Posted by William Charles on July 1, 2019
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Published on July 1st, 2019 | by William Charles

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[FL, NC and SC] Capital Bank $300 Business Checking + $150 Savings Bonus + $50 Referral Bonus

Offer at a glance

  • Maximum bonus amount: $300 for checking, $150 for savings
  • Availability: FL, NC and SC
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull:Soft
  • ChexSystems:Yesmixed dp on being sensitive
  • Credit card funding:Up to $50
  • Monthly fees: $25, avoidable
  • Early account termination fee: Bonus forfeit, six months
  • Household limit: One per company
  • Expiration date: 10/31/19

The Offer

Direct link to offer

  • Capital Bank is offering a $300 bonus when you open a new bizessentials standad checking account and complete the following requirements:
    • Open with a minimum deposit of $5,000
    • Complete 5 qualifying payment transactions within 30 days of account opening (checks, debit card purchases, ATM withdrawals, automatic bill payments, and online bill payments initiated through the bank’s Business Banking Online services)
  • They are also offering a $150 Visa gift card when opening a BizEssentials Savings account and completing the following requirements:
    • Maintain account in good standing for six months
    • Open with at least $2,500. Opening deposit cannot be transfered from existing First Tennessee accounts

The Fine Print

  • Open your BizEssentials® Checking account at the Basic level or higher by 10/31/2019 with a minimum opening deposit of $5,000 AND complete 5 qualifying payment transactions within the first 30 days of account opening to receive the $300 bonus.
  • Qualifying payment transactions include checks, debit card purchases, ATM withdrawals, automatic bill payments, and online bill payments initiated through the bank’s Business Banking Online services, in any combination.
  • Offer is non-transferable.
  • Limit one business checking bonus per company.
  • Opening deposit must be funds from a financial institution other than First Tennessee Bank National Association (“Bank”), which operates as First Tennessee Bank and Capital Bank, or its affiliates. Transfers from any type of account at Bank or its affiliates do not qualify.
  • Offer and account opening subject to bank approval.
  • Customer agrees to maintain account in good standing for minimum of 6 months.
  • The $300 bonus will be credited to your account within 6 weeks of meeting all requirements and will be reported as income on Form 1099-INT.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

According to the fine print only the bizessentials standard checking account is valid for this offer. This account has a $25 monthly fee that is waived with a $10,000 daily balance or $25,000 in combined balances. The BizEssentials saving account does not have any monthly fees to worry about. The basic checking also qualifies and the monthly fee is waived with a $5,000 minimum deposit.

Early Account Termination Fee

The fine print states that the account must be kept open and in good standing for 6 months. We can assume that they will take the bonus back if you don’t fulfill this requirement.

Our Verdict

Capital Bank is basically just a different name that First Tennessee operates in different areas. This deal is worth doing if you live near a branch. I’ll be adding this to our list of the best checking bonuses. Should also be able to stack this with the $50 referral bonus.

Hat tip to Drew W

Useful posts regarding bank bonuses:



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Tikky
Tikky

Might want to add “Capital Bank” to the title. Looks odd without it.

Gadget 🕵️

William Charles Someone beat me to it, missing the name of the bank 🙂 To add more to the story, there is the possibility to do a $150 referral on top of this thru referlive. If it stacks, I can’t say. @IS250 might know.

Edit: To add even more to the story, FT sent me a letter about two weeks ago saying they are changing their name to First Horizon.

IS250
IS250

Ah didn’t see you tried tagging me. Didn’t go through properly. But yeah it does stack.

arch
arch

Just closed this in Feb but I see no info on how long to wait to be a “new” customer–maybe I missed it? Any help?–Thanks

Jeremy
Jeremy

I just did the personal business checking deal recently for $200 bonus. Can I signup for this business bonus as well? 🙂

IS250
IS250

Yes. They are separate. Also when I opened up my business account in branch, they used the information from my personal account and because of that, I didn’t get another Chex inquiry (if business accounts use Chex anyway).

IS250
IS250

Another $150 referral bonus stacks with this bonus for a grand total of $600.

[Please do not share referrals unless specifically allowed]

arch
arch

I’d like one, thanks. What do you need?

Jeremy
Jeremy

Methods of funding suck! Cash or check. Can not do ACH Transfer.

nick
nick

can open online or in branch only?

Jeremy
Jeremy

Branch only

Jeremy
Jeremy

“Open with a minimum deposit of $5,000” Does it need to be given at account opening, or is a few days later with ACH transfer ok? (They only accept cash or check for opening deposits in branch…)

TatyG
TatyG

At account opening.

IS250
IS250

Here’s my DP:
1. Chex – Unsure. I had a personal checking account with them before I opened up my business account (in branch) so they just transferred over my information from the personal account. I checked my Chex report and no inquiry was listed for the business account. I’m unsure if they even use Chex for business accounts or the inquiry was omitted because of my prior relationship.
2. I opened a sole prop with just my SSN
3. Opened the BizEssentials checking account with a $5000 check in branch. Made various debit card purchases and bill pays to fulfill the bonus requirement (all $1 or less). Also opened up the BizEssentials savings account with $2500. Be sure that the banker uses separate promo codes for the checking and savings account.
4. Bonus credited 30 days after account opening. I withdrew the savings balance after this since there’s no time requirement and no monthly fee. Kept 5K in the checking account to waive fees (DoC post needs to updated as the minimum balance now is 5K to waive fees) and to wait out the ETF.
5. The $150 savings bonus came in the mail roughly 3 weeks after account opening.
6. As I posted below, another $150 referral bonus came roughly 6 weeks in the mail after account opening for a grand total bonus of $600.

Edit: Removed my referral email.

Jeremy
Jeremy

Branch won’t open my “sole proprietorship” business under my social without an “Assumed Business Name” form that I need to take to the Clerk of Court to register my business… anyone else able to open account without this?

Jeremy
Jeremy

William Charles The monthly service fee section is wrong. The basic checking qualifies also, and theres no monthly fee with balance of $5k and up.

Yet Another Redditor
Yet Another Redditor

William Charles Chuck First Tennessee Bank and Capital Bank are being rebranded as First Horizon to unify the branding https://thenewfirsthorizon.com/

Jeremy
Jeremy

Do you need to keep $2500 in savings or can you transfer it out after opening the account?

IS250
IS250

Technically you can transfer it out right away. I just played it safe and kept it there until bonus posted which happened within a month. After that I moved funds out.

Jelena
Jelena

How does the referral bonus work when doing this in branch? I used someone’s referral when I opened an account online last year, but how does it work going into the branch?

IS250
IS250

Closed account via phone. It took 3 business days to close out completely.

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