[Expired] [MN only] MidCountry Bank $500 Business Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $500
• Availability: In branch only. All branches are in MN [Branch locator]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None – $13
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: October 31, 2020

The Offer

Direct link to offer

• MidCountry Bank is offering a bonus of up to $500 when you open a new checking account. Bonus you receive depends on the account you open:
  • $150 bonus when you open a Business Value Checking with an average balance of $5,000 (for the first 60 day period after the account is opened)
  • $250 bonus when you open a Business Flex Checking with an average balance of $10,000 (for the first 60 day period after the account is opened)
  • $500 bonus when you open a Business Analysis Checking with an average balance of $20,000 (for the first 60 day period after the account is opened)

The Fine Print

• Offer valid to business entities with no prior checking relationship at MidCountry Bank within the last 12 months.
• $50 minimum deposit required to open a new checking account.
• To qualify for the bonus, accountholder must meet a minimum average month-to-date (MTD) balance in the new checking, measured on the first 60 day period after the account is opened.
• Business Value accounts must maintain a $5,000 average MTD balance for a $150 bonus; Business Flex Checking accounts must maintain a $10,000 average MTD balance for a $250 bonus; Business Analysis Checking accounts must maintain a $20,000 average MTD balance for a $500 credit.
• If this requirement is met, the account is open and has a positive balance, the bonus will be credited to the account within the statement period following the 60 day qualification window.
• If the account is closed within 12 months of the account open date, MidCountry Bank reserves the right to deduct the monetary bonus from the account prior to closing.
• Accountholder is responsible for any applicable taxes.
• Limited time offer valid 9/21/2020 to 10/31/2020. Subject to termination at any time.
• Other conditions and restrictions may apply.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Business Value Checking ($100 Bonus)

This account has no monthly fees to worry about.

Business Flex Checking ($250 Bonus)

This account has a $12 monthly fee. This is waived when a $2,500 average collected balance is maintained.

Business Analysis Checking ($500 Bonus)

This account has a $16 monthly fee. Earnings Credit is used to offset transaction costs each statement cycle. Usage Fees Include: $.30 per deposit, $.10 per deposited item, $.16 per check written, $.12 per ACH debit or credit item received.

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is an early account termination fee.

Our Verdict

Probably not worth doing the $500 bonus due to how hard it is to keep fee free, but might just be worth paying the monthly fee if there is no early account termination fee. If it is a soft pull to open (and you should be able to check before opening) then the $250 bonus is definitely worth doing.

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