Deal has ended, view more bank account bonuses by clicking here.
Update 8/31/25: Deal is back until October 31, 2025. Hat tip to reader FlyingBoat
There is a new $300 bonus, but seems targeted.
doesn’t start until Tuesday, 7/15
Offer at a glance
- Maximum bonus amount: $500
- Availability: MN only
- Direct deposit required: $1,000 for $350 bonus and $3,500 for $500 bonus
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $6, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: October 31, 2025
Contents
The Offer
- Bank of Elk River is offering a $350/$500 bonus when you open a new checking account.
- Use promo code WELCOME
- Deposit $3,500 or more in qualifying electronic deposits (such as your paycheck or government benefit payment that has posted to your account) for a $500 bonus ($1,000 or more for a $350 bonus) within 90 days of account opening
- Enroll in eStatements
The Fine Print
- (1) Offer is for new personal checking customers only (cannot have a personal checking account closed within the previous 6 months) and is available only to the account primary owner.
- (2) Between July 15, 2025 and October 31, 2025, open a new personal checking account, which is subject to approval, using offer code WELCOME and deposit $3,500 or more in qualifying electronic deposits (such as your paycheck or government benefit payment that has posted to your account) for a $500 bonus ($1,000 or more for a $350 bonus) within 90 days of account opening.
- (3) Primary account owner must enroll in eStatements for checking account.
- (4) After 90 days, if all requirements have been met we will deposit the bonus into your new account within 30 days.
- The account must be in an active, open status when we try deposit the bonus.
- The bonus is considered interest and will be reported on IRS Form 1099-INT.
- This offer may be discontinued or changed at any time without notice. $50 minimum opening deposit required.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Everyday checking has a $6 monthly fee. Waived with any of the following:
- Keeping a minimum daily balance of $100+, or
- Receiving direct deposit(s) of $500+ per statement cycle, or
- If the primary account holder is age 24 or younger
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Much better than the $100 bonus in the past. Still need to know if it’s a hard or soft pull to open.
Hat tip to Elijah B
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
