If you live in South Dakota or Minnesota and don’t mind visiting a branch, American Bank & Trust has a solid deal running. You can pocket $250 just for opening a new checking account and completing a few straightforward steps. No monthly fees, a soft credit pull, and a reasonable direct deposit requirement make this one worth considering. Let’s break down what you need to do.
What You Need to Do to Get the $250
First, open a new checking account at an American Bank & Trust branch. You’ll need to put in at least $50 to get started. Then, set up two direct deposits that add up to $500 or more. Keep in mind that person-to-person transfers like Zelle or ACH transfers from another bank won’t count – it has to be a real direct deposit from an employer or other payer.
You’ll also need to enroll in eStatements and make 20 debit card purchases during the process. That’s it. Once you’ve checked all those boxes, the bank will drop the $250 bonus into your account within 45 days.
Watch Out for the Fine Print
A few things could trip you up if you’re not careful. First, the offer is only available in branch – no online applications. And it’s limited to residents of South Dakota or Minnesota. If you close your account within 90 days of opening it, you’ll be hit with a $25 early closure fee. That’s not huge, but it eats into your bonus.
Also, there’s a two-year waiting period between bonuses. If you’ve already gotten a checking bonus from AB&T in the last two years, you won’t qualify. And if you’ve had an account closed in the past six months or closed with a negative balance in the last three years, you’re out of luck.
No Monthly Fees – That’s a Win
One of the best parts of this account is that there are no monthly maintenance fees. So once you earn the bonus, you can keep the account open without worrying about charges eating away at your money. Just remember the 90-day early closure rule if you decide to move on.
Bottom Line
- Earn $250 with two direct deposits totaling $500, 20 debit purchases, and eStatements.
- No monthly fees, but a $25 fee if you close within 90 days.
- Must visit a branch in SD or MN – online not available.
- Bonus posts within 45 days after meeting requirements.
Common Questions
Can I open the account online?
No, this offer is only available in branch at American Bank & Trust locations in South Dakota or Minnesota.
What counts as a direct deposit?
Payroll, government benefits, or other recurring electronic deposits from an employer or payer. Zelle, Venmo, or ACH transfers from other accounts do not qualify.
Is there a minimum balance requirement?
You need to deposit at least $50 to open the account, but there’s no ongoing minimum balance requirement to avoid fees.
How long do I need to keep the account open?
At least 90 days to avoid a $25 early closure fee. After that, you can close it without penalty.
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