【Updated 2023.4】If you are looking for a referral code for the extra $100 bonus, feel free to grab one from the comments. You are also welcome to leave your own data points and referral codes there.
This post was contributed by reader Longdong. This bank bonus does not require direct deposit, has no monthly fee, and has no minimum deposit requirement, so it is relatively easy to earn. I searched through all related posts on DoC, and this appears to be the highest offer ever. The promotion does not list a deadline, but I suspect it may need to be done before April 13. Last May, I wanted to jump on the $200+$100 offer, only to be told that the promotion had already ended.
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About GESA
GESA is a credit union that only operates in the three states of ID, WA & OR. It is insured by the NCUA, similar to the FDIC. Personal deposits are fully insured up to $250,000. Its footprint is roughly as follows:
Account Opening Bonus
There is currently a very solid promotion: open a SmartPlus Checking account and earn a $200 bonus, plus a $150 anniversary bonus after one year. The $1,000 mentioned here refers to the referral offer: $100 per referred friend, up to 10 people.
In addition, the account opening bonus can be stacked with the referral bonus. In other words, you can earn $200 + $100 when opening the account, and then another $150 after one year. Click “Join Gesa” in the upper-right corner to start the application, and enter a referral code during the process. You can grab one from the comments, and you are also welcome to leave your own data points and referral codes there.
To qualify for the referral bonus, a new member must also open a SmartPlus Savings account, which likewise has no monthly fee and no minimum deposit requirement.
New members must open a savings account and a SmartPlus Checking account to be eligible for the referral incentive (s) . The checking account must be opened with a minimum deposit of $25 if opened online. No minimum ongoing balance is required to obtain the referral incentive (s) . Referral incentives will be paid by direct deposit into the member’s savings account and within 60 days of the SmartPlus checking account opening.
To earn the bonus, you need to meet the following requirements:
- You must open a SmartPlus Checking account; other checking accounts do not qualify. You also cannot have had any Gesa checking account within the past 90 days, and each person may only have 1 SmartPlus Checking account.
- Enroll in Online or Mobile Banking;
- Set up electronic statements;
- Within 60 days of account opening, complete 10 debit card transactions. The author used it to pay a medical bill at $0.01 per transaction. It is unclear whether Cash App transfers count; feel free to share data points in the comments.
Opening the Checking Account
Eligibility
- You must live, study, work, or worship in Washington State; or have an immediate family member who meets that requirement; or
- Be a resident of one of the following counties in Idaho or Oregon
Idaho Counties
- Benewah
- Bonner
- Boundary
- Clearwater
- Idaho
- Kootenai
- Latah
- Lewis
- Nez Perce
- Shoshone
Oregon Counties
- Clackamas
- Clatsop
- Columbia
- Gilliam
- Hood River
- Morrow
- Multnomah
- Sherman
- Umatilla
- Union
- Wasco
- Washington
Once you become a member, it is fine if you later move away from these areas. So you should not need to worry about missing the anniversary bonus one year later (source).
Initial Deposit
If you open a SmartPlus Checking account online, the minimum initial deposit is $25. If you apply in person at a branch, the minimum initial deposit is $5. For SmartPlus Savings, the minimum initial deposit is $5 whether opened online or in a branch. The author recommends depositing $30 into each account, just to avoid giving the bank any excuse to close the account or deny the bonus.
Credit Card Funding
There are data points showing that credit card funding up to $5,000 works fine. Current successful credit card funding reports can be found here:
Personally, I do not recommend this method. If you want to try it, it is probably best to make the required initial deposit first to satisfy the checking and savings account requirements, and only then consider whether it is worth pursuing a credit card signup bonus. After all, even with NCUA insurance, if something goes wrong you will eventually get your money back, but dealing with the hassle still takes time. The goal here is to earn the bonus the easy way.
Other Fees
If you close the account within 180 days, there is a $20 early account termination fee.
My Experience Opening the Account
Gesa paid the bonus very quickly. The author opened the account on March 16 and received the $200 bonus in less than 30 days.
The $100 referral bonus was posted the day after the account was successfully opened.
Checking and Savings Rates
SmartPlus Savings: currently earns 7% on the first $500, and you only need to set up eStatements.
SmartPlus Checkings: if you meet the following requirements, you can currently earn 7% on the first $5,000:
- Set up eStatements
- Receive more than $200 in direct deposits each month
- Make 15 debit card transactions each month
- Set up an email address and keep it active at all times (I assume this is for marketing emails)
To avoid any future dispute over when the promotion ended, the author specifically took a photo while opening the account at a branch as proof that the promotion was still live that day, just for a laugh.
