Posted by William Charles on December 8, 2018
Bank Account Bonuses

Published on December 8th, 2018 | by William Charles


[IL & MO] FCB Banks – $100 Money Market Bonus (Requires $55,000 Deposit – Earns 2.28-2.57%)

Offer at a glance

  • Interest Rate: 2.28-2.57%
  • Minimum Balance: $55,000
  • Maximum Balance: None
  • Bonus: $100
  • Availability: IL & MO
  • Direct deposit required: No, only for higher APY
  • Additional requirements: None
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • FCB Bank is offering a bonus of $100 when you open a new HomeTown Money Market account. Opening this account requires a deposit of $55,000. The APY you receive ranges from 2.28 – 2.57% depending on your total balance and whether you receive  direct deposit into that account or not. Interest rates listed here.

The Fine Print

  • Bonus will be paid within 90 days of signing up for eStatements
  • Bonus will be reported as interest
  • Limit oyne bonus payment offer per customer in the last 24 months
  • If multiple accounts are opened with the same owners, only one account will be eligible for the bonus
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

Not sure how long account needs to be kept open

Our Verdict

If we assume a balance of $55,000 exactly you will earn 2.28% without a direct deposit and 2.37% with, that’s slightly below what you could earn with the top high yield savings rate currently. It’s hard to do a direct comparison after account for the $100 bonus because it’s not clear how long the account needs to be kept open for. If you have more funds that you’re willing to deposit then the rate also increases. For most people I’d say this bonus simply isn’t worth the trouble involved. Because of that I won’t be adding this to our list of the best savings account bonuses.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

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