[CO Only] Elevations Credit Union $500 Checking Bonus

Update 9/6/26: Deal is back through  November 30, 2026. Bonus now $500 (was $350) requires $1,000 per month in direct deposits (was $500). Hat tip to reader Phil

Update 10/11/25: Deal is back through 11/30/25

Extended to 6/30/25

Update 3/5/25: Terms now state ‘Offer is restricted to Colorado residents’

Offer at a glance

• Maximum bonus amount: $350
• Availability: CO
• Direct deposit required: Yes, $1,000+ per month for two months
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $2,500 (previously $10,000)
• Monthly fees: No
• Early account termination fee: 12 months, bonus forfeit
• Household limit: One
• Expiration date: May 31, 2025

The Offer

Direct link to offer

• Elevations Credit Union is offering a $500 bonus when you open a new checking account and complete the following requirements:
  • Use promo code ECU500
  • Enroll in online banking.
  • Set up direct deposit with at least $1,000 per month for two month

The Fine Print

• Checking cash bonus is not available to existing members, Elevations Credit Union employees, Elevations Board Members, or consumers who have been closed with a negative balance.
• Limit one offer per New Membership and checking account.
• Limit one bonus per household, per lifetime. To receive the cash bonus, open a new Elevations Free Checking, Buff One Checking or Dividend Checking account. Forever Buffs checking does not qualify for this offer. Member must have direct deposit(s) totaling $500 per month for two consecutive months following the open date of the account. Direct deposit must be new to Elevations Credit Union and must be payroll, pension, Social Security or other recurring government benefits. Member must log into online banking. All requirements must be met within 90 days of account opening. The cash bonus will be deposited into the new checking account within 30 days of the final qualifying requirement if the account opened is in good standing (i.e., is not overdrawn or at a zero balance). We reserve the right to substitute the bonus offered at any time with an item of similar value. Limited time bonus. The $350 cash bonus is considered interest and is subject to IRS and other tax reporting.
• The cash bonus can be revoked if the account is closed within twelve (12) months of opening date.
• Offer expires May 31, 2025.
• Qualifying direct deposits: Qualifying deposits are regular, periodic automated clearing house (ACH) credits, which may include payroll, salary, pension or government payments (such as Social Security).  Deposits that DO NOT QUALIFY are those through the Real-Time Payments (RTP) network, payments through peer-to-peer networks such as PayPal, Zelle, Venmo or others, transfers from another Elevations deposit account, voided transactions, dividends, loan funding, adjustments, and micro-deposits (deposits typically less than $1 sent to your account to verify it is the correct account).
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

Bonus forfeit if closed within 12 months

Our Verdict

Previously there was a $100 bonus, but that was for University of Colorado students only. This is a much bigger bonus and open to more as well. Will add this to our list of the best bank account bonuses.

Hat tip to Lobster

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times