Snag a $350 or $500 Bonus with The Bank of Elk River's New Checking Offer

If you live in Minnesota and are looking to pad your wallet with some easy cash, The Bank of Elk River has a deal that's worth a look. They're offering up to $500 just for opening a new personal checking account and setting up direct deposit. It's a straightforward promotion that runs through October 31, 2025, so you've got some time to act. Let's break down how to get the most out of this offer.

Which Account Should You Choose?

You have three personal checking options to pick from, and they all qualify for the bonus as long as you use the offer code WELCOME when opening. The Interest Boost Checking is great if you like earning a bit of interest and can meet the higher balance requirements. It has a $10 monthly fee, but you can waive that by keeping a $1,000 minimum daily balance or a $15,000 combined balance.

If you prefer earning rewards on spending, the Cashback Checking might be your jam. It comes with a $5 monthly fee that can be offset by earning cashback points on debit card purchases. Just note that you can't waive the fee entirely, but the cashback can cover it. For a no-fuss option, the Everyday Checking has a $6 fee that's easy to waive with a $100 daily balance, $500 in direct deposits per cycle, or if you're 24 or younger.

How to Earn the Bonus Without a Hitch

The process is pretty simple, but there are a few gotchas to watch out for. First, you need to be a new customer—meaning you haven't had a personal checking account with them in the last six months. When you open the account online or in a branch, make sure to use the code WELCOME. Then, within 90 days, you'll need to set up qualifying direct deposits. For the full $500, that means at least $3,500 in total. For the $350 bonus, you need $1,000.

Here's the tricky part: not all deposits count. The bank specifically excludes transfers from peer-to-peer apps like PayPal, Venmo, and Zelle, as well as Real-Time Payments (RTP). So stick with payroll, pension, or government benefits. Also, you must enroll in eStatements for the account. Once you've met all the conditions, the bonus should hit your account within 30 days after the 90-day period ends.

What About Fees and Other Fine Print?

Don't forget that the bonus is considered interest income, so you'll get a 1099-INT form come tax time. Also, if you close the account within 90 days of opening, you'll lose the bonus and get hit with a $25 fee. So it's best to keep the account active at least until the bonus posts.

The monthly fees vary by account, but most can be waived if you meet the balance or direct deposit requirements. For the Interest Boost Checking, you can avoid the $10 fee by maintaining a $1,000 daily balance or a $15,000 combined balance across all your accounts with the bank. The Everyday Checking is even easier to waive with just $100 in daily balance or $500 in direct deposits per month.

Bottom Line

• You can earn $500 with $3,500 in direct deposits or $350 with $1,000—both within 90 days.
• Use offer code WELCOME when opening and enroll in eStatements.
• Avoid peer-to-peer transfers for the direct deposit requirement.
• Keep the account open for at least 90 days to avoid losing the bonus and a $25 fee.
• The bonus is taxable and will be reported on a 1099-INT.

Common Questions