Posted by William Charles on August 12, 2019
Bank Account Bonuses

Published on August 12th, 2019 | by William Charles

19

[Select Areas In IL, MI, FL only] Fifth Third $500 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount:
  • Availability: Valid in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, or Orlando, FL
  • Direct deposit required: No
  • Additional requirements: Deposit $1,000 and maintain it for 60 days
  • Hard/soft pull:  Soft
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $11, avoidable
  • Early account termination fee: $50 to close account
  • Household limit: None
  • Expiration date: October 31st, 2019

The Offer

Direct link to offer

  • Fifth Third is offering a bonus of $500 when you open a new business checking account and complete the following requirements:
    • Reach a balance of $1,000 within 10 days of account opening
    • Maintain a balance of $1,000 or more for 60 calendar days

The Fine Print

  • To qualify for the bonus, open a new Fifth Third Business Standard, Premium or Elite checking account by 10/31/19 in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, or Orlando, FL, reach a balance of $1,000 within 10 calendar days of account opening and maintain a $1,000 minimum daily balance thereafter for 60 calendar days.
  • Offer is not available to existing Fifth Third Business Checking customers, or to those with a Fifth Third Business Checking account that has been closed within the last 12 months.
  • Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
  • No minimum deposit required to open a checking or savings account. Account must be funded within 45 days of account opening.
  • The cash bonus will be deposited into checking account within 10 business days after qualifying activities are met.
  • Bonus may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor.
  • OFFER CODE MUST BE PRESENTED AT ACCOUNT OPENING TO RECEIVE THE BONUS.
  • Checking accounts may have monthly fees and debit cards may have service related fees.
  • Accounts may have fees that may reduce earnings and impact ability to meet minimum daily balance requirements.
  • See your banker for details.
  • Not valid with any other offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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 $3,500 or more.

Early Account Termination Fee

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

We have seen targeted offers of up to $1,500 for Fifth Third business accounts, but don’t think we have ever seen a public offer. I doubt we will see a bigger public bonus than this in the near future so if you live in an eligible area and have a business I do think this is worth doing. Because of that I will be adding this to our list of the best checking account bonuses.

Hat tip to  alphadogiii

Useful posts regarding bank bonuses:



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Tim
Tim

I received a personal offer for $250 that was mailed in an envelope with several other coupons(ValuePak). You had to go in branch or sign up over the phone. I phoned in and it only took 5 minutes. The only requirement was to deposit $250 and didn’t have to be DD. Free checking has no fees. When my spouse tried this they said that the unique invitation code had already been used.

Charles Mann
Charles Mann

Wait for your next Valupak mailer, it will probably have another coupon and code. I get them every week or so.

dean
dean

I’m actually in the market for a business checking for a legit business, and 5/3 is close to home. $3500 min balance to avoid fees? No way man…
We do have lots of deposits coming from Square. Been looking for a business checking where Square will count as DD to avoid fees.

Celia
Celia

I’ve not seen a business checking account that has a DD available to avoid monthly fees. The lowest minimum balance I’ve found to avoid a monthly fee on a business checking is 1500. Chase is my main business one and I also have a First Midwest one, both 1500 minimum. There are bonuses available on both right now. Chase is much better, FMW is clunky.

adam d
adam d

fmw app doesnt even d/l and they dont have ach transfer capability. got my $500 a week ago but dont know of they clawback the bonus before 12mos along w the etf fee….

i live in chicago burbs u can use this bonus in the metro area so id assume its the same for all cities metro areas forementioned.

Celia
Celia

I’m leaving $1500 in there for the 12 months before closing. For the $500 bonus, I didn’t want to chance a clawback. I hate their website, it’s so bad. Even their ATM is clunky.

adam d
adam d

good idea, i just went to do open an acct online for the personal $250 bonus that was posted yesterday and their application page is down rofl

raj
raj

> Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.

Anyone care to speculate if this would prevent the bonus posting, given a prior personal checking bonus?

adam d
adam d

if you have a seperate ein then youll get the bonus

Jack - NJ
Jack - NJ

Will ssn work, or is a ein required?

Saturn
Saturn

SSN should be fine for sole prop. Check your local requirements for documents banks want to see for a biz account.

sara
sara

Has anyone had a problem with getting the code e-mailed? I tried several different e-mails and it has been more than 24 hours. Not sure why they aren’t e-mailing the code.

Celia
Celia

I couldn’t get an email to work when I tried during the previous Promo. I ended up just going to a branch with several documents. I brought a DBA and a schedule C.

danny d
danny d

I got mine right away. check your junk mail or spam folder

danny d
danny d

Has any one gotten the personal checking bonus for $250 and the business checking bonus for $500? I am wondering if I can get both

Staxx
Staxx

You will if you use separate ein and ssn for each

Mary S.
Mary S.

Do you have to live in Tampa, FL in order to qualify for the bonus? I live in Clearwater, FL, which is technically part of Tampa Bay.

IS250
IS250

DP –
1. Chex – Unsure. I opened up a personal account while opening up a business account so not sure if it was one pull or not. If they do pull Chex for business, it’s not sensitive. 40+/12
2. Applied in branch with out of state DL/address. Opened as a sole prop with just my SSN.
3. No instant issue debit card. Starter checks included
4. ETF – $25 (not $50)
5. Monthly fee waived for the first two months
6. No CC funding in branch
7. You get a printout of the bonus terms and conditions to confirm the promo attached to your account

Staxx
Staxx

The question still is can you sign up for personal and business sole proprietor with same Ssn in the same year getting bonuses

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