If you run a small business in the Mid-Atlantic region, here’s a deal that might make your accountant smile. SECU Credit Union is offering a $350 bonus for opening a new business checking account. The requirements are straightforward, and there are no monthly fees to worry about. Plus, if you opt for their interest-earning checking account, you can also earn 2.00% APY on your balance. Let’s break down what you need to do to pocket that cash.
What’s the Catch? (Spoiler: Not Much)
The biggest hurdle is the $5,000 average daily balance requirement. You’ll need to keep that amount in your account for the first two billing cycles. If your business has a healthy cash flow, this shouldn’t be a problem. Just don’t dip below that average—if you do, you risk missing out on the bonus.
You also have to enroll in e-statements and set up mobile and online banking within 60 days of opening the account. That’s simple enough and something you’d probably do anyway. The bonus will hit your account within 90 days after you meet all the conditions.
Who Can Apply?
This offer is for new SECU business checking accounts only. Your business needs to be located in Maryland, Pennsylvania, Delaware, West Virginia, Virginia, or Washington, D.C. If you’re an existing SECU business member, you’re eligible as long as you haven’t had one of the qualifying account types in the last 24 months. Estates are excluded.
You’ll also need to open a business share savings account alongside the checking account—that requires just a $10 minimum deposit. The checking account itself requires a $100 minimum deposit to open. All accounts are subject to membership approval.
A Few Things to Watch Out For
First, don’t forget the promo code. If you apply without entering BB350, you won’t get the bonus. It’s that simple. Second, the bonus is limited to one per business membership, so you can’t open multiple accounts to stack bonuses. And remember, the IRS will likely send you a 1099-MISC for the $350, so set aside some of that money for taxes.
On the bright side, there’s no monthly maintenance fee and no early account termination fee listed in the fee schedule. That means you can close the account after you’ve received the bonus without penalty. Just make sure you keep it open long enough to satisfy the requirements.
Is This Offer Worth It?
Absolutely, if your business has $5,000 to park for a couple of months. That’s a 7% return on the required balance in just 60 days—far better than what most savings accounts pay. Plus, you can also pair it with SECU’s $350 personal checking bonus (if you qualify) to double your haul. Just be mindful of the geographic restriction and the promo code requirement.
Bottom Line
- Maintain $5,000 average daily balance for first two statement cycles.
- Enroll in e-statements and mobile/online banking within 60 days.
- Use promo code BB350 during application.
- No monthly fees or early termination penalties.
- Bonus credited within 90 days; reported as taxable income.
Common Questions
Can I apply if I already have a personal account with SECU?
Yes, but you must not have had an eligible business checking account with SECU in the last 24 months. If you’re a new business member, you’re good to go.
What happens if my balance drops below $5,000 during the first two months?
The requirement is an average daily balance of $5,000 over each statement cycle. If your balance dips but averages out to $5,000 or more, you should still qualify. But if it falls significantly, you might not meet the condition.
Do I need to make a direct deposit?
No direct deposit is required. Just the balance requirement and the e-statement/mobile banking enrollment.
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