Posted by Chuck on February 17, 2020
Bank Account Bonuses

Published on February 17th, 2020 | by Chuck

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[YMMV] Bank Of The West $600 Branch Checking Bonus With $25,000 Deposit [AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY]

Offer at a glance

  • Maximum bonus amount: $600
  • Availability: AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY
  • Direct deposit required: None
  • Additional requirements: Deposit $25,000 and maintain for 3 months
  • Hard/soft pull:  Soft
  • ChexSystems: Yes (inquiry sensitive)
  • Credit card funding: $500 max, Visa/MC onlyRecent data points show it coding as a cash advance
  • Monthly fees:  $25, avoidable
  • Early account termination fee: $25, 91 days
  • Household limit: One per mailing address
  • Expiration date: April 10, 2020

The Offer

No direct link, branch/mailer offer (see Verdict)

  • Bank of the West is offering a bonus of $600 when you open a new the Premier checking account and complete the following requirements:
    • Open account with at least $.01.
    • Deposit $25,000 into the checking account or in an eligible linked account by the end of the month in which the account is opened.
    • Maintain $25,000 deposit for 3 full calendar months following the month of the deposit (e.g. if you deposit on February 20th, you need to maintain the deposit until June 1) in the checking account or in an eligible linked account.

The Fine Print

  • Not available to customers with an open account on 2/2/20.
  • Valid 2/3/20 – 4/10/20.
  • Bonus will post by 9/30/20.
  • Account must be open to receive bonus.
  • Not valid if someone at your address has received a Bank of the West Bonus since 7/1/18.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.

Avoiding Fees

Monthly Fees

The any deposit checking account has a $25 monthly fee. This is waived with a $25,000 minimum balance combined in all your Bank of the West deposit accounts.

Early Account Termination Fee

There is an early account termination fee of $25 if your account is closed within 91 days of account opening.

Our Verdict

This offer was sent out to some via mail, it’s not clear if it’s available to anyone at a branch or limited to those who received the mailer. Let us know if you try. (One reader tried and was told it’s targeted and the checked and saw they were not targeted.)

They have a $250 online bonus available now as well which does not require the large deposit. Assuming a 0% interest rate, you have to figure you’re losing $100-$150 by tying up the $25,000 for 3 months versus putting it in a high yield savings account. You also may have to leave the funds there until end of September when bonus posts, or else pay the $25 monthly fee.

You can, however, keep the money in a linked deposit account, like a CD or savings account. Looks like there is a 1.31% high yield money market account where you can part the funds and lose only a little bit versus other high-yield accounts. Need to verify if this is an ‘eligible linked account’.

Best plan is probably to open this in April, make $25,000 deposit at the end of April, leave funds in account for May, June, and July, and wait for the bonus to post, likely in September. It seems a bit complicated, so we might not add this one to our best bank bonus page.

Hat tip to reader N.S.

Useful posts regarding bank bonuses:



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Dailybread
Dailybread

Chuck The term stated that only the Premier Checking account gets the $600 bonus (as opposed to opening any deposit checking account mentioned in this post). I’ll call the local branch tomorrow and see if it’s available without the mailer.

Jason
Jason

So, having the regular checking with $250 bonus pending disqualifies this $600 premier checking bonus ?

LC
LC

I suspect this kills the offer for 90+% of us here…

“Not valid if someone at your address has received a Bank of the West Bonus since 7/1/18.”

tribesman55
tribesman55

Yup!

Gus
Gus

Sure looks like you can send the $25k through the checking account into the 1.3% money market satisfying the bonus requirement and defeating the monthly fee. If so, and with no direct deposit required, this seems like one for the best bonus page, no?

gamesst
gamesst

I applied for this back in October. Reddit comment here: https://www.reddit.com/r/churning/comments/d5fdce/bank_account_bonus_week_of_september_17_2019/f0q43n3/?context=3

The mail offer was targeted towards a family member but has “valid for anyone at XXX address” in the T&C. When applying in branch I was initially told it was not valid for me, but they relented after going to a manager when I pointed out the T&C. I don’t think people will find much luck applying for this without a valid mail offer though.

Can also confirm you can transfer all the money to the money market account and still be exempt from the monthly fee.

Last thing is that the account has no foreign ATM withdrawal fees if you have 25,000 across accounts, which is useful if you don’t have a Schwab or similar account.

directore
directore

so no word on branch opening w/o the mailer yet?

David
David

I moved to the current address last year. What if the the person lived here in the past got the bonus after 7/1/18? Any chance I can still qualify for the bonus?

Nathan Ponder
Nathan Ponder

Lol I had to check my spreadsheet, got my last BotW bonus in mid-July 2018. So close!

Oh well, this seemed like a lot of hoops to jump through anyway, and there are other high-deposit bonuses on the table to take advantage of.

Nathan Ponder
Nathan Ponder

Interest rate is currently 0.02% APY in Oregon, you’ll have to select for your state as it may differ, but yeah basically the same as 0.00%. (0.02% will get you $0.41 per month with $25k on deposit.)

https://www.bankofthewest.com/personal-banking/ViewFullRates.html?regionName=Oregon&productGroupId=1723&premierProductGroupId=

AD
AD

I had got their 250 bonus last year, was thinking on referring my wife [not sure if they have any referals] but then we share the same address so might not workout…i will try and check in branch later this week

John
John

I didn’t go to bank to apply today. So I have no idea.

Uki Orao
Uki Orao

I went inside 3 different branches, talked with the managers. So far unless you get that mail with the code, it’s a no go. Max you can get without it with a standard offer is 300. I called their cs also no clue what you need to do to get tegeted. I am waiting for one more response from the branch manager who is suppose to talk to some people

Boozi
Boozi

anyone find a way to do this if yu didn’t get the mailer?

Jonathan
Jonathan

Are out of state applications allowed?

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