A $300 Welcome from Minnwest Bank: How to Snag This Minnesota-Only Bonus

Hey folks, if you're in Minnesota and looking for a straightforward bank bonus, this one from Minnwest Bank is worth a look. It's a regional offer, so it's not for everyone, but the requirements are pretty clear and the timeline is generous. Let's break down how you can pocket $300 for opening a couple of accounts and meeting some basic activity requirements.

The Two-Part Path to $300

This bonus is essentially two separate offers bundled together: one for a checking account and another for a savings account. You can earn the $250 checking portion on its own, but to get the full $300, you need to complete both.

For the checking bonus, you have a nice choice: you can either route at least $1,000 in qualifying direct deposits into the new account, or you can simply make 20 purchases with the account's debit card. The direct deposit route is usually cleaner, but the debit card option is a great fallback if your payroll setup is tricky. Just remember, transfers from other banks or between Minnwest accounts don't count as a 'qualifying direct deposit'—it needs to be payroll, pension, or Social Security.

Don't Forget the Savings Account

The extra $50 is for opening a specific type of savings account. You'll need to fund it with the minimum opening deposit (check the account details for that amount) within the same 60-day window. Not all their savings products qualify—it has to be one of their standard savings accounts, not an IRA, HSA, or CD.

A key point is that you must successfully earn the checking bonus first to be eligible for the savings bonus. They're linked, so focus on meeting that $250 requirement as your primary goal.

Practical Tips and Things to Watch

First, this is strictly for Minnesota residents. Minnwest is a community bank, so you'll need to be within their service area. Use their branch locator if you're unsure.

Second, read the fine print on account fees. The most basic checking account (Classic Checking) has a $2 monthly service charge, but you can avoid it by signing up for paperless statements. It's a small fee, but why pay it if you don't have to? Just make sure you opt-in for online statements when you open the account.

Timing is crucial. You have 60 days from when you open the account to meet the requirements. Mark your calendar! The bonus itself won't land in your account until after that period is over and the bank has verified everything, with a final payout date set for March 11, 2025. Remember, the bonus is considered taxable income, so you'll get a 1099 form for it next tax season.

Finally, this offer is for brand-new customers. If you've had a Minnwest consumer checking account before, or if you're a signer on someone else's account, you won't qualify. It's also one bonus per person, and the bank states they may limit bonuses to one per person every 12 months across all their accounts.

Bottom Line

• A solid $300 bonus with flexible requirements, perfect for Minnesota residents new to Minnwest Bank.
• The 60-day timeline and debit card option make it relatively easy to complete.
• Watch for the small monthly fee on basic checking and remember to sign up for online statements to waive it.
• The bonus is taxable income, so plan for that at tax time.

Common Questions