Neighborhood National Bank's $100 Referral Bonus: A Minnesota Checking Promotion Worth a Look

If you're in Minnesota and looking for a straightforward bank bonus, Neighborhood National Bank has a referral offer that could put an extra $100 in your pocket. It's not the biggest bonus out there, but the requirements are manageable and there are no monthly fees to worry about. Let's break down what you need to do to qualify.

What You Need to Do for the $100

The offer is pretty clear: open a new Neighborhood National Bank checking account through a referral, and then complete a few tasks within the first 90 days. First, you need to keep the account open and in good standing for that entire 90-day period. Second, you must make at least 15 debit card transactions—these need to be point-of-sale purchases, so ATM withdrawals won't count. Third, you need to set up direct deposit with NNB. There's no minimum deposit amount mentioned for the direct deposit, which is a nice flexibility.

• Open a new NNB checking account using a referral link
• Keep the account open and in good standing for 90 days
• Complete 15+ point-of-sale debit card transactions within 90 days
• Establish direct deposit with NNB

The Fine Print You Should Know

As with any bank bonus, there are a few details to keep in mind. The referral must be submitted before you open the account, so don't open first and try to add the referral later. The bonus is paid 90 days after account opening, assuming you've met all the requirements. Also, the bank can modify or end the promotion at any time, so it's not guaranteed if you wait too long. And yes, the $100 is considered taxable income, so you'll get a 1099-INT if it exceeds the reporting threshold.

• Referral must be submitted prior to account opening
• Bonus paid 90 days after account opening
• Bank may modify or end promotion at any time
• Bonus is taxable as interest income

Fees and Other Considerations

One of the best parts of this offer is that the checking account has no monthly fees. That means you won't have to worry about maintaining a minimum balance or meeting other requirements just to avoid a fee. There's also no early account termination fee, so if you decide to close the account after getting the bonus, you won't be penalized. However, it's unclear whether opening the account results in a hard or soft credit pull, and ChexSystems sensitivity is unknown. If you're concerned about those, you might want to ask the bank directly before applying.

• No monthly maintenance fees
• No early account termination fee
• Credit pull type unknown
• ChexSystems inquiry sensitivity unknown

Is This Bonus Worth It?

For $100, the requirements are relatively easy, especially if you live in Minnesota and can use the debit card for everyday purchases. The lack of monthly fees makes it a low-risk option. The main downside is the limited availability—Neighborhood National Bank only serves certain Minnesota communities. Also, there's a possibility that the referral program is capped at 100 total referrals, so if you're interested, you might want to act sooner rather than later. As always, consider whether opening a new bank account fits your overall financial strategy and whether you're comfortable with the unknown aspects like credit pull and ChexSystems.

• Low-risk bonus with no monthly fees
• Geographic restriction to Minnesota
• Possible referral cap of 100
• Unknown credit and ChexSystems impact

Bottom Line

• Earn $100 by opening a Neighborhood National Bank checking account with a referral, keeping it 90 days, making 15 debit card purchases, and setting up direct deposit.
• No monthly fees or early termination fees make this a low-cost bonus opportunity.
• Referral must be submitted before account opening, and the bonus is paid 90 days after opening.
• Offer may be limited to 100 referrals and is subject to change.
• Bonus is taxable as interest income.

Common Questions