[WI & MN Only] Bank Mutual $200 Checking Bonus + $50 Money Market In Branch Bonus

Offer at a glance

• Maximum bonus amount: $250
• Availability: WI & MN only [Location finder]
• Direct deposit required: Yes, full paycheck or government benefit. Looks like only a real employer DD will trigger the bonus, paypal + Ally ACH did not work.
• Additional requirements: Six bills paid online, 15 debit card purchases
• Hard/soft pull: Soft
• Credit card funding: Unknown (unlikely due to in branch opening)
• Monthly fees: $2.95-$5.95 (avoidable)
• Early account termination fee: Bonus clawed back if closed within six months
• Expiration date: June 27th, 2015 August 31st, 2015

The Offer

Direct link to offer

• Receive $200 from BankMutual when you open a checking account (Checking by You, The Works, or Silver Spirit) and complete the following requirements:
  • Add direct deposit
  • Pay three bills online
  • Make 15 debit card purchases
• Receive an additional $50 if you add a Money Market Account at the time of opening as well

The Fine Print

• Total limit of $250 in bonuses per household
• Bonuses will post 120 days after account opening
• Direct deposit must be net payroll direct deposit, net retirement account direct distribution, or net government benefit distribution (e.g full payroll or government benefit)
• 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 checking by you account, there is a $2 monthly fee which is waived as long as you opt in for paperless statements. There is no fees on the money market account, so you might as well open that to get the extra $50 as well.

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

Our Verdict

This is the highest sign up bonus that BankMutual has ever offered, in the past they have given out $100 and $150 bonuses. The major downside to this bonus is that you must use a real direct deposit and it looks like they might also check that it’s your full paycheck (possible if they ask for paystubs) so this will really only make sense for people who can easily change where they get paid.

I’ve added it to our master list of checking promos, which can be viewed here. Because it requires a real direct deposit, I haven’t added it to our best bank bonus list.

Hat tip to reader Kyle for letting me know about this bonus.