Monterra Credit Union (formerly San Mateo Credit Union) is offering a $150 cash bonus for those who open a new Premium Checking account. This is no longer a tiered offer.
The requirements to earn the welcome offer are the same requirements that you'll need to meet each month to earn the interest on your deposits: debit card purchases plus one direct deposit of any amount.
This time around they are not requiring you to open in branch, and have added a little more to the bonus to sweeten the deal.
How To Earn The Bonus
The Monterra Credit Union Premium Checking promotion requires you to optionally, set up eligible direct deposits and make purchases using the account's card in order to earn the $150 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
- Offer only applies to new Monterra Premium Checking accounts.
- ATM and ACH transactions do not qualify as debit card transactions.
- In the case of a joint account, purchases and payments from multiple debit cards will be added together.
- Membership eligibility requirements apply.
- Must be age 18 or older.
Open a Premium Checking account before the bonus expires on March 31, 2026
How does this personal checking offer from Monterra 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
- 89 days
- Requires
- Direct Deposit
Chase
Chase Total Checking®
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 70 days
- Requires
- Direct Deposit
Bank of America
Advantage Banking Account
- Bonus
- up to $500
- Account Type
- Personal Checking
- Expires In
- 116 days
- Requires
- Direct Deposit
Why Monterra Credit Union?
Premium Checking
Premium Checking is a fee-free checking account that also happens to earn a very competitive interest rate (1% APY at the time of writing!) on your deposits up to $50,000.
Keep in mind that in order to earn the interest, you'll need to be enrolled in eStatements and each month you'll need to make 10 debit card purchases and 1 direct deposit.
The account has a $20 opening deposit requirement, but no ongoing balance requirements after that.
Fees
Premium Checking does not charge a monthly maintenance fee.
Apply now for a Premium Checking account to earn the $150 bonus offer
How to Join Monterra 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 Monterra Credit Union's membership requirements:
- You live, work, worship, or attend school in San Mateo County, the City of Palo Alto, or select San Francisco zip codes: 94110, 94112, 94116, 94122 94124, 94132, or 94134
- OR, you are a member of or employed by one of their partner organizations or businesses
- OR, you have a family member, domestic partner, or roommate that is a member of Monterra
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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