Offer at a glance
- Maximum bonus amount: $200 or $400
- Availability: FL only
- Direct deposit required: No
- Additional requirements: Deposit and maintain $5k or $10k for 60 days
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: Avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- First Federal Bank is offering a business checking bonus of up to $400:
- Earn $200 with a $5,000 opening deposit or $400 with a $10,000 opening deposit
- Balance must be maintained for 60 days
The Fine Print
- $400 Checking Bonus limited to new business customers who deposit at least $10,000 or more of new money into a business checking account at time of opening. Balance must be maintained for at least 60 days to qualify.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Keep a $1,500 daily balance or $15,000 loan relationship to waive the service charge. Use eStatements, save $2 per month
Early Account Termination Fee
I wasn’t able to find a fee schedule.
Our Verdict
Seems like an easy bonus worth doing and a much better return than current high yield savings accounts.
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
