[Expired][CO, IA, MN, WI] MidWestOne Bank $350 Checking Bonus, Direct Deposit Not Required

Link now resulting in an error

Update 5/25/25: Bonus is now $350.

Update 7/5/20: Deal is back, there is now a zip code checker so hopefully people will actually be approved now (update: Seems like the same issue is occurring). Hat tip to reader REJECTION. 

Update: Seems like everybody is being denied with the ‘Thank you for your interest in our Power Checking product. Unfortunately, you do not reside in our market and therefore are ineligible to participate.’ Because of this we won’t be adding this to our best bank bonus page.

Offer at a glance

  • Maximum bonus amount: $225
  • Availability: CO, FL, MN, WI
  • Direct deposit required: Optional
  • Additional requirements: eStatements & 15 debit card transactions
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Bonus forfeit if closed within six months
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • MidWestOne Bank is offering a bonus of $225 when you open a new power checking account and qualify for power checking rewards in one of the first three power checking statement cycles:
    • Have at least one direct deposit, automatic debit from a third party, or Online Bill Pay post and clear.
    • Receive eStatements
    • Have at least 15 Debit Card purchases post and clear

The Fine Print

  • Power Checking account must be opened online using URL: https://www.MidWestOne.bank/Power225 or redeemed in-person by presenting mailer at time of account opening.
  • Limit one per household.
  • You will receive the $225 deposit into your Power Checking account within 15 business days once you have qualified for Power Checking rewards in one of the first three Power Checking statement cycles after account opening.
  • The “qualification cycle” is the same as the current statement cycle.
  • The statement cycle ends on the fourth Wednesday of each month.
  • $225 bonus will be forfeited if account is closed within 6 months of account opening.
  • Bonus will be reported to the IRS as miscellaneous income.
  • Not valid with any other checking account offer.
  • You are not required to open a Power Savings account to qualify for $225 bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

Bonus will be forfeit if the account is closed within six months of account opening

Our Verdict

Seems like a relatively easy bonus to meet the requirements for, it seems that they don’t approve accounts automatically so there might be some manual approval involved. We will add this bonus to our best bank bonus page.

Hat tip to reader Chris W

Useful posts regarding bank bonuses:
    William Charles
  • On May 25, 2025, 23:35
Tags: co bank bonusesdirect deposit not requiredia bank bonusesmn bank bonuseswi bank bonuses

View Comments (160)

  • 5/26 - P1 & P2 opened separate power checking accounts
    6/20 - Met bonus reqs with real DDs $1 payments towards utility bill.
    6/23- Received email stating we qualified for power checking rewards.
    6/24 - Both bonuses posted

  • Got the email I qualified for power checking rewards 6/23 and then the $350 payout on 6/24. Used Chase Biz for DD as I didn't want to have to make the 15 debits again if fake DD didn't count. Nice bonus!

  • Qualified for power checking rewards for this month's cycle starting May 28. Bonus posted to my account today.

    • Did you do a real DD or did an ACH transfer count? In the process of doing this in June and still making the 15 debit card purchases.

        • I did bill pay, no real DD, and got paid bonus today (6/20).

          May 25: Opened Account with $25, Enrolled in E-Statements
          June 13-15: 15 debits via Venmo (~$1 each).
          June 16: Scheduled Bill Pay (<$5)
          June 18: Bill Pay posted
          June 18: Completed requirements for Power Checking on 6/18, but received an email with subject - "One week left to qualify", and email message telling me I had not yet qualified for Power Checking, even though I completed all requirement.
          June 19: Sent message to Customer Service asking about why I hadn't qualified.
          June 20: $350 posted & got congratulations email with subject "Power Checking Qualification Notice".
          June 20: Let Customer Service know I'm good.

      • Amazon has a minimum $5 reload now...I'm doing a few amazons, vending machines, and multiple $1 payment to Citi credit cards w/ the debit card.

      • Bummer...I just saw this one too and was surprised how quickly it was pulled. It's on some of the other bank bonus websites too...so, not just the DOC effect, :D

        I subscribed to their newsletter hoping for targeted offers in the future. I never thought about signing up for newsletters until today when I signed up for one at another bank with a public Facebook Ad but "targeted" verbiage. I hoped that by being on their newsletter mailing list it might add weight to my argument.

  • Applied online, got notification that couldn't accept application online but to try in branch. Went in branch, denied due to Chex. LOL/24 on Chex. Will try for the business bank bonus and post an update

  • Applied in person, Wisconsin. I emailed banker the code, no issue with not having mailer, whole process took 20 minutes. I recommend going in person as i’m denied often due to chex and no issue in person.

    • Did they pull chex in branch?

      I applied online. Chex was pulled. Application initially approved, but then denied the next morning. Not sure if I want to risk another chex hit by going in branch.

  • Applied online yesterday, went pending, denied this morning with a message of go into branch to apply. Am LOL/24 on Chex

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