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【2024.9 update】The offer no longer seems searchable, so it was probably shut down after being heavily exploited.

About

Right now, if you go through Rakuten to open an account with Alliant Credit Union and purchase one of its certificates of deposit (CDs), you can earn $200 cash back. The requirements are simple: deposit at least $1,000 and keep it there for 60 days. The entire account opening process can be completed online.

If you do not already have a Rakuten account, you will need to sign up first. The current signup promo gives an extra 10% cash back, so in theory you may be able to earn an additional $20 from this deal.

Step-by-step

  • Click shop without adding. Make sure the redirect URL is the long Rakuten tracking link.
  • Once redirected to Alliant CU, choose open a certificate.

The highest rate is 4.8% APY for a 12-month term. But if you do not want to lock up your money that long, the 3-month option still offers 4.25%. Either way, it is an excellent return if your main goal is earning the $200.

  • After filling in your basic information, the next step is funding the account. You can directly link a bank account through Plaid, which makes the process much easier.
  • You only need to deposit $1,000.
  • Double-check the application screen to make sure you are opening a CD, the amount is at least $1,000, and you keep it for more than 60 days.
  • According to Rakuten, you should see the $200 cash back show up the day after the account is approved.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.

Safety

Alliant Credit Union CDs are protected by the federal NCUA (similar to FDIC insurance), so there is generally little need to worry about the safety of your funds.

As for Rakuten, it is one of the more reliable cashback portals and usually does not deny payouts without reason. If your cash back does not track, you can submit a ticket to request it. You can find your click in shop trip, and when submitting the ticket, select the corresponding shop trip number.