Bell Bank's $300 Checking Bonus: A Solid Offer with a Few Caveats

If you're in Arizona, Minnesota, or North Dakota and looking for a straightforward bank bonus, Bell Bank has a pretty attractive offer on the table right now. They're dangling a $300 carrot for opening a new checking account, but like most of these deals, there are specific steps you need to follow to actually get that cash. I've been looking over the details, and while it's not the most complicated bonus out there, there are a few things you'll want to keep in mind before you jump in.

How to Pocket That $300

The requirements are fairly standard for a checking bonus, but you need to pay close attention to the wording. It's not just about opening an account; you have to keep it active and use it in specific ways for 60 days.

First, you must open the account using the specific promo code. Then, within the first 60 days your account is open, you need to meet two conditions.

• Set up at least two recurring direct deposits that add up to $1,500 or more. Important: transfers from another bank don't count. It needs to be a legitimate direct deposit from an employer, benefits provider, or similar source.
• Make 10 separate point-of-sale purchases with your debit card, OR set up one recurring automatic bill payment from the account.

Timing and the Fine Print

The clock starts ticking the day you open the account. You have that 60-day window to complete the requirements. Once you do, the bank says the bonus should land in your account within five business days.

Now, here's the part everyone should read twice. This is for new customers only—you can't have had a Bell Bank personal checking account before. It's also strictly one bonus per household, so you and your spouse or roommate can't both get it.

Practical Advice and Things to Watch Out For

This is a good bonus, but it's not for everyone. Here's my take on making it work and avoiding pitfalls.

First, the geography. If you don't live in AZ, MN, or ND, you're out of luck. Bell Bank is a regional player, and this promotion is tied to those markets.

Second, the direct deposit requirement is the biggest hurdle. $1,500 over two deposits in 60 days is manageable for many, but if your paycheck is smaller or irregular, it could be a stretch. Plan your timing. If you get paid bi-weekly, you'll likely hit it within two or three pay cycles.

For the debit card requirement, plan small, easy purchases. Think coffee, gas, or a grocery run. Just split them up into ten separate transactions. Setting up a single automatic payment for something like your streaming service is the easier path if you don't use debit cards often.

Don't forget about taxes. The bank will send you a 1099 form for the $300, so you'll need to report it as income when you file.

Is This Account Worth Keeping Open?

Once you get the bonus, you might wonder what to do with the account. The good news is the basic checking account doesn't have a monthly maintenance fee, so you could technically keep it open with a low balance without getting charged.

However, it's a pretty basic account. If you're looking for high-interest checking or robust online features, you might be better off moving your money elsewhere after you secure the bonus. Just be sure to check if there are any early closure fees (the offer details suggest there aren't) and leave it open long enough to ensure the bonus is fully yours.

Bottom Line

• A solid $300 bonus for a straightforward, two-part requirement.
• Crucially limited to residents of just three states.
• The direct deposit rule is the key hurdle—make sure your payroll qualifies.
• No monthly fee makes it easy to keep open after earning the bonus.

Common Questions