Posted by William Charles on April 30, 2019
Checking Accounts

Published on April 30th, 2019 | by William Charles

309

[TN & KY only] First Advantage Bank 4.00% APY Rewards Checking On Balances Up To $10,000

Update 8/9/19: Rate decreased from 4.50% to 4%.

Correction: This account will still be available, they are just introducing a new account as well.

Update 4/30/19: Letters have been sent out saying that on June 1st these accounts will be product changed to an Advantage Basic checking account. This account does not earn interest and has a $6 monthly fee. Hat tip to reader Jeff S

3/27/18: Account is now limited to only Tennessee and Kentucky.

3/22/18: Account is now available nationwide. 3/16/18: Rate has increased from 3.04% to 4.50% APY. Another nice feature of this account is that after $10k, you still get a solid 1.40% APY additional balances of $40k (total $50k).

Offer at a glance

  • Interest Rate: 4.5% APY if requirements are met
  • Minimum Balance: $100 to open
  • Maximum Balance: $10,000
  • Availability: TN and KY only
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: eStatements & 10 debit card transactions
  • Hard/soft pull: Hard pull, please note they do this hard pull after you enter your SSN and click here. More info here. Report of a soft pull
  • ChexSystems: Yes
  • Credit card funding: Up to $15,000. Visa, Mastercard & Discover only
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • First Advantage Bank offers a rewards checking account that earns 3.04% 4.50% on balances up to $10,000 if the following requirements are met, otherwise the APY is 0.05%:
    • Make 10 or more debit card purchases (10 per statement cycle, must clear the account during the statement cycle)
    • Sign up for FREE eStatements
    • Set up recurring Direct Deposit or ACH (once to the account per statement cycle)

 

Avoiding Fees

This account has no monthly fee to worry about.

Our Verdict

Most people will be interested in this account just for the credit card funding, unfortunately it’s a hard pull as well and that will put off a lot of people. The 4.50% APY rate is from the best available, unfortunately there’s a $10k limit on that. We’ve add this to our list of high interest rewards checking accounts.



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gary
gary

chex systems is done. )pened mine last month and they actually pulled chex twice. Am disputing the second one with chex

gary
gary

Also, its listed as TN only but i signed up out of state and had no issue.

Ken
Ken

Did you open online or did you go into a branch to open the account?

Richard
Richard

Ken I failed to mention First Advantage Bank – just opened 4.50% – only 10 debits and I have them auto debit my dry cleaning and this counts towards the 10 – direct deposit and e statements. I really like it so far! Also Heritage Bank NA 3.33% – 10 debits – e statements and direct deposits. I am in Atlanta signed up online. RN

VTVIX
VTVIX

same here – i.e., only one application/account opened, but with 2 ChexSystems inquiries. 1st inquiry matches date of application. 2nd (duplicate) inquiry occurred 2 days later. Any luck yet with your dispute?

Ken
Ken

Do you mean TU inquiries?

VTVIX
VTVIX

No. Only one TU inquiry. Duplicate only happened via chexsystems.

Josh
Josh

Any DP’s if Venmo or Capital One transfers count as ACH/Direct Deposits?

Dan
Dan

Wondering this as well, did you get an answer yet?

Matt B
Matt B

It doesn’t need to be a DD, any ach transfer works. So cap one would work. I don’t see why Venmo wouldn’t also

gary
gary

One thing to note. Their statement cycles are not 1st-30th. so be careful on when making charges (mine starts on the 6th each month). The first cycle which may be a shortened statement cycle is automatically at higher rate whether making requirements or not. My first statement was only 15 days after account was opened and funded only had debit card for a week had 0 transactions but got the 3.04% (at that time)

JILL
JILL

gary, Can you please confirm if it is Hard pull?
Is there a Credit card funding limit?

Jimmy
Jimmy

Where can we find out exactly when the cycle is?

Chris
Chris

It will depend on the day the account was opened. You will need to contact the bank to find out for your particular account.

Jimmy
Jimmy

Interesting. I’ve never heard of a bank having a different cycle for each person based on when the account was opened. Of all the banks where I have accounts, there’s only one that has an non-calendar cycle date. That bank is First Financial Bank (AR) and even their cycle is set dates each month, which are not based on when I opened the account.

Ken
Ken

Never? Out of the 24 accounts my wife and I currently have open over half of them aren’t calendar month, and even more closed accounts aren’t calendar month. I’ve seen far less banks do calendar month, but I much prefer it to keep things easy.

Jimmy
Jimmy

Yes, I understand it’s probably common to have non-calendar cycles. As I mentioned, one of my banks does this. But I’ve never heard of a different non-calendar cycle for each member / account at the same bank.

Ken
Ken

We have that at a few CUs and regular banks too. Open enough accounts and you’ll find that many banks do things differently 😉

Jacob
Jacob

Under the credit card funding for this bank on the credit card funding dp page you have it listed as “Discover, Mastercard, Discover”. Just a heads up. Keep up the good work DoC.

lesmalheurs
lesmalheurs

Can someone help me understand this part?

****Insurance underwritten by member companies of Travelers. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage not available to residents of New York and may not be available in other jurisdictions. INSURANCE PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY THE BANK

Shirley
Shirley

That refers to the FREE Identity Restore**** that they offer as one of their “perks”.

