This deal has now expired, you can view the current deals by clicking here.
[Originally posted 11/6/15, reposting on 4/13/16 because the offer is back until June]
Offer at a glance
- Maximum bonus amount: $400
- Availability: Offer valid only to accounts opened within the following regions: Cincinnati, Chicago, Eastern Michigan, Western Michigan, Kentucky, North Florida, Central Ohio and Northeast Ohio
- Direct deposit required:Â None
- Additional requirements: Five debit card transactions and a minimum balance of $5,000+Â
- Hard/soft pull: Soft
- Credit card funding: Unsure
- Monthly fees: $11-$20, waivable
- Early account termination fee: None listed, in the past you’ve been required to keep it open for 9 months.
- Expiration date:Â
November 20th, 2015ÂJune 17, 2016
The Offer
- Receive a bonus of $400 when you complete five transactions with your new Fifth Third Business Debit card and maintain a balance of at least $5,000 for the first 60 days after you open a new business checking account with Fifth Third.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Offer not available to existing checking customers or to those with a Fifth Third checking account that has been closed within the last 12 months
- All requirements must be met and qualifying activity must be initiated and post to the account within 60 days of account opening to obtain $400 bonus
- Bonus will be deposited into your new account within 10 calendar days of completing requirements
Avoiding Fees
The easiest way to keep the account fee free is to open a Fifth Third Business Standard Checking Account, this account has a monthly fee of $11 that is waived if you have a balance of $5,000 or more (and this required for the bonus anyway). As far as we know there is no longer any early account termination fee either, but regardless of when you do close your account you’re required to pay a $50 fee.
Our Verdict
This is really a bonus of $350 given you need to pay the $50 fee (really less considering the full bonus will be taxed), which is still a great deal. If I lived within the service area I’d jump on it. The main downside is that you need $5,000 in accessible cash to complete the deal. We’ve added it to the list of the best bank bonuses currently available and as always a full list of all of these business checking bonuses can be viewed here.
There is also a personal bank bonus that fifth third is offering for $150-$250 that is worth completing (fingers crossed they only do one ChexSytems inquiry)
