[MN] Bank of Elk River $350/$500 Checking Bonus

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

The Offer

Direct link to 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