Security National Bank Is Paying $500 to New Business Checking Customers in Iowa and South Dakota

If you run a business in Iowa or South Dakota and you're in the market for a new checking account, Security National Bank has a pretty straightforward offer on the table: open a business checking account, park $5,000 in it for a couple of months, and they'll hand you $500. No direct deposit hoops to jump through, which is a nice change of pace from a lot of bank bonuses out there.

What You Need to Do to Get the $500

The requirements here are pretty simple. Open a new business checking account, deposit at least $5,000 within the first 30 days, and then keep at least that much in the account until the 60th day after you opened it. That's it. No direct deposit requirement, no minimum number of transactions, no debit card swipes to track.

Once you've met those conditions, the bonus gets deposited within 30 days, as long as your account is still open and has a positive balance. So realistically, you're looking at having your money tied up for about two months before you see the $500.

• Deposit $5,000 in new money within 30 days of opening the account
• Maintain a balance of at least $5,000 through day 60
• Keep the account open with a positive balance to receive the bonus
• Bonus is paid within 30 days of meeting all requirements

The Fine Print That Could Trip You Up

A few restrictions are worth paying attention to before you commit. First, the money you deposit has to be new money — meaning it can't come from an existing Security National Bank account or an affiliate. So you can't just shuffle funds around internally and call it a day.

Second, if you or anyone who will be a signer on the account has had a business checking account with Security National Bank in the past 24 months, you're out of luck. That's a fairly long lookback period, so even if you closed an account a year ago, you wouldn't qualify.

Also, this offer can't be combined with other business checking bonus offers from the bank, and it's limited to one bonus per business entity. The bank also reserves the right to pull the offer at any time, though the stated expiration is 12/31/26.

• New money only — no internal transfers from Security National Bank accounts
• 24-month lookback applies to you and all signers on the account
• Can't be combined with other business checking bonuses
• One bonus per business entity
• Offer may be withdrawn at any time

Is This Bonus Worth It?

A $500 bonus on a $5,000 deposit held for about two months works out to roughly a 5% return on that money on an annualized basis. That's a solid return compared to what you'd earn in a typical savings account, and it's essentially risk-free since the funds are FDIC insured.

The main trade-off is that your $5,000 needs to sit in a checking account that likely doesn't pay much, if any, interest. If you'd otherwise have that money in a high-yield savings account or a CD earning 4% or 5%, the opportunity cost eats into the bonus a bit. But for many business owners, the simplicity of this offer — no direct deposits, no transaction requirements — makes it worth considering.

It's also worth noting that the Basic Business Checking account has no monthly fee, so you won't be bleeding money on maintenance charges while you wait for the bonus to post.

• Roughly 5% annualized return on the $5,000 deposit
• No monthly fee on Basic Business Checking
• FDIC insured, so no risk to your principal
• Consider opportunity cost if you'd otherwise earn interest elsewhere

How to Get Started

Security National Bank asks that you request an appointment to open a business banking account. You can do that through an online form on their website, call them at (712) 277-6500, or stop by a branch in person. Since this is a business account, expect to provide standard documentation like your EIN, business formation documents, and personal identification for all signers.

The offer is only available in Iowa and South Dakota, so you'll need to be in one of those states to take advantage. If you're not sure whether there's a branch near you, the bank's location finder can help.

• Request an appointment online, by phone, or in person
• Have your business documents ready (EIN, formation docs, ID)
• Available only in Iowa and South Dakota

Bottom Line

• Security National Bank is offering a $500 bonus for new business checking accounts in IA and SD
• Deposit $5,000 in new money within 30 days and maintain that balance through day 60
• No direct deposit or transaction requirements — just the deposit and balance
• Bonus is paid within 30 days after meeting requirements
• Offer expires 12/31/26 and may be withdrawn early
• 24-month lookback applies if you or any signer had a business checking account with the bank

Common Questions