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.
About The Bank of Elk River Promotions
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. If you are not in this state, check out this list of nationwide bank bonuses for more fitting offers.
I’ll review the current offers below.
The Bank of Elk River $500 Checking Bonus
- What you’ll get: $500 bonus
- Account Type: Checking Account
- Credit Inquiry: Unknown
- ChexSystems: Yes
- Credit Card Funding: Unknown
- Direct Deposit Requirement: Yes
- Monthly Fee: Varies by account. see below
- Closing Account Fee: Yes, if closed within 90 days will lose all bonus rewarded and $25 fee
(Expires 10/31/2025)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
How To Earn $100 Bonus
HOW TO EARN BONUSFINE PRINT
- 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.
- 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)
The Bank of Elk River is offering a $500 bonus when you open a qualifying Business Checking Account by December 31, 2019.
- What you’ll get: $500 bonus
- Account Type: Business Checking Account, Commercial Checking Account, or Commercial Checking Account with Interest
- Availability: MN (Bank Locator)
- Credit Inquiry: Unknown
- ChexSystems: Yes
- Opening Deposit: $1,000
- Credit Card Funding: Unknown
- Direct Deposit Requirement: No
- Monthly Fee: Varies by account
- Additional Requirements: See below
- Household Limit: 1
- Closing Account Fee: Yes, if closed within 90 days will lose all bonus rewarded and $25 fee
(Offer expires 12/31/2019)
| Chase Business Checking ($300 or $500 Bonus) | Bank of America Business Checking ($200 bonus offer) |
| Axos Business Premium Savings ($375 Bonus) | Axos Bank Basic Business Checking ($400 Bonus) |
| Axos Bank Business Interest Checking ($400 Bonus) | Huntington Unlimited Plus Business Checking ($1,000 Bonus) |
| Huntington Unlimited Business Checking ($400 Bonus) | Bluevine Business Checking ($300 Bonus) |
| U.S. Bank Business Checking ( $500 or $900 Bonus) | |
How To Earn $500 Bonus
HOW TO EARN BONUSFINE PRINT
- 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 by December 31, 2019
- Maintain an average ledger balance of $5,000 for 90 days
- Sign up for Online Banking and eStatements
- And complete 15 transactions with the account within 90 days of account opening to receive the $500 bonus.
- Bonus will be deposited on or before April 3, 2020 upon meeting requirements.
- Offers are subject to change without notice and cannot be combined with any other offer.
- Limit one $500 bonus per business.
- Customer will be sent a 1099 for appropriate bonus amount at year-end. Offer valid through December 31, 2019.
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
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Bottom Line
If you are a business in need of a new checking account, this switch could be an offer for you. However, be careful which account you want to open because there are monthly fees that are unavoidable for some accounts.
CDs and Savings accounts are a great way to save money. Check out our full list of some of the best Bank Rates and CD Rates nationwide.
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*Check back for all updates on The Bank of Elk River promotions, bonuses and offers.
Thank you for the update Michael!
These guys are Chex sensitive to churners. From MN and applied, no go. 🙁
This may be available nationwide?