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Many of you know that we try and take advantage of credit card signup bonus that allows us to travel for nearly free (click here). If there was one thing I need to do more, it’s to take advantage of bonus offers when you open up new accounts from different financial institutions. I started doing so when I applied for the following accounts:

  • Wells Fargo $400 checking account bonus
  • SoFi Money Account where. I earned $100 for opening up an account, which led to nearly $3,000 in account referrals

I decided it was time to look for another opportunity to get another bank bonus. H/T to Doctor of Credit, I read this offer with Bank of the West, and I thought the terms and conditions seemed easy enough to meet in order get the $250 bonus.

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What’s the Bank of the West $250 bonus offer

Open a new Any Deposit Checking 

Details of the terms and conditions are listed once you begin the application process (click here)

Highlights of the offer

  • Apply for a new consumer Any Deposit Checking account with a promotion code either online at bankofthewest.com or in a branch
  • Application period: apply between 07/13/2020 – 8/21/2020 with any opening deposit amount ($0.01 or more).
  • Bonus offer open to residents of the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming
  • Customer must make direct deposits totaling $1,000 or more each calendar month for three consecutive calendar months by 12/31/2020 to the new checking account. One or more separate direct deposits in a single calendar month that add up to $1,000 qualify.
  • $0 monthly service charge when you deposit any amount each monthly statement cycle
  • A qualifying direct deposit must be payroll, Social Security, pension or other government benefits.
  • Qualifying direct deposits must be funds new to the Bank. All deposits must be posted by 12/31/2020.
  • Account must be in open status and have a positive balance greater than $0 as of 12/31/2020 to be eligible to receive any bonus.
  • Bonus will be credited to the new consumer checking
  • Bank will classify the bonus as interest paid to the checking account. Any applicable taxes associated with this offer are the responsibility of the account holder. To the extent required by law, Bank will report total value of the offer to the IRS on Form 1099 for tax year 2020.

Click here for more details of the requirements how to receive the $250 bonus.

What I did

I went through the application process which took about 10 minutes. There was no hard pull on your credit, just a soft pull. There was an option to open up the account with $.01, but I decided to open it up with $25. I requested to get a free debit card and I expect to get my new debit card within 10 days. I plan on taking care of my direct deposit changes when I sign in to my computer at work.

Know of any other bank bonus that works for you? Please let me know and share.

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By Jason

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