographic restriction is the first big hurdle. Membership is limited to people who live, work, worship, or attend school in specific areas of Illinois, Missouri, Texas, and Virginia. If you or your friend don't have a connection to those regions, you're out of luck. Always double-check the official eligibility rules on their website.

For the referrer (that's you, if you're a member), there's a waiting period. You need to have been a member yourself for a minimum of three months before you're eligible to receive the $50 referral reward. So brand-new members can't immediately start referring others for cash.

The fine print mentions that all members must open and maintain a savings account with a minimum $5 balance. It's a small amount, but it's an extra step to be aware of during the account opening process.

A couple of unknowns from the source material: it wasn't clear if you can fund the initial deposit with a credit card, or whether the credit union uses a hard or soft credit pull when opening the account. These are good questions to ask a representative directly if they're important factors for you.

Finally, remember that bonuses like this are considered taxable income. The credit union will send you a 1099 form if you earn $10 or more, so plan accordingly for tax season.

Bottom Line

• This is a solid community-focused offer that benefits both the existing member and the new joiner.
• The state restrictions are strict, so verify eligibility first.
• The $150 extra bonus has clear, achievable requirements for the new account holder.
• Existing members must wait 90 days after joining before they can refer others for the bonus.

Common Questions