Score $350 for Opening a Colorado Checking Account with Elevations Credit Union

Hey there! If you're in Colorado and looking to switch up your banking or just want to pocket some extra cash, there's a solid offer on the table right now. Elevations Credit Union is offering a $350 bonus for opening a new checking account and meeting a few straightforward requirements. It's a nice chunk of change for some basic banking tasks, and since it's a credit union, you might find the overall experience more member-friendly than a big bank. Let's break down exactly what you need to do and what to watch out for.

How to Pocket the $350

The process is pretty standard for a bank bonus, but the details matter. First, you'll need to be a new member of Elevations Credit Union. If you've ever had an account with them before, you're out of luck—this is strictly for new faces.

When you apply online, you must use the promotional code "ECU350". This is non-negotiable; forget the code and you likely won't get the bonus. You'll open one of three specific checking accounts: Foothills Free, Peak Perks, or Summit Dividend Checking.

Once your account is open, the clock starts ticking. You have 90 days to complete two main tasks: enroll in online banking and set up a qualifying direct deposit. The direct deposit needs to total at least $500 in each of two consecutive months. So, you could set it up for November and December, for example. After you've ticked those boxes, the $350 should land in your account within the following 30 days, provided your account is in good standing.

What Counts as a 'Qualifying' Direct Deposit?

This is the part where people often trip up. The credit union is specific about what they'll accept. They're looking for regular, automated deposits from an employer, pension provider, or government agency (like Social Security). The money needs to come via the standard ACH network.

Crucially, there's a long list of transfers that will NOT work. Don't try to game the system with peer-to-peer payments from Venmo, Zelle, or PayPal. Transfers from another account you own—even at a different bank—won't count. Neither will loan funding, check deposits, or those tiny verification deposits. It really needs to be a traditional payroll or benefits deposit.

Practical Tips and Potential Pitfalls

A $350 bonus is great, but you need to go in with your eyes open. Here are a few things to keep in mind to make sure this deal works for you.

• **The 12-Month Rule:** You must keep the account open for a full year. If you close it sooner, they can take the bonus back. Factor this into your plans.
• **Taxes Are Real:** The bonus will be reported as interest income on a 1099-INT form. Come tax time, you'll need to include it, so you're really looking at $350 minus your marginal tax rate.
• **Colorado Only:** You must be a resident of Colorado to apply. They will check this.
• **One Per Household:** This is a lifetime offer for your household. If you or anyone at your address has gotten this bonus before, you're not eligible.
• **The $5 Fee:** It's just five bucks, and it goes to a local charity, but it's still an upfront cost. Just be aware it's part of the deal.
• **Check Your Credit/ChexSystems:** While the offer page mentions a "soft pull," credit unions often use ChexSystems to review your banking history. A poor report could lead to a denied application.

Is This Account Worth Keeping?

Since you're committing to a 12-month relationship, it's worth considering what Elevations offers beyond the bonus. As a credit union, they typically have lower fees and better customer service ratings than national banks. The qualifying checking accounts have no monthly maintenance fees, which is a huge plus.

You'll get access to a nationwide network of fee-free ATMs through the CO-OP network, a mobile app, and a contactless debit card. If you live in Colorado and are looking for a new primary financial institution, this could be a great fit. If you're just bonus-chasing, just remember to calendar that 12-month mark before you consider closing it.

Bottom Line

• A strong $350 offer for Colorado residents willing to switch their direct deposit.
• The 12-month holding period is longer than some bonuses, so plan accordingly.
• Pay close attention to the direct deposit rules—standard payroll or government benefits are key.
• With no monthly fees, the account itself is decent if you need a new checking home.

Common Questions