TruStone Financial's $500 Checking Bonus: A Midwest-Exclusive Deal Worth Considering

If you live in Minnesota or Wisconsin and have been thinking about switching your primary checking account, there's a pretty compelling reason to look at TruStone Financial Federal Credit Union right now. They're running a promotion that can put up to $500 in your pocket just for banking with them. It's not a simple flat bonus, though—the amount you earn depends on how much you direct deposit. Let's break down whether this geographically-limited offer makes sense for your wallet.

How the Bonus Actually Works

This isn't a 'set it and forget it' bonus. To get the full $500, you need to hit two separate targets within the first 60 days of opening your account.

First, you need to push a significant amount of money through direct deposit. The bonus structure is tiered: you get $200 for depositing at least $1,000, $300 for hitting $2,500, and $450 if you can manage $5,000 in direct deposits. That $450 is for the direct deposit portion alone.

The second, easier target is simply opting for paperless statements. Enroll in e-statements and you'll pocket an extra $50, bringing your potential total to $500. Remember, you have a 60-day window from account opening to complete these actions.

Is the TruRate Account Right for You?

You're not just signing up for a bonus; you're opening a specific checking product. The TruRate account is their premium offering, and it comes with some features and strings attached.

On the plus side, it can earn a very competitive interest rate—up to 4.00% APY on balances under $20,000. But to get that rate, you must jump through some monthly hoops: make 12 combined transactions of at least $5 each using your TruStone Visa credit and debit cards, and stay enrolled in e-statements. Miss those requirements, and the rate plummets to 0.01%.

There's also a $10 monthly fee, but you can avoid it entirely by keeping a $2,000 minimum daily balance. If you're planning to park that much cash to chase the bonus and the high yield, the fee is a non-issue. If not, it's a cost to factor in.

• Pros: High potential APY, identity theft protection (IDProtect®), two free boxes of checks per year.
• Cons: Monthly fee unless you maintain a $2,000 balance, strict requirements to earn the top interest rate.

Important Fine Print and Considerations

Before you get too excited, there are some crucial restrictions. The most obvious one is geography. You must be eligible for membership, which primarily means living, working, worshipping, or attending school in specific counties in Minnesota or Wisconsin. You'll need to confirm your eligibility on their website.

This offer is for new checking customers only. If you've ever had a TruStone checking account before, or if you currently have one, you're not eligible. It's also limited to one bonus per membership.

Also, be patient for the payout. The credit union states it can take up to 90 days after you open the account for the cash back to land in your balance. And if you close the account within six months, they'll charge a $20 early termination fee, effectively clawing back a portion of your bonus.

Practical Advice for Claiming This Bonus

If you qualify and the account fits your banking style, here's a game plan. First, get your direct deposit switched over quickly. The 60-day clock starts ticking the moment your account is open. Coordinate with your payroll department ahead of time.

To maximize the bonus, aim for the $5,000 direct deposit tier if your cash flow allows it. That's where the real value is—$450 for moving $5,000 is a 9% return in two months, which is fantastic.

Don't forget the easy $50! Enrolling in e-statements is usually just clicking a box in your online banking settings. Set a calendar reminder for the day you open the account to do this immediately.

Finally, consider the long-term play. If you like the credit union and can meet the requirements to waive the fee and earn the high APY, this could be a great permanent checking home. If you're just in it for the bonus, plan to keep the account open for at least six months to avoid the early closure fee, and be aware the interest rate will likely drop if you don't maintain the card usage requirements.

Bottom Line

• A strong bonus for eligible MN/WI residents, but requires moving significant direct deposit volume.
• The attached TruRate account is a premium product with a monthly fee and high-yield potential, but strict rules.
• Success depends on quick action: you have 60 days to meet direct deposit targets and enroll in e-statements.

Common Questions