Available to members in Utah with the ability to open online, Cyprus Credit Union is offering up to a $300 bonus when you open a new Dream Rewards Checking account and set up qualifying direct deposit. The bonus is paid in two installments: $100 arrives within 30 days of your first qualifying direct deposit, and the remaining $200 posts within 30 days of your third consecutive month of direct deposits.
Direct deposit must total at least $500 per calendar month and must be an electronic deposit of a paycheck, pension, or government benefits — standard stuff, but note that ACH transfers from other banks won't qualify. The account is limited to new checking members only.
Cyprus is a Utah-based credit union with a broad field of membership, so most Utah residents can join. If you're not already a member, you can apply for membership and open the account simultaneously online. Check it out!
How To Earn The Bonus
The Cyprus Credit Union Dream Rewards Checking promotion requires you to set up eligible direct deposits in order to earn the up to $300 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the credit union will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Direct deposit must be an electronic deposit of a paycheck, pension, or government benefits from an employer or government entity.
Open a Dream Rewards Checking account before the bonus expires on April 30, 2026
How does this personal checking offer from Cyprus Credit Union compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
BMO
Personal Checking
- Bonus
- $400 Cash Bonus*
- Account Type
- Personal Checking
- Expires In
- 14 days
- Requires
- Direct Deposit
PNC
Virtual Wallet® with Performance Select
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 38 days
- Requires
- Qualifying Direct Deposit
Bank of America
Advantage Banking Account
- Bonus
- up to $500
- Account Type
- Personal Checking
- Expires In
- 41 days
- Requires
- Direct Deposit
Why Cyprus Credit Union?
Dream Rewards Checking
Dream Rewards Checking is Cyprus Credit Union's flagship rewards checking account, built around a tiered points system that rewards everyday card spending. The more transactions you make each month, the higher your tier — Big, Bigger, or Biggest — and the more points you unlock per transaction.
Points can be redeemed for cash back, gift cards, travel experiences, and merchandise through the Dream Rewards Store. The account also comes with a 0.50% rate discount on new Dream Auto and RV loans, bonus points for on-time loan payments and certificate dividends, and access to over 30,000 surcharge-free ATMs through the Co-Op network. New converters are placed in the top Biggest tier for their first two months automatically.
This account is best suited for active debit card users who can consistently hit 20 or more transactions per month and want to turn everyday spending into tangible rewards. It pairs especially well with a Cyprus auto loan or certificate account, where the points multipliers add meaningful value.
Fees
Dream Rewards Checking does charge a monthly maintenance fee of $5, but there are ways to get this waived:
- Make 20 or more debit or credit card transactions per month
Apply now for a Dream Rewards Checking account to earn the up to $300 bonus offer
How to Join Cyprus Credit Union
Credit unions differ from banks in that they restrict membership based on a shared common bond, or the credit union’s “field of membership”.
That means in order to qualify for this bonus (or any offer from a credit union), you'll first need to meet one of Cyprus Credit Union's membership requirements:
- Live, work, worship, or attend school in Salt Lake County, UT
- Live in any other Utah county and willing to make a one-time $5 donation to the Community Recreation Association (CRA)
- Be employed by or a student in the Nebo, Juab, or Tintic School Districts
- Be employed by a company on Cyprus's select employer list
- Have an immediate family member of an existing Cyprus member (parent, child, spouse, sibling, grandparent, grandchild, stepparent, stepchild, stepsibling, or adoptive relationship)
Keep in mind that nearly all credit unions have a "once a member, always a member" policy, so once you're in, the above restrictions no longer apply.
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