Westerra Credit Union's $100 Bonus: A Simple Colorado-Only Deal Before Year's End

Hey folks, if you're in Colorado and looking for a straightforward bank bonus without a ton of hoops, this one from Westerra Credit Union might catch your eye. It's a clean $100 for opening a couple of accounts, and the window to do it is closing soon. Let's break down what it actually takes and whether it's worth your time.

What You Actually Need to Do

The requirements are refreshingly simple compared to some bonus chases. First, you need to become a member. Eligibility is generally for folks who live, work, or worship in several Colorado counties, including Denver, Boulder, and Arapahoe. You'll want to double-check the official membership rules on their site to be sure you qualify.

Once you know you're eligible, you'll open two accounts together: a basic Prime Share savings account and your choice of either a Smart Money Checking account or a Money Market Select account. You must do this before the clock strikes midnight on New Year's Eve 2024. The kicker? You also have to sign up for their online banking right when you open the accounts.

• Open both a Prime Share savings and a checking/money market account as a package deal.
• Complete your application on or before December 31, 2024.
• Opt into digital banking during the application process.
• Fund the accounts with at least $5 for the savings and $25 for the checking/money market.

The Fine Print You Shouldn't Skip

Alright, here's where we get into the nitty-gritty. The bonus itself will land in your new savings account by January 2nd next year, assuming you've ticked all the boxes. But the credit union has a few important conditions.

Crucially, you cannot have any existing relationship with Westerra. This offer is strictly for brand-new members. Also, if you've had an account with them that was closed in the last 90 days—or was closed with a negative balance in the last three years—you're out of luck.

One point of confusion from past applicants is the credit check. The offer states it's a 'soft' inquiry, which doesn't affect your credit score. However, some people have reported getting a 'hard' pull, which does leave a mark on your report. If you're sensitive about hard inquiries (like if you're about to apply for a mortgage), this is something to consider carefully.

• The bonus is reported as interest income on a 1099-INT form for taxes.
• Business accounts are not eligible for this promotion.
• You can't close the accounts before the bonus is paid out, or you'll forfeit it.
• Limit of one bonus per person (or per membership).

Is This Account Worth Keeping Open?

A bonus is great, but you don't want to be stuck with a dud account. The good news is the Smart Money Checking account has some interesting features, especially if you tend to keep a lower balance. It's what they call a 'reverse tier' account, meaning the highest interest rate (up to 6.00% APY) applies to your first $2,000.

To earn that top rate, though, you need to use the account actively: at least 16 debit card transactions and a $500 direct deposit or automatic payment each month. If you don't hit those targets, the interest rate drops to nearly zero. So, it could be a decent earning account if it fits your spending pattern, or just a place to park the bonus until you decide what's next.

The Money Market Select account is more of a savings vehicle with check-writing, offering rates up to 3.50% APY for larger balances.

Practical Advice & Final Thoughts

This is a solid, low-effort bonus for eligible Coloradans. The lack of a direct deposit requirement is a huge plus—it removes the biggest hassle from most bank bonus offers. Just be prepared for the potential hard pull, and make sure you're okay with that risk.

My advice? If you're going for it, apply soon. Don't wait until the last week of December. Give the system time to process your application and for you to fund the accounts without any deadline pressure. Also, take screenshots of the offer terms and your application confirmation for your records.

Bottom Line

• A simple $100 bonus with no direct deposit requirement, but limited to new members in Colorado.
• Be aware of the potential for a hard credit inquiry, despite the offer's 'soft pull' language.
• The associated checking account can be high-earning if you meet monthly usage requirements.
• Act before the December 31, 2024 deadline and keep the accounts open until the bonus posts in early January.