Not sure which identity recovery program they use but must be related to other Identity Theft Restoration Programs such as Experian’s ProtectMyID, Lifelock, etc.

JILL
JILL

I called to get some information. I was informed as follows:
1. The Maximum Earnings Checking is available nationwide.
2. Only a soft inquiry to open the account.
3. Can fund account with a credit card with no limit.
Can anyone please verify the above?

Adrian
Adrian

2. It is most definitely a hard pull – TU for me

DK
DK

for me it was a soft pull, and the limit on credit card funding was 15k

Adrian
Adrian

Just applied out of state (NV) today and received following confirmation. Will report back as soon as I hear anything. I have zero HPs on my reports and don’t plan on financing anything major soon so I volunteer as tribute.

Dear Guinea Pig,

Thank you for your recent account application with First Advantage Bank.

After your account has been processed and your funding has been verified, you will receive a call from a First Advantage Representative who will provide you with your new account information.

Thank you for choosing First Advantage Bank!

Sincerely,

FAB Customer Support

1.800.552.9291

http://www.firstadvantagebanking.com/

Adrian
Adrian

Confirming they pulled TU on day of application. Still waiting to hear back regarding approval or denial. Fine print during application process says nothing at all about the account being limited to TN residents only.

First Advant
CLARKSVILLE, TN
37041
(931) 552-6400

JILL
JILL

Thanks for the information.

Adrian
Adrian

Just got call from their CS to verify info. Successfully opened account from NV.

Rep confirmed that the account is nationwide and benefits are as follows:

4.5% APY up to $10k
– ANY DD or ACH withdrawal will satisfy monthly requirement (no minimum)
– Must enroll in eStatements
– 10 debit/credit purchases (no minimum value)
Balances over $10k will be at 1.4% APY

Rep was very informative and helpful. So far so good!

Shirley
Shirley

Did you fund by credit card, if so, what amount and did it confirm as a purchase?

Adrian
Adrian

I did not as I do have no any CC that I need minimum spend on. I do know Visa, Discover, and Mastercard were options; no AMEX.

Shirley
Shirley

You didn’t have to use a card just for minimum spend, you could have used a card that has 1% or 2% cash back that could have gotten you $100 or $200 back on your card if you did the full $10,000 allowed.

Ken
Ken

Did you get a hard credit pull?

Adrian
Adrian

Yup TU pulled the day of application

Ken
Ken

Thanks. Not so bad since hardly anybody pulls TU anymore.

AD
AD

Very helpful info — thanks!!

Connor

This account is nationwide

Jeff
Jeff
SamSimon
SamSimon

How many accounts one person can open with them to get this 4.5% ? And is there household limits?

Shirley
Shirley

Says “Limit two accounts per household” though I also want to know if that means that one person can open two accounts.

Jason
Jason

Household is per address so two accounts per household may not necessarily mean one person can open two but it literally means 2 individual accounts from one address.

Blue
Blue

Hm. Looking for a spot to stash money and this looks pretty straightforward. HP doesn’t matter for me if it is Equifax or TU.

Ian Pearson
Ian Pearson

Great timing 😐 Just opened a Signature FCU account a few days ago for 15K@3%.

Charles Chang
Charles Chang

How long does it take for Signature FCU to respond to you? They asked my IDs etc last Friday and up to date, I have not heard nothing back.

Ian Pearson
Ian Pearson

It took two business days to approve my application after sending all requested documents and signatures. As I understand, this is a manual review process “by committee”. After approval, it took about 1 week to receive the mailed account info, which includes the member number (required to setup online access).

BG
BG

Will Chase credit cards mark this as a cash advance or purchase? What’s the risk that Chase sees it as manufactured spend and closes an account?

Dave
Dave

Chase Freedom has always been successful for me, although they may require you to respond to a security alert from them first.

Jackalope
Jackalope

Anybody have any more DP’s on what credit cards count as a purchase when funding? I am specifically looking at Fidelity Rewards Visa and USAA Limitless. $

Gadget
Gadget

Fidelity CA limit is 25% of your CL, so if you have a $15000 limit, it’s CA limit is $3750. So, deposit more than your CA limit. US Bank cards are usually good for bank funding, as long as the fraud dept doesn’t canx it.

USAA Limitless – Lucky. Never came to my state. But good luck getting a datapoint. I would scan DoC’s list for results for any USAA card to fund any bank and take a calculated risk.

Personally, probably not going after this acct… but certainly would be nice to put 10K spend instantly on my Citi D/C.

Jeff G
Jeff G

I used my USAA limitless card to fund 4 BBVA accounts, $5000 each, over a 3 month period. There is a place online to enter a big purchase and I think it gives you a 24 hour window.

Cyan
Cyan

I tried my Fidelity card with an amount over my Cash Advance limit, and it was declined because my Cash Advance limit wasn’t high enough, so it looks like Fidelity codes as a Cash Advance.

Bryant
Bryant

I called and was told that it’s limit 2 per household but one person can have 2 accounts

Shirley
Shirley

Now that’s good to know. I emailed them the same question to get it in writing but haven’t heard back as of yet.

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