Cheese is now offering a 3% APY Rate for signing up, no Social Security Number required as well as a $70 referral bonus. Cheese is a mobile banking service that will reward you. They are a digital platform that supports immigrants and Asian Americans. There are no fees, and you’ll get lots of benefits as well.
Additionally, their checking accounts pay interest, gives cash back rewards, and lets you get your paychecks early! Furthermore, they allow you to donate your sign-up bonus and earned cash back to Asian American profits.
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Read below for more information on Cheese and their current offers.
Cheese Banking $70 Referral Bonus
- What you’ll get: $70 Bonus
- Eligible account: Checking Account
- Credit Inquiry: Unknown
- Where it’s available: Nationwide
- How to earn it:
- Refer someone to open a qualifying account
- Have them complete the necessary tiered requirements
- When you’ll receive it: Once each requirement is complete bonus will be deposited to account
- Monthly fee: None
(Does Not Expire)
| Chase Total Checking ($300 Bonus) | KeyBank Checking ($300 bonus) |
| Bank of America Checking ($300 Bonus Offer) | SoFi Checking & Savings Account ($325 bonus) |
How To Earn $70 Bonus
- When you refer someone to sign up with Cheese you will both earn a $70 referral bonus. The bonus is as follows:
- $2 when you sign up
- $45 when you fund $50+
- $23 when you spend $5+ on debit card
- Up to 10% cash back at 10K+ stores
- Up to 3% deposit bonus
- No banking fees
- Risk Control & Anti-Fraud
- Zero Liability Protection
- One-Click Card Freeze
- Reliable Bilingual Support
- No monthly service fees
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- FDIC Insured.
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How Cheese Works
When you sign up, you’ll receive a $5 welcome bonus. Not to mention you’ll get 0.25% cash back on all transactions. Up to 10% at specific retailers, including Asian-owned businesses in San Francisco, Los Angeles, new York, Chicago, and Texas. You can also decide to keep your welcome bonus and cash back, or donate it to one of Cheese’s four partner nonprofits that benefit Asian American communities. Currently, they’re partnered with:
- Asian Pacific Fund: Provides grants and scholarships to Asian American Pacific Islander (AAPI) residents in San Francisco
- Welcome to Chinatown: Supports businesses in New York City’s Chinatown, especially ones that have struggled during the COVID-19 pandemic
- AAPI Women Lead: Supports AAPI women facing racism and sexism
- Southwestern Chinese Students and Scholars Association: Provides scholarships to international students
Cheese themselves pledged to donate up to $100,00 to these nonprofits. With Cheese, you’ll get free access to more than 30,000 MoneyPass ATMs around the U.S. Plus, they don’t charge you for using a non-MoneyPass ATM, but any out of network ATM provider can. With this in mind, these great benefits, they don’t charge overdraft fees. If any purchases are overdrawn, Cheese will just deny the transaction.
However, if you want to contact customer support, fill out an online form and someone will get back to you in about 24 hours. Customer services are available in English and Mandarin. Your deposits are FDIC insured for up to $250,000 through Cheese’s partner bank, Coastal Community Bank. Lots of features are going to be included in the future such as live chat, customer support in more languages, and an overdraft line of credit.
Can You Trust Cheese?
Cheese is partnered with Coastal Community Bank. With that in mind, the Better Business Bureau has not given Coastal Community a trustworthiness score yet. They claim not to have enough information to give a fair rating.
However, on the other hand Coastal Community Bank has not had any recent public scandals. In the end, it’s up to you to decide if you want to keep your money with Cheese or not.
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Conclusion
Overall, with Cheese, they offer a great rewards checking account that is made for simple use for immigrants and Asian Americans. Not to mention, people who want to support the Asian American communities are welcome to sign up as well. Some appealing features include: no SSN required to open an account, no fees, a cash bac debit card, and more.
Lastly, for more posts like this one, check out our list of bank account promotions!
