Deal has expired, view more checking bonuses by clicking here
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â Seems to be in branch only, branches are in CA, IL & MO [branch locator, keep in mind sometimes it says ‘NOT A BRANCH’]
- Direct deposit required:Â None
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â 180 days, bonus forfeit
- Household limit:Â One per business
- Expiration date:Â
February 28th, 2019March 31st, 2019
Contents
The Offer
- First Bank is offering a $200 bonus when you open a new business checking account and complete the following requirements:
- Receive $2,000 or more in deposits within 60 days
- Complete 10 or more transactions with 60 days
- Maintain a $5,000 minimum balance in the Money Market account for the first 60 days
The Fine Print
- Limited time offer.
- Deposit accounts must be opened by February 28, 2019.
- Offer limited to one per business.
- Accounts subject to early closure fees if closed within 180 days.
- To receive the $200 cash bonus, the new First Bank business checking account must have at least $2,000 or more in deposits and 10 transactions within 60 days.
- A transaction is defined as any credit or debit activity occurring within the 60 day time period.
- A $5,000 minimum balance requirement for the Money Market must also be maintained for the first 60 days in order to qualify for the $200 cash bonus.
- The bonus will be credited to the qualifying checking account 4-6 weeks after account has been opened for 60 days.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Both checking & money market accounts have no monthly fees to worry about.
Early Account Termination Fee
Account needs to be kept open for 180 days to avoid an early account termination fee
Our Verdict
The 1.26% interest rate isn’t very attractive, but looks like you only need to kept that in the money market account for 60 days anyway. Otherwise seems to be a fairly easy bonus to meet the requirements for. If anybody decides to go for this deal then please share your experiences in the comments below.
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
