Deal has ended, view more bank account bonuses by clicking here.
Update 11/19/24: Deal is back, but in branch only.
Offer at a glance
- Maximum bonus amount: $300
- Availability: MN
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees: $2, avoidable
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: January 10, 2025
Contents
The Offer
- Minnwest Bank is offering a $250 bonus when you open a new checking account and complete the following requirements within 60 days of account opening :
- Set up direct deposits totaling $1000 OR complete 20 debit card transactions posted to your checking account.
- Earn an additional $50 bonus for opening a personal savings account.
The Fine Print
- Earn $250 when you open any new consumer checking account between November 11, 2024 and January 10, 2025 and within 60 calendar days of account opening (the “qualification period”), make qualifying direct deposits totaling $1000 or more OR have 20 debit card transactions post to the account.
- Qualifying direct deposits include recurring electronic deposits of payroll, pension, or Social Security. Transfers, Minnwest Bank deposit account transfers, and other electronic money transfers do not qualify.
- This offer is available to new consumer checking customers only. Existing Minnwest Bank consumer checking customers, account owners, and those with signing authority on other Minnwest consumer checking accounts are not eligible.
- The offer cannot be combined with any other consumer checking offer.
- If you open and meet the checking account qualifications, earn another $50 when you open a Thrift Savings, Investment Savings, or Money Max Savings Account between November 11, 2024 and January 10, 2025 and fund it with the minimum opening deposit within 60 days of account opening (the “qualification period”).
- Health Savings Account (HSA), Individual Retirement Account (IRA), and Certificates of Deposit (CD) are excluded.
- Once the 60 day qualification period has elapsed and we determine you’ve met the qualifications, we will deposit any earned bonus into your new checking account by March 11, 2025.
- Bonus payments are reportable for tax purposes.
- One checking and savings offer per person.
- The new checking and savings account must maintain a daily balance greater than $0 through the qualification period and remain open in order to receive the bonus payment.
- Minnwest Bank reserves the right to limit one bonus per rolling 12-month period per person across all deposit account relationships.
- All account applications are subject to approval. Employees of any Minnwest entity are not eligible.
- Offer may be discontinued or changed at any time without notice.
- All other account terms and conditions apply to any new account opened, including an early termination fee.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Minnwest classic has a $2.00 monthly service charge; waived if enrolled in Online Statements
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is an EATF.
Our Verdict
Looks to be working out of state. I suspect this bonus will end quickly or the requirements for opening will be tighten or accounts will be closed. Up to you if you think that’s worth the risk or not.
Hat tip to Bockrr
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
DP: can close account via SM. Takes 2 biz days per SM rep
Similar timelines as others here (applied on 11/18, completed DDs totaling $1,000 by early Jan) but my $300 bonus posted on 3/11 instead of 3/5. Actually didn’t see it until today, so that was a pleasant surprise. Didn’t receive any email about qualifying for the bonus.
I just searched for the monthly fees on my 2 accounts before moving any funds out. The “Classic Checking” only has a $2 paper statements fee that gets waived each month. Therefore, I’ll leave $3 in the account.
I then checked my Thrift Savings account and found this: “Customers 22 or older can avoid the $5 monthly service charge by maintaining a $50 average daily balance”. Therefore, we need to keep at least $50 in the Savings account at all times to avoid the fee.
Are most of you planning on closing the Savings account? I’ll probably keep $56 for a while before deciding how I’ll proceed.
I’ve been keeping my standard $0.01 in the Checking plus $50 in the Savings all along, precisely to avoid the $5 fee. I have in my notes to wait 4 months from account opening (roughly mid March) to avoid the EATF, but then I’ll likely move my $50.01 out and close both accounts.
I’m leaving $2+ in checking until the 6th statement cuts, then I’ll close it.
I will keep the savings. A checking churn is likely to be worth more. An open account may save a Chex pull and get through a potential geofence. It’s also good bait for targeted offers.
Don’t forget the ACH fee. Pull to drain.
They waited til close to the end, but overall smooth and easy. No complaints.
MWB just sent me the below email. It would be nice if all FIs did the same.
“Congratulations! You have successfully met the qualifications to earn the bonus and it has been deposited into your checking account.
Please review your account or contact Minnwest Bank at 1-844-MINNWEST for further details.
Thank you for choosing Minnwest Bank.
Be sure to check out all the features of your new account:”
Got it as well, did 20, 1.XX phone bill payments. P2 also got the email.
$300 bonus posted on 3/5, after two $500 DDs on 11/29 and 12/13. So real DDs also work!😂
TD worked as a QDD as my $300 bonus posted! I did 0 debit card purchases and didn’t even activate my debit card until a few days ago. 😀
P1 & P2
11/18/24 – Accounts Opened (OOS) Funded $1000 With Chase Ink Credit Card
Completed 20+ Debit Card Purchases
Also Completed $1000+ Treasury Direct
3/5/25 – $300 Each “Checking Bonus” Posted
Not a verifiable DP… but Treasury Direct and/or “POS” debits, in person & online, worked.
I did two Treasury Direct DD’s of $600 each in January, AND (even though terms said OR), 20 combined WMNM self-checkout & Verizon Fios online debits (Dec-Jan), all were coded as “POS”.
$300 pending as “Checking Bonus” on 3/5/25.
This is one of those banks (like U.S. Bank) that charges the monthly fee ($2) and then refunds it if waived by being enrolled in e-statements. I would assume a zero balance WILL NOT overdraft the account, but it certainly will look concerning.
P1
11/17 – opened OOS with $1k cc funding via Citi DC
11/22 – $500 DD via Bluevine with Payroll memo
11/25 – $500 DD via Bluevine with Payroll memo
3/5 – $300 bonus pending
P2
11/17 – opened OOS with $1k cc funding via Citi DC
11/22 – $500 DD via Bluevine with Payroll memo
11/25 – $500 DD via Bluevine with Payroll memo
3/5 – $300 bonus pending