Bank Mutual (WI) $250 Checking and Money Market Bonus


Availability: Wisconsin and Minnesota

Bank Mutual is promoting their "best offer ever" – a $200 bonus when opening a new Checking By You, The Works, or Silver Spirit checking account now through August 31, 2015. An additional $50 bonus is available if a Money Market Account is opened on the same day.

$200 Bonus Requirements

To qualify for the $200 Bonus, the following conditions must be met within 60 days of account opening:

  • Add Direct Deposit (defined as payroll, retirement account, or government benefit distribution) to the new checking account, and
  • Make three online bill payments, and
  • Make 15 debit card purchases.


  • Available to new customers only through August 31, 2015.
  • Requires new money.
  • Promotion must be mentioned at the time of account opening.
  • Limit of $250 in bonuses per household.
  • Bonuses will be credited 120 days after account opening.
  • Account(s) must remain open for six months for the bonus to be considered earned; if account(s) are closed upon receipt of the bonus, the checking account will be charged $200 and the MMA charged $50.

Complete details are available on the Switch to Bank Mutual promotion page.


As the largest bank based in Milwaukee, Bank Mutual’s market area includes Wisconsin and Minnesota.

Opening a checking account, and applying for the $200 and $50 bonuses, requires an in-person visit to any of 68 Wisconsin branches or the sole Minnesota branch located in Woodbury.

While the online banking capabilities have expanded to include the opening of some accounts, the Checking By You, The Works, and Silver Spirit checking accounts are not yet on the list.

Bank Overview

Bank Mutual, has an overall health grade of "B+" at, with a Texas ratio of 6.01% (excellent), based on March 31, 2015 data. In the past year, Bank Mutual has increased its total deposits by $11.98 Million, an above average annual growth rate of 0.67%. Please refer to our financial overview of Bank Mutual for more details.

Established in 1892 as the Mutual Building and Savings Association, Bank Mutual (FDIC Certificate # 30125) is currently the largest bank based in Milwaukee (over $2.4 Billion in assets) and serves more than 100,000 households in Wisconsin and Minnesota. In a 27-year period from 1976 to 2003, as the Bank acquired four Wisconsin banks and went through three name changes, its motto of "Trust. The feeling is Mutual," never changed.

Checking Account Descriptions

There are fees associated with all three checking accounts that could potentially reduce the value of the $200 bonus.

Checking by You

The Checking by You checking account could easily have monthly fees of between $2-$10, depending on the available extra account add-ons. A few of these account add-ons include:

  • $2 monthly maintenance fee (can be waived through direct deposit and enrollment in e-Statements).
  • $1 for each check in excess of five per month OR
  • $3 monthly fee for unlimited check writing.

The Works

The Works checking account has a $5.95 monthly fee which cannot be waived. The $5.95 provides for unlimited check writing, free checks for life and variety of other services. In essence, the $200 bonus pays for approximately 33 months of monthly fees.

Silver Spirit

Silver Spirit checking account has a $15 monthly fee that can be waived by maintaining a minimum $5K balance in Bank Mutual accounts.

For complete details on all of the checking accounts, please refer to Bank Mutual’s Checking Accounts page.

Other Bank Promotions and Bonuses

Not eligible for Bank Mutual’s checking bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, readers and I also post often on bonuses in the Bank Promotions Forum.

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