On Tap Credit Union $150 Checking Bonus: Is the Six-Month Direct Deposit Worth It?

If you're in Colorado and looking to pad your savings, On Tap Credit Union has a checking account bonus that might catch your eye. They're offering $150 just for opening a new checking account and jumping through a few hoops. The catch? You'll need to keep a direct deposit flowing for six months, which is longer than many other bank bonuses. Let's break down what you need to know before you sign up.

What You Need to Do to Get the $150

The process isn't complicated, but it does require some patience. First, you'll need to open a new checking account with On Tap Credit Union and use the promo code CHECKING150 when you apply. You also need to mention the promotion at account opening—don't skip that step, or you might miss out on the bonus.

Once your account is open, set up a direct deposit of at least $500 each month. That's not a one-time thing; you have to keep it going for six straight months. On top of that, you'll need to make 10 debit card purchases. They don't specify a minimum amount per purchase, so even small everyday buys like coffee or groceries can count.

There's also a $5 membership share required, which is pretty standard for credit unions. That's basically your ownership stake in the credit union, and you'll get it back if you ever close the account (assuming you're in good standing).

The Fine Print That Could Trip You Up

The biggest hurdle here is the six-month direct deposit commitment. That's longer than many other bank bonuses, which often only require a couple of months. If your payroll isn't set up to split between accounts, you might need to talk to your HR department or consider setting up a recurring transfer that qualifies. Just make sure it meets On Tap's definition of direct deposit—not all transfers count.

Also, keep in mind that the bonus is subject to IRS dividend reporting. That means you'll likely receive a 1099-INT or similar form, and you'll need to report the $150 as income on your taxes. It's not a huge deal, but it's something to be aware of.

There's an early closure fee of $5 if you close the account within six months. Since you need to keep the account open for six months anyway to satisfy the direct deposit requirement, this shouldn't be an issue unless you decide to close it right after the bonus posts. Just wait a bit longer to avoid the fee.

Is This Bonus Worth Your Time?

Let's be honest: $150 is a decent chunk of change, but the six-month direct deposit requirement is a bit of a drag. If you're already planning to switch your direct deposit to a new account anyway, this could be a no-brainer. You're just redirecting money you're already earning, and the bonus is essentially free money.

However, if you're not keen on maintaining a separate direct deposit for half a year, this might not be worth the hassle. There are other bonuses out there with shorter requirements. But if you live in Colorado and don't mind the commitment, it's a solid way to earn a little extra cash.

One nice thing is that there are no monthly fees on this account, so you won't be nickel-and-dimed while you're waiting for the bonus. And since recent reports suggest a soft pull, your credit score shouldn't take a hit when you apply.

Bottom Line

• Use promo code CHECKING150 when opening the account to qualify.
• Maintain a $500+ direct deposit for six months and make 10 debit purchases.
• No monthly fees, but a $5 early closure fee applies if you close within six months.
• Bonus is taxable as income/interest.
• Offer is available to Colorado residents only.

Common Questions