Southland Credit Union $300 Checking Bonus: A Local Deal Worth a Look

If you live, work, or hang out around Long Beach, here's a checking account bonus that might be worth your time. Southland Credit Union is currently offering $300 to new members who open a Long Beach checking account and meet a couple of straightforward requirements. It's not a nationwide deal, but for those in the area, it's a solid chunk of change for a little bit of banking legwork.

What's the Deal?

Southland Credit Union is sweetening the pot for new checking customers at their Long Beach branch. Open a Long Beach Checking account and you can earn a $300 bonus. That's a nice bump from the $200 they were offering before. To qualify, you need to either set up a direct deposit of at least $1,500 or use their Bill Pay service to pay at least one recurring bill. Once you do that, the bonus lands in your account on the next business day after the qualifying transaction posts.

The catch? You have to complete the requirement within 90 days of opening the account. Also, your account needs to stay in the positive. If you don't meet the conditions in time, no bonus for you. And remember, the IRS considers this bonus as income, so you'll likely get a 1099-INT and owe taxes on it.

This is a local deal, so it's not for everyone. But if you're in the area, it's a pretty straightforward way to earn a few hundred bucks.

Who Can Join?

Southland Credit Union isn't open to just anyone. You need to meet their membership criteria. You can join if you live, work, worship, or attend school in certain areas: Orange County, Artesia, Bellflower, Brentwood, Cerritos, Culver City, Downey, Downtown & West Los Angeles, Hawaiian Gardens, La Habra Heights, La Mirada, Lakewood, Long Beach, Marina Del Rey, Mar Vista, Norwalk, Pacific Palisades, Paramount, Santa Fe Springs, Santa Monica, Signal Hill, or Venice. Also, if you work for one of their participating employers, you're in. And if you have an immediate family member who's already a member, that works too.

When you open the account, you'll need to put in at least $25 to get the $15 membership fee waived. That's a small price to pay to avoid an upfront cost.

The application uses a soft pull, so your credit score won't take a hit just for checking if you qualify. That's a nice touch if you're rate shopping or don't want extra inquiries.

Watch Out for Fees

There's a $5 monthly maintenance fee on this checking account. But you can avoid it by having a direct deposit or using Bill Pay each month. Since you're already doing one of those to earn the bonus, you should be covered. Just make sure you keep it up after the bonus period, or you'll start seeing those fees.

Also, there's an early account termination fee. If you close the account within six months, you'll forfeit the bonus. So, if you're planning to grab the money and run, think again. You'll need to keep the account open for at least six months to keep the bonus.

One more thing: the bonus is only for the Long Beach checking account. If you open a different type of account, you won't get this deal. Make sure you're signing up for the right one.

Is It Worth It?

If you're in the eligible area and can easily set up a direct deposit or pay a bill through their Bill Pay, this is a no-brainer. $300 for a few minutes of work is a great return. Just be mindful of the fees and the six-month commitment.

Compared to other bank bonuses, this one is on the higher end, especially for a credit union. And since it's a soft pull, it's low-risk to apply. If you're not in the area, you might want to check out other offers that are more widely available, but if you are, this is a solid deal.

Just remember to read the fine print and keep track of your 90-day deadline. Set a reminder on your phone if you have to. Missing it would be a bummer.

Bottom Line

• Earn $300 by opening a Long Beach Checking account and meeting the direct deposit or bill pay requirement within 90 days.
• Avoid the $5 monthly fee by keeping up with direct deposit or bill pay each month.
• You'll need to keep the account open for at least 6 months to keep the bonus.
• Membership is limited to specific areas or affiliations, so check eligibility first.
• The bonus is taxable income, so expect a 1099-INT.

Common Questions