Wings Financial Credit Union: $600 New Member Bonus + $50 Refer-a-Friend + 4.75% APY

New $600 Fall Bonus. Wings Financial Credit Union has an improved bonus worth up to $600 plus a $50 refer-a-friend bonus for new members (along with some other promotions). Please note that each has its own separate set of requirements.

Here are their official membership requirements, but anyone can join Wings Financial via partner organization (Wings Financial Foundation). When I applied, they paid the $5 membership fee for that partner organization on my behalf. I did experience a hard credit check, which is (unfortunately) common amongst credit unions.

Up to $400 Checking Bonus

• Join Wings and open a new checking account by 10/31/24.
• One offer per person; valid for U.S. residents only. Must be 18 years or older.
• Must use promo code OWNIT24 at account opening.
• Within 60 days of account opening, have recurring Qualified Direct Deposit(s) totaling at least $1,500 to earn the $150 bonus, $3,500 to earn the $300 bonus, or $5,000 to earn the $400 bonus.
• Complete at least 5 net PIN or signature-based debit card or credit card transactions over $25 each on your Wings Visa Debit Card.
• Enroll in Wings digital banking.
• Enroll in eDocuments. You must do this manually after logging into your account online, and they will send you an e-mail confirmation afterward. Enrollment in eDocuments must also be active on the Bonus Payout Date.
• If requirements are met, Checking Account Bonus will be paid by 1/17/25 (“Bonus Payout Date”) as a deposit to the Wings checking account; account must be in good standing (positive balance for the last 30 days).

$200 Savings/CD Bonus

• Complete Checking Account Bonus Requirements (above)
• Open a Wings savings account OR certificate account with minimum opening balance of $25,000 within 60 days of membership opening date. IRA accounts excluded. New deposits only; must be opened in branch or by phone. Must have a minimum available balance of $25,000 on 1/31/25 to earn $200 bonus.
• If requirements are met, Savings/Certificate Bonus will be paid by 2/7/25 as a deposit to the Wings checking account; account must be in good standing (positive balance for the last 30 days).

$50 Refer-a-Friend Checking bonus

• Register your information at member’s referral link (that’s mine). I have already registered on my end, and successfully referred members in the past. This form is independent of the $300 bonus above and does not require a promo code, and was stackable for me. I recommend you register your information at this link first, and then open the accounts with the proper promo code from above added.
• Become a Wings Financial member and open a Share Savings Account (minimum balance of $5.00 required)
• Open a new Wings Checking account (First Class or High-Yield).
• Enroll in eDocuments. You must do this manually, and they will send you an e-mail confirmation afterward.
• Complete one (1) direct deposit* of $300 or more into new checking account OR complete five (5) debit card purchase transactions of $5+ each. (ATM transactions excluded.)
• Both referring and referred parties will receive a $50 Visa Reward card mailed to them upon completion. Wings has fulfilled this bonus as promised for me in the past.

New members definition:

5. New members and new recipients only:

a. Cannot have been a previous member (owner of a Primary Share account) of Wings Financial Credit Union within 12 months of promotional account application.
b. Cannot have previously received a new account bonus.

Direct deposit definition:

Direct Deposit must also be active on the Bonus Payout Date. “Qualified Direct Deposit” is an Automated Clearing House (“ACH”) automatic and electronic deposit of your salary, pension, Social Security or other regular income into your Wings account deposited as a Pre-arranged Payment and Deposit (“PPD”) entry. Income earned through self-employment or working an IRS-classified “Gig Economy” job does not qualify as a Qualified Direct Deposit. Other electronic deposits or person-to-person payments are not considered a Qualified Direct Deposit.

High-Yield “Rewards” checking account details. Most importantly, both checking options have no minimum balance requirement and no monthly fee. The High-Yield Checking is a “rewards” checking account that currently pays 3.04% APY on balances up to $25,000 if you (1) are enrolled in eDocuments, (2) have ACH direct deposit(s) totaling over $300 in the 34 calendar days preceding the last day of the month, and (3) have 15 net PIN or signature point-of-sale debit card transactions over $5 in the 34 calendar days preceding the last business day of the month. The net is calculated by counting the number of PIN and signature point-of-sale debit purchase transactions over $5 and subtracting any PIN or signature point-of-sale debit return transactions processed during that period.

Platinum Plus Savings at up to 4.75% APY. The Platinum Plus Savings account appears to be the best to pair with the $200 bonus above. No monthly fees. $25,000 minimum to open, must also maintain that minimum balance to earn APY. If you have ACH direct deposit(s) totaling over $300 in the past 34 days, you will earn 4.75% APY. If the requirement is not met, the rate will be 0.25% lower (currently 4.50% APY). Most payroll platforms will let you split your direct deposit into multiple accounts these days.

If you assume that you must keep the $25,000 there starting in November (must be deposited within 60 days) and hold through January 2025, that’s a hold period of 3 months (could be less if you’re aggressive). Over that period, a $200 bonus would be the equivalent of 3.2% APY annualized on top of the base 4.50% to 4.75% APY for a total of up to 7.95% annualized during that period.

Note that savings rates can drop, although the total is still probably going to be competitive. You may wish to open a 9-month promo CD at 4.75% APY (new deposits) if you want to lock in a rate, but the holding period will be longer.

There are different requirements to keep track of, but they stack together nicely. Mostly a new checking account, switching direct deposits, and keeping $25,000 in the Wings Savings if you have it. I like that you’re still earning a solid APY on your cash. I would participate, but I am already a Wings member and did a similar bonus in 2023. They fulfilled the bonuses without issue.