iQ Credit Union is offering a straightforward referral program where both existing members and new members can earn $100 cash when someone joins through a referral. Here’s your complete guide to this mutual benefit program.
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The Offer Overview
Bonus Amount: $100 for both referrer and new member
Program Type: Ongoing referral program (no expiration date listed)
Credit Union: iQ Credit Union
Eligibility: Must be 18+, U.S. lawful permanent resident, natural person
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Show Less How It Works
For Existing Members (Referrers)
Step 1: Share the benefits of iQ Credit Union membership with friends and family
Step 2: Tell your friend to mention your name when opening their account
Step 3: Once your friend becomes a qualified member, $100 is deposited into your iQ account
Step 4: Repeat – there’s no limit on how many friends you can refer!
For New Members (Referees)
Step 1: Join iQ Credit Union online or at a branch
Step 2: Important: Tell the iQ employee that you were referred by a friend
Step 3: Open the required accounts and services (see requirements below)
Step 4: Start referring your own friends to earn more $100 bonuses!
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Show Less New Member Requirements
To qualify for the $100 bonus, new members must open:
- Savings account (minimum $5 deposit)
- Checking account with debit card
- Easy Saver account
- Sign up for eStatements
Important Timeline & Terms
- 60-day window: All requirements must be met within 60 days of opening membership
- 61-day payout: Bonuses are deposited on the 61st day after account opening
- Good standing required: Account must be open and in good standing when bonus is paid
- One bonus per new member: Each new account is only eligible for one $100 referral reward
Account Requirements Details
Savings Account:
- 0.05% APY (as of listed date)
- $5 minimum opening deposit
- APY paid on balances of $100 or more
Good Standing Definition:
- Not overdrawn for more than 30 days
- No legal orders (levies/garnishments) against account
- No iQ loans more than 30 days past due
- Regular deposits sufficient to cover transactions
- Valid mailing address on file
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Show Less Who’s NOT Eligible
- Business, trust, estate, club/association accounts
- Guardianship, court-ordered, or blocked accounts
- UTMA, youth, memorial/donation accounts
- iQ Credit Union employees, board members, and immediate family
- Joint account owners from existing memberships opening individual accounts
- Anyone acting as affiliate marketer for iQ Credit Union
Key Benefits
For Referrers:
- Unlimited earning potential (no cap on referrals)
- $100 per successful referral
- Simple process – just have friend mention your name
For New Members:
- $100 welcome bonus
- Access to iQ’s “Intelligent High-Yield Bundle”
- Full credit union membership benefits
- Ability to start earning referral bonuses immediately
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Show Less Tax Considerations
- Bonus value may be reported to IRS
- Recipients responsible for any applicable taxes
- Both referrer and new member bonuses subject to tax reporting
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Bottom Line
This is an excellent ongoing referral program with no limits for existing members and a solid welcome bonus for new members. The requirements are reasonable – basic account opening with common services most members would use anyway.
Best For:
- Existing members: Anyone with friends/family interested in credit union banking
- New members: Those comfortable with the 4-account requirement and want a $100 welcome bonus
Pro Tip: Since there’s no limit on referrals for existing members, this could be a nice ongoing income stream if you know people looking for better banking options.
Remember: New members must specifically mention they were referred by a friend when opening their account – this is crucial for both parties to receive their $100 bonuses.
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