Snag a $250 Bonus and 4.50% APY with SMW Financial's Rewards Checking

If you're in Minnesota and looking for a checking account that actually pays you back, SMW Financial Credit Union has a compelling offer on the table. Through June 30, 2026, new members can score a total of $250 just for opening a Rewards Checking account and using it like you normally would. And the bonus isn't the only perk—you'll also earn up to 4.50% APY on balances up to $20,000. Let's break down exactly what you need to do to get that cash.

How the $250 Bonus Breaks Down

This isn't a single lump sum. SMW Financial splits the bonus into two parts to reward you right away and then for sticking with the account. When you open a new Rewards Checking account and enroll in eStatements, online banking, and get a debit card, you'll get $100 deposited into your account almost immediately. That's your instant incentive.

The remaining $150 comes after you meet the monthly qualification requirements at least once within your first three months. So you have a bit of flexibility—if you miss a month, you can try again the next month. As long as you hit the targets in one of those three months, the extra $150 is yours.

What You Need to Do Each Month to Qualify

To unlock the $150 bonus and keep earning that high 4.50% APY, you'll need to complete two simple tasks each month:

First, have at least $1,000 in direct deposits or ACH credits post to your account. This can be your paycheck, a government benefit, or even transfers from another account you own (as long as they come via ACH). Second, make at least 15 debit card purchases of $3 or more. That could be your morning coffee, a quick lunch, or small everyday buys—just 15 swipes per month.

Also, you must be signed up for eStatements and have online banking active. All these requirements are standard for high-yield checking accounts, and they're designed to encourage regular use.

Who Can Join SMW Financial Credit Union

Credit unions have membership requirements, and SMW Financial is no exception. You're eligible if you live, work, worship, attend school, or volunteer in Anoka, Hennepin, Ramsey, or Washington Counties in Minnesota. That covers the Twin Cities metro area and surrounding suburbs. If you fall into any of those categories, you can open an account.

Existing members don't qualify for this promotion, so this is strictly for new folks. Also, you'll need to deposit at least $100 to open the account.

Extra Perks Beyond the Bonus

Even if you don't meet the monthly qualifications every month, you still earn a base dividend rate (0.05% APY) and the account remains fee-free. But when you do qualify, you get that sweet 4.50% APY on balances up to $20,000. That's competitive for a checking account.

Other nice features include early payday (get your paycheck up to two days early), a debit card round-up program that saves spare change, access to over 40,000 ATMs nationwide, and compatibility with Apple Pay, Google Pay, and Samsung Pay. No monthly maintenance fees either.

Things to Watch Out For

A few details deserve your attention. The 4.50% APY only applies to the first $20,000 in your account—anything above that earns a lower rate. Also, the rate is variable and can change after you open the account. Fees could reduce earnings, though the account itself has no monthly fee.

The $100 instant bonus requires that you open the correct account type (Rewards Checking) and have eStatements and a debit card set up. Don't accidentally open a different checking product. And remember, you have until June 30, 2026, to take advantage of this offer, so there's plenty of time but don't let it slip away.

Bottom Line

• Total bonus of $250: $100 at opening plus $150 after meeting monthly requirements once in first three months.
• Monthly requirements: $1,000 in direct deposits/ACH credits and 15 debit card purchases of $3+ each.
• Earn up to 4.50% APY on balances up to $20,000 when qualifications are met.
• Available to new members in Anoka, Hennepin, Ramsey, or Washington Counties, MN.
• Offer expires June 30, 2026. Minimum $100 deposit to open.

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