Offer at a glance
- Maximum bonus amount: $200
- Availability: UT
- Direct deposit required: Yes, $300+
- Additional requirements: No
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: $10, 90 days
- Household limit: None
- Expiration date: None listed
The Offer
Direct link to offer
- Cyprus Credit Union is offering a $200 bonus when you open a teen checking account. Bonus is broken down as follows:
- $50 for opening a new checking account.
- $100 for completing the Teen Learn & Earn skills in Home Banking:
- $50 for setting up direct deposit after getting first job.
The Fine Print
- Must be age 13 or older to enroll in Home Banking and the Learn and Earn learning platform. Primary account holder (the teen) must complete the following skills under their own Home Banking login before their 19th birthday to qualify: Teen Learn & Earn: Savings, Teen Learn & Earn: Spending Smart, and Teen Learn & Earn: Budgeting. $100 will be deposited into account within 30 days of completing required skills.
- Direct deposit must begin prior to 19th birthday to qualify. Direct deposit must be an electronic deposit of paycheck or benefits from an employer or government entity to the Learn & Earn Checking account to qualify. $50.00 will be deposited into account within 30 days of eligible direct deposit.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is a $10 fee if closed within 90 days
Our Verdict
Don’t think I’ve ever seen a teen checking bonus that required a direct deposit, at least it’s not required for most of the bonus. We will add this to our list of the best bank account bonuses.
Hat tip to ShawntheShawn
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
