Posted by William Charles on May 18, 2017
Bank Account Bonuses

Published on May 18th, 2017 | by William Charles


[Expired] [WI & MN only] Bank Mutual $200 In Branch Checking Bonus – Direct Deposit Optional

This one has expired early. You can view the best current checking bonuses here.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: WI & MN only [Location finder]
  • Direct deposit required: Optional, $500+ per month
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $2.95-$5.95 (avoidable)
  • Early account termination fee: Bonus clawed back if closed within six months
  • Household limit: One
  • Expiration date: July 15th, 2017

The Offer

Direct link to offer

  • Open a new Bank Mutual checking account and get a bonus of $200 when you any TWO of the following requirements within 60 days of account opening:
    • Set up recurring direct deposits totaling $500 or more per month.

    • Complete at least 20 debit card transactions

    • Set up online bill pay and pay 5 or more bills


The Fine Print

  • This offer applies to personal checking accounts opened at select Bank Mutual locations.

  • Offer available to new checking customers only. Accounts may not be opened with money currently on deposit with Bank Mutual.

  • Minimum balance to open a personal checking account is $100.

  • Maximum $200 bonus per household.

  • After the qualifying activities are complete, bonus will be credited and considered earned approximately 90 days after account opening.

  • Bonus will be credited and considered earned on IRS Form 1099-INT.

  • The Annual Percentage Yield (APY) on Elite and Select Checking is .01% and is accurate as of 5/1/17.

  • Fees could reduce earnings on these accounts.

  • Other rules 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

The easiest way to keep an account for this promotion fee free is by opening the essential checking account. This account has a $4.95 fee that is waived if you do any of the following:

  • Having an external direct deposit or

  • Being a current student and 25 years old or younger or

  • Making at least 10 signature-based Debit MasterCard® transactions in the month.

Keep in mind you need to keep these accounts open for 6 months to avoid any early account termination fee.

Our Verdict

$200 is as high as it gets for BankMutual checking although they previously offered a bonus of $200 for checking + $50 for money market. Given that there is no direct deposit requirement I will be adding this to our list of the best checking account bonuses.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

30 Responses to [Expired] [WI & MN only] Bank Mutual $200 In Branch Checking Bonus – Direct Deposit Optional

  1. Darv says:

    Yo Curm,

    You successfully get this in Wisconsin?


  2. Raz says:

    Any restrictions for customers who closed an account in the last 12 months?

  3. Superchurn says:

    I’m finding it impossible to use their location finder to find a branch. All it shows is ATMs. and Google only knows about 1 branch in the Twin Cities area…

  4. Superchurn says:

    Noticed a error in the post…their site says only need to complete two of the three requirements listed, not all 3. I think the debits and 5 bill pays sounds easiest for me!

  5. Richard B says:

    The account can be opened online. Why are you all trying to find a branch to go to?

    Also, the lowest fee they have on an account is the Essential Checking. It’s $4.95/month unless you’re under 25 or have an external direct deposit setup, or make 10 debit card transactions per month. Seems simple enough.

    • Darv says:

      The promotion details at their website indicate this should be opened in branch. I see I can open an account online but don’t see that the promotion would be applied.

      Do you see otherwise?

    • Hanna says:

      I opened in branch and the rep used a promo code. Unless you know that code you need to go in.

  6. Hanna says:

    I just opened in branch and can confirm no CC funding.

  7. Dan says:

    The checking by you account is no longer offered. The best account is the essential checking, waived with 10 sig debit transactions, any direct deposit or student under age 25

  8. JohnnyBoyJr says:

    I was transferred to a ‘new account specialist’ at a branch, and they said it is a targeted offer. When I mentioned I saw the offer on their website, I was told to bring in a print-off of the URL.
    Note: provides the general $200 offer; the direct link at the top of this page may be a specifically targeted offer — based on the unique URL. I would recommend using

  9. Superchurn says:

    Any DP on what counts as Direct Deposit? All I could find was this

    but that only says what doesn’t work.

    I’d be interested in doing this for my family members too but I neither of them get employer DD’s, and I don’t want to go through the wasted effort if it actually requires a real employer DD

  10. Patricia Steckelmann says:

    I had the offer emailed to me a week ago, but did not look closely at the information. Now I see it says Offer ends August 28, 2016. I have tried to get another offer emailed to me, but it won’t work. It lets me put in my information but then says offer not found.

  11. Josh R says:

    Just went to open the account in the branch. If you have the coupon emailed to you, you get a promo code on the coupon. That is the only thing that the banker inputs to the form, so you SHOULD NOT have to open in the branch if you have the coupon emailed and use the promo code on the coupon.

  12. dan says:

    capital one 360 counted as DD

  13. Josh R says:

    Any DPs on debit card use? Do Amazon gift card refills work as signature debit purchases?

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