Bank of Colorado is offering new customers a straightforward $500 bonus with their Diamond Secure Checking account, and the requirements are refreshingly simple. No complex transaction counts, no minimum balance gymnastics—just open an account at the branch, set up direct deposit, and wait 90 days for your bonus.
What makes this Colorado-based bank interesting beyond the bonus is their focus on security features, including identity theft protection and cell phone coverage that comes standard with the account. For customers who value peace of mind along with their banking rewards, this combination of bonus money and built-in protections could be appealing.
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How Bank of Colorado’s $500 Bonus Works
The structure is one of the simpler bank bonuses you’ll find:
Requirements:
- Go to their branch and open Diamond Secure Checking account by August 31, 2026
- Set up at least one direct deposit of at least $5,000.
- Wait 90 days after account opening
Bonus Payment:
- $500 deposited 90 days after account opening
- Must have completed at least one direct deposit
- Account must remain open and in good standing
Opening Details:
- $100 minimum opening deposit
- Available online or at any Bank of Colorado/Pinnacle Bank Arizona location
- Must be new bank customer
The email requirement is unusual but ensures you’re properly coded for the bonus.
Trending Savings Account Deal:
What Counts as Direct Deposit
Bank of Colorado keeps it simple—they just require “at least one deposit has been made through direct deposit.” This likely includes:
Qualifying Direct Deposits:
- Payroll from employers
- Government benefits (Social Security, unemployment)
- Pension payments
- Regular income via ACH transfer
The fact that they only require one direct deposit (not ongoing deposits) makes this more accessible than many bank bonuses.
Diamond Secure Checking Account Features
Beyond the bonus, here’s what you get with the account:
Standard Features:
- No minimum balance requirement after opening
- Free VISA debit card
- Free online and mobile banking
- Free electronic statements
- Zelle payments
- Free online bill pay
- TransferNow fund transfers
Security Features:
- IDProtect identity theft monitoring and resolution
- Cell phone protection up to $300 per claim (two claims per year, $50 deductible)
- Fraud monitoring and alerts
Account Costs:
- $5 service charge per statement cycle
- Additional $5 fee for paper statements (waived with electronic statements)
- Non-interest bearing account
Trending Checking Account Deal:
The Geographic Factor
Bank of Colorado operates throughout Colorado with additional Pinnacle Bank locations in Arizona. While you can open online, having local branch access adds value for customers who prefer in-person banking.
If you’re outside Colorado/Arizona, you’ll be relying entirely on digital banking and customer service.
The Smart Strategy
If you’re eligible and interested:
Week 1: Open account online and immediately send the required email with “Offer Code 300”
Week 2: Set up direct deposit (even a small amount qualifies)
Month 1-3: Let the account sit and earn your bonus
Day 90+: Receive $300 bonus and decide on long-term strategy
The key decision point comes after receiving the bonus—do you keep paying $5/month for the security features, or close the account?
Who Should Consider This Bonus
This makes sense if:
- You live in Colorado or Arizona
- You have any form of direct deposit available
- You value identity theft protection and cell phone coverage
- You don’t mind paying $5/month for enhanced security features
- You want a simple bonus with minimal requirements
Skip this if:
- You’re outside their service area
- You don’t have direct deposit capability
- You’re unwilling to pay ongoing monthly fees
- You already have comprehensive identity protection
- You prefer interest-bearing accounts
Beyond the Bonus: Long-Term Considerations
The monthly $5 fee means this account costs $60 annually after the first year. For some customers, the security features justify this cost:
- Identity theft monitoring across 1,000+ databases
- Professional fraud resolution assistance
- Cell phone protection coverage
- Local branch access and customer service
For others, the ongoing fees make this a bonus-and-close opportunity.
The Bottom Line
Bank of Colorado’s $500 bonus is straightforward with minimal hoops to jump through. The single direct deposit requirement and 90-day timeline make this accessible for most customers with regular income.
The real question is whether you want the ongoing security features that come with the $5 monthly fee. If identity protection and cell phone coverage appeal to you, this account provides value beyond the bonus. If not, you’re looking at a bonus grab with a clear exit strategy
This bonus rewards simplicity over complexity, making it appealing for customers who want straightforward requirements and built-in security features.
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