Deal has ended, view more bank account bonuses by clicking here.
Update 10/6/20: Deal has been extended until November 15, 2020.
First Horizon is the new name for Capital Bank & First Tennessee.
Offer at a glance
- Maximum bonus amount: $400
- Availability: Offer is only available to residents of TN, AR, MS, AL, GA, KY, FL, NC and parts of VA (Bristol, Gate City, Weber City)
- Direct deposit required: Yes, $400+
- Additional requirements:
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $50
- Monthly fees: None
- Early account termination fee: Six months, bonus forfeit
- Household limit: One
- Expiration date:
September 30, 2020November 15, 2020
Contents
The Offer
- First Horizon Bank is offering a bonus of $400 when you open a new checking account and complete the following requirements:
- Have an opening deposit of at least $50
- Have a direct deposit of $400+ within 60 days of account opening
The Fine Print
- Offer expires 09/30/2020.
- Opening deposit must be funds from a financial institution other than First Horizon Bank or its affiliates.
- A qualifying direct deposit is a paycheck, pension, Social Security, or other regular income electronically deposited by an employer or outside agency.
- Offer is only available to residents of TN, AR, MS, AL, GA, KY, FL, NC and parts of VA (Bristol, Gate City, Weber City).
- To receive bonus, you must open your account at a branch and present a copy of this offer certificate, or open your account online by clicking the link on the preceding page.
- To receive your bonus, you must have an opening deposit of at least $400, and at least one direct deposit must post to your account within 60 days of account opening.
- Opening deposit cannot be transferred from existing First Horizon Bank accounts.
- If you meet the stated requirements of this promotional offer, the bonus will be credited to your account within 6 weeks of the first direct deposit and will be reported as income on Form 1099-INT.
- Limit one bonus per household.
- Cannot be combined with other checking offers.
- This offer is for new checking households only.
- Households who have a current consumer checking account or who have closed a consumer checking account in the previous 12 months at First Horizon Bank are not eligible.
- Customer agrees to maintain account in good standing for a minimum of six months.
- Associates are not eligible for this offer. Account openings are subject to bank approval and may be declined based on certain factors.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
FirstView checking account has no monthly fees to worry about. You do need to opt in to paperless statements otherwise you’ll be charged a $2 monthly fee.
Early Account Termination Fee
Account must be kept open for six months otherwise the bonus will be forfeit
Our Verdict
Previously when this was First Tennessee/Capital Bank the best offer was for $300 + $100 on savings. This is a better offer as it’s easier to keep the account fee free and qualify for the bonus. I can see this being pulled early so if you’re interested I’d recommend signing up now. I’ll add this to our best bank bonus page. Make sure to open the FirstView checking account to avoid the monthly fee.
Hat tip to reader Kyle
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
Beware. When linking external accounts, First Horizon will WITHDRAW two small transactions before depositing the total transaction back. It may result in overdraft or NSF fees.
External account initial transfer limits are FOUR transactions per week AND $250 per week. Not sure if this will change as the account ages.
First Horizon will NOT withdraw trial deposits from initial account opening deposit/funding.
Non US citizens or non permanent residents can apply in branch
I did today
Data Point
2020-09-06 Opened acc ONLINE w/ $50 via BAC cc.
2020-09-07 Setup DD with Job/Emplr. Waiting on verification.
2001-09-11 Rcvd $200 prsnl BMO deposit – coded as WebXfer – Transfer Between Accounts
2001-09-14 Rcvd $200 bus JPM Dep – coded as Ext Trnsfr…PPD – Uncategorized Income.
2020-09-17 Rcvd DD of $11.00 from job Coded as Dep…PPD – Income
2020-10-22 $400 BONUS RECEIVED – FirstView Checking
how to check if the transaction is PPD or something else?
A few days after the transaction, check the coding again. It should have PPD or something else added at the end. The letters are not added until a few days after a transaction posts.
I knew I should’ve used my CC for $50 opening deposit….
“Your application is almost approved! We just need to verify your bank account.
We have made two small deposits under $1.00 into your account at blah blah blah bullshit.”
Now I might get an additional MICR Chex inquiry… meh. I thought it would get my app approved faster/more likely by using bank funding.
I did notice some similarity of the app with Fulton, where I am in ID verification denial jail. For “months at address”, the max you could put for First Horizon is 60 months, while Fulton is unlimited. Maybe I should put 60 months at Fulton? I’m too scared to try again. Fulton Chex inquiries galore on my report.
Gadget - Bank Bonus Geek
Instantly approved after verifying initial funding account trial deposits. No additional documentation needed.
Account number showed up instantly on status page. Refreshed a minute or two later and member number showed up right below it.
You will receive a call and email from them, welcoming and assisting you with online access. Should be smooth sailing.
They haven’t taken back their trial deposits for initial account bank linking and funding. I’m not sure if the same applies if you link other external accounts later.
I tried applying yesterday from OOS (CT) and got the dreaded “We do not have any promotional offers available where you live” email. That’s a big bummer.
Anyone tried more than 1 account in the household?
I have, but I’ll have to wait another 6 weeks to see if it worked.
Oct 1: opened account, initial deposit of $200 via bank transfer
Oct 15 : real employer DD
Oct 21: $400 bonus posted
Easy! Thank you, Doctor of Credit!
Is this only for US citizens?
I have the same question, when you fill in the online application it has a box for ‘US citizen’ which is preselected and can’t be removed! So I assume it is, and I haven’t proceeded for now. Would be useful to know if this is a requirement or if we could open successfully over the phone, I’ll update if I get around to calling them.
Any update?
I called and was told they can’t do application over the phone for you.
Do I have to do a real Direct deposit (part of paycheck) from my employer? or is there another way. I have accounts with capone 360, Wells fargo fidelity etc. How do I do the equivalent of a direct deposit? Thanks!
And will this account opening be a hard pull or soft pull on credit report?
Got my $400 bonus quickly. How are you guys cashing out? I added an external account but it says transfer limit is capped at $250/week to external accounts… that will take me over 2 months to get out haha. I guess I’ll have to add it to an exernal account and pull from it. Then go in branch and do the business checking/savings for another $450 (have to do in branch). https://www.firsthorizon.com/biz300
There was no such limit for my external account. I transferred $898 out at once last week – pushed from First Horizon to the checking account I used to do my initial funding.