[Exprired] [YMMV] Bank Of The West – $600 Checking + Savings Bonus [AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY]

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

Update 8/1/21: Now is one of the best times to open the account as it’s close to 8/6/21.

Update 6/20/21: Deal is back and valid until 08/06/21. Requires a $25,000 deposit for checking account now (previously $15,000). Hat tip to mayet_a

Update 3/17/21: Deal is back and valid until  4/23/21. Hat tip to readers Soobaerodude & wilsonhammer

Offer at a glance

• Maximum bonus amount: $600
• Availability: AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY. Also says ‘one individual residing at this address’, this was originally sent out via snail mail
• Direct deposit required: None
• Additional requirements: Deposit $35,000 and maintain for 3 months
• Hard/soft pull: Soft
• ChexSystems: Yes (inquiry sensitive)
• Credit card funding: $500 max, Visa/MC only. Recent data points show it coding as a cash advance
• Monthly fees: $25, avoidable
• Early account termination fee: $25, 91 days
• Household limit: One per mailing address
• Expiration date: October 16, 2020 08/06/21

The Offer

Direct link to offer

• Bank of the West is offering a bonus of up to $600. Bonus is broken down as follows:
  • Earn $500 when you open a Premier Checking account by 8/06/21 and deposit $25,000 and maintain a $25,000 average monthly balance for three full calendar months
  • Earn $100 when you open a Choice Money Market Savings account by with a minimum of $10,000 in funds new to Bank of the West and maintain a $10,000 average monthly balance for three full calendar months

 

The Fine Print

• Offer end date and availability subject to approval and change without prior notice.
• All accounts are subject to the Bank’s standard terms and conditions and Schedule of Fees and Charges.
• Offer is not available to existing Bank customers with an open personal deposit account as of 08/16/20.
• Offer available only to one individual residing at this address.
• If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from the Bank between 02/01/19 and 02/25/21, then no one at that address is eligible.
• Bonus will be credited by 02/26/21 to the new, open Bank of the West Premier Checking account
• Account may be opened in a branch with a promo code provided in the mailer or opened online through bankofthewest.com/premier600
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $25 monthly fee. This is waived with a $25,000 minimum balance combined in all your Bank of the West deposit accounts.

Early Account Termination Fee

There is an early account termination fee of $25 if your account is closed within 91 days of account opening.

Our Verdict

Seems to be similar to the $600 in branch offer that was offered in the past. Having the funds required for the bonus is also enough to keep the accounts fee free. You’ll basically need funds in there for a minimum of three months, but keep in mind the bonus doesn’t post until 01/31/22. Probably makes more sense to open the accounts as close to the end date of August 6 as possible. Because of the targeted terms in the fine print and the fact you need to tie up the funds for so long I don’t think this is worth doing. Bank of the West often has a $250 bonus that is much easier to meet the requirements for.

Hat tip to reader Nia

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