Bank of Colorado's $300 Checking Bonus: A Solid Deal for Arizona and Colorado Residents

If you're in Arizona or Colorado and looking for a straightforward bank bonus, Bank of Colorado has an offer worth considering. They're dangling a $300 carrot for opening a new checking account and setting up a direct deposit. It's not the flashiest promotion out there, but sometimes a simple, decent-sized bonus is exactly what you need. Let's break down whether this deal makes sense for your wallet, especially with that looming monthly service fee.

The Nuts and Bolts of Getting Your $300

The process to claim this bonus has a couple of specific steps you don't want to miss. First, you can open the account either at a branch or online. Here's the crucial part: after you apply, you need to send an email. That's right, an email. You'll send it to a specific address with your name and the phrase 'Offer Code 300' in the subject line. This is how they track your enrollment in the promotion, so skipping this step likely means no bonus.

Next, you'll need to fund the account with at least $100 to get started. Then, arrange for a qualifying direct deposit to hit the account. The bonus itself won't show up immediately. The bank will deposit the $300 into your account roughly 90 days after you open it, but only after they've confirmed that direct deposit has come through.

The Fine Print You Really Need to Read

Every bank bonus has its quirks, and this one is no exception. The most notable catch is the monthly $5 service charge. It's not waived, even with a direct deposit. You can avoid an *additional* $5 paper statement fee by opting for electronic statements, but that base $5 monthly fee stands. For a year, that's $60, which you need to subtract from your $300 profit when calculating the real value.

There's also a commitment period. If you close the account within 90 days of receiving the bonus, the bank will take the $300 back. They might also charge you a $75 early account termination fee. So, plan to keep this account open for at least six months to be safe. Also, note that this is for brand-new customers of the bank. If you've had an account with them before, you're probably not eligible.

Is This Bonus Right For You?

This offer shines brightest for two groups: people who live in Arizona or Colorado and don't mind managing an extra account for a few months, and those who find the branch convenience of Bank of Colorado or Pinnacle Bank Arizona useful. The $300 is a meaningful sum for the effort.

However, if you're someone who hates monthly fees on principle, this might grate on you. That $5 charge is a constant, small drain. Also, if you need the bonus money quickly, the 90-day waiting period is a drawback compared to some promotions that pay out in 30 days or less. It's a trade-off: a higher-than-average bonus amount for a slower payout and an unavoidable fee.

Bottom Line

• A $300 bonus is a strong incentive, but factor in the $5 monthly fee which reduces your net gain.
• Don't forget the email step with 'Offer Code 300'—it's essential for claiming the promotion.
• Plan to keep the account open for over 90 days after the bonus posts to avoid clawbacks and fees.
• This is a regional offer, so it's a great fit if you live in AZ or CO and want a local bank option.

Common Questions