Offer at a glance
- Maximum bonus amount: $500
- Availability: FL, PA, NJ
- Direct deposit required: Yes, $750+
- Additional requirements:
- Hard/soft pull: Soft pull
- ChexSystems: No
- Credit card funding: Up to $1,000
- Monthly fees: $15, avoidable
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: December 31, 2025
Contents
The Offer
- First Bank (Myfirstbank) is offering a $500 bonus when you open a new Basic or Relationship Checking Account and a Direct Deposit of $750 or more
The Fine Print
- To qualify for the $500.00 cash bonus, you must open a new Basic or First Bank Relationship Checking Account, make the required initial deposit of new-to-First Bank funds, and set up and receive one qualifying direct deposit of at least $750.00 within 60 days of account opening.
- Relationship Checking is a personal account with a minimum balance requirement of $1,000.00 to open the account.
- There is a service fee of $15.00 per month if the daily balance falls below $1,000.00.
- Funds transferred or withdrawn from an existing First Bank account and redeposited in the new checking account are not considered new-to-bank funds.
- A qualifying direct deposit for this offer is defined as a recurring direct deposit of a paycheck, pension, Social Security, or other regular monthly income which is electronically deposited by an employer or an outside agency.
- Your account must remain in good standing for 90 days after opening, at which time you will receive your $500.00 cash bonus deposited into your new checking account, paid by the last day of the month after the 90-day period.
- Account in good standing for this offer means that the account had a positive balance at all times during that period.
- Limit of one $500.00 cash bonus offer per Tax ID number.
- The value of the bonus is considered taxable income and will be reported on the appropriate IRS form.
- Please consult your tax advisor regarding your specific situation.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
$15.00 per month if the daily balance falls below $1,000.00
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Share your experiences in the comments below.
Hat tip to reader Bockrr
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
