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[MN] Bank of Elk River $350/$500 Checking Bonus – Doctor Of Credit

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Update 8/31/25: Deal is back until October 31, 2025. Hat tip to reader FlyingBoat

There is a new $300 bonus, but seems targeted.

doesn’t start until Tuesday, 7/15

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: MN only
  • Direct deposit required: $1,000 for $350 bonus and $3,500 for $500 bonus 
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $6, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: October 31, 2025

The Offer

Direct link to offer

  • Bank of Elk River is offering a $350/$500 bonus when you open a new checking account.
    • Use promo code WELCOME
    • Deposit $3,500 or more in qualifying electronic deposits (such as your paycheck or government benefit payment that has posted to your account) for a $500 bonus ($1,000 or more for a $350 bonus) within 90 days of account opening
    • Enroll in eStatements

The Fine Print

  • (1) Offer is for new personal checking customers only (cannot have a personal checking account closed within the previous 6 months) and is available only to the account primary owner.
  • (2) Between July 15, 2025 and October 31, 2025, open a new personal checking account, which is subject to approval, using offer code WELCOME and deposit $3,500 or more in qualifying electronic deposits (such as your paycheck or government benefit payment that has posted to your account) for a $500 bonus ($1,000 or more for a $350 bonus) within 90 days of account opening.
  • (3) Primary account owner must enroll in eStatements for checking account.
  • (4) After 90 days, if all requirements have been met we will deposit the bonus into your new account within 30 days.
  • The account must be in an active, open status when we try deposit the bonus.
  • The bonus is considered interest and will be reported on IRS Form 1099-INT.
  • This offer may be discontinued or changed at any time without notice. $50 minimum opening deposit required.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Everyday checking has a $6 monthly fee. Waived with any of the following:

  • Keeping a minimum daily balance of $100+, or
  • Receiving direct deposit(s) of $500+ per statement cycle, or
  • If the primary account holder is age 24 or younger

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Much better than the $100 bonus in the past. Still need to know if it’s a hard or soft pull to open.

Hat tip to Elijah B

Useful posts regarding bank bonuses:

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William Charles

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