[MN] Minnwest Bank $250 Checking Bonus + $50 Savings Bonus, Direct Deposit Not Required

Offer at a glance

• Maximum bonus amount: $300
• Availability: MN, but might be possible to open out of branch
• 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

The Offer

Direct link to 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

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