The Bank of Elk River Bonuses: $350, $500 Checking Promotion (MN)

Find an updated list of The Bank of Elk River promotions, bonuses and offers here.

Update 7/18/25: There’s currently a $350 or $500 checking bonus valid through 10/31/25.

The Bank of Elk River Review

The Bank of Elk River is headquartered in Elk River, Minnesota. It was established in 1885 and has grown to 98 employees at 5 locations.

I’ll go over all The Bank of Elk River offers below.

The Bank of Elk River $500 Checking Bonus

• What you’ll get: $500 Bonus
• Eligible account: Ultimate, Carefree, Freedom Checking
• Where it’s available: MN (Bank Locator)
• Direct Deposit Required: Yes
• Credit inquiry: Unknown, Let us know
• Monthly fee: $6-$15 monthly maintenance fee, see below on how to waive
• How to earn it:
  • Open an Interest Boost Checking, Cashback Checking, or Everyday Checking. Must be a new checking account customer and enter offer code WELCOME online during account opening or provide offer code to banker at the time of account opening.
  • Make qualifying direct deposits totaling $3,500 or more within 90 days of account opening for a $500 bonus, or direct deposits of $1,000 or more for a $350 bonus. Plus, enroll in eStatements.
  • If offer requirements are met, we’ll deposit the bonus into your new account within 30 days.

(Expires 10/31/2025)

Fine Print

• How to qualify for offer: (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.
• For Interest Boost Checking, the Annual Percentage Yield (APY) is accurate as of July 7, 2025, balances less than $10,000: 0.10%, $10,000 – 49,999.99: 0.15%, $50,000+: 0.20%.
• Interest rates are determined at the bank’s discretion and can change at any time.
• Fees may reduce earnings on account.
• Member FDIC

The Bank of Elk River $500 Business Checking Bonus (Expired)

When you open a new business checking or commercial checking account and meet the requirements, you can receive a $500 bonus.

• What you’ll get: $500 Bonus
• Eligible account: Business Checking Account, Commercial Checking Account, or Commercial Checking Account with Interest
• Credit inquiry: Soft Pull or Hard Pull?
• Where it’s available: MN (Bank Locator)
• How to earn it:
  • To qualify for the $500 bonus:
    • Open a new Bank of Elk River “Business Checking Account,” “Commercial Checking Account,” or “Commercial Checking Account with Interest” with a minimum opening deposit of $1,000 (not including the $500 bonus)
    • Maintain an average ledger balance of $5,000 for 90 days.
    • Sign up for online banking & eStatements
    • Complete 15 transactions with the account within 90 days of account opening
  • To qualify for the $250 bonus:
    • Open a new Bank of Elk River “Business Checking Account,” “Commercial Checking Account,” or “Commercial Checking Account with Interest” with a minimum opening deposit of $1,000 (not including the $250 bonus)
    • Maintain an average ledger balance of $2,500 for 90 days
    • Sign up for online banking & eStatements
    • Complete 15 transactions with the account within 90 days of account opening
• When you’ll receive it: Bonus will be deposited on or before April 3, 2020 upon meeting requirements.
• Monthly fee: Varies by account, see below

(Expires December 31, 2019)

Fine Print

• Offers are subject to change without notice and cannot be combined with any other offer.
• Limit one $500 or one $250 bonus per business.
• Customer will be sent a 1099 for appropriate bonus amount at year-end.
• Offer valid through December 31, 2019.
• Wireless message and data rates may apply to mobile banking technology.

How To Waive Monthly Fees

• Ultimate Checking: $15
  • Maintain a $10,000 combined deposit balance
• Carefree Checking: $10
  • Maintain a $750 minimum balance in checking or age 50 and older
• Everyday Checking: Waive the $6 monthly service charge by:
  • 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
• Business Checking Account: Maintain a $1000 minimum balance to avoid the $8 monthly balance fee
• Commercial Checking: $10.00 monthly maintenance fee
• Commercial Checking with Interest: $10.00 monthly maintenance fee

Conclusion

If you are currently a resident of Minnesota and are currently interested in a new banking experience, then the promotion from The Bank of Elk River is a great bet for you. Although there are quite a few requirements, the bonus amount is very generous, so if you are eligible I would be sure to check this offer out.

This bonus from The Bank of Elk River is super simple to earn and I recommend taking advantage of this offer before it expires. The Bank of Elk River rates aren’t that great, so check our best rates Savings, Money Market, and CD accounts.

• Best Savings/Money Market rates
• Best CD Account rates

If you’re not local to Minnesota, use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, Discover Bank, TD Bank, Huntington Bank, HSBC Bank and many more.

Check back often for more The Bank of Elk River Bonuses, Promotions, or Offers!