Bonus has expired but there is a new offer for $100.
Offer at a glance
- Maximum bonus amount: $100/$200
- Availability: VA only, when you go to open an account online it lets you input any zip code. On the following page it’ll say you’re ineligible if you use a state other than VA. If anybody gets other states to work, let us know. Might need to live within 100-150 miles from a branch (but you won’t be auto denied online if this is the case) More info here.
- Direct deposit required: Yes, $250+
- Additional requirements: No
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees: $7-$15, avoidable
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: None
Contents
The Offer
- Receive a bonus of up to $200 when you open a new First Bank checking account with a recurring direct deposit of at least $250.
- $100 bonus for opening a First Checking account
- $200 bonus for opening a Premier checking account
The Fine Print
- Offer available to new First Bank checking account customers (those without current First Bank checking accounts).
- Receive $100 if you open our First Checking account and sign up for a recurring $250 minimum direct deposit into this account.
- Receive $200 if you open our Premier Checking account and sign up for a recurring $250 minimum direct deposit into this account.
- This limited-time offer may end at any time.
- Your reward will be deposited in your new First Bank checking account once the account has been open for 90 days, the first qualifying direct deposit has been received, and the account is in good standing.
- Subject to approval.
- Limit one per household.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
First Checking – $7 Monthly Fee ($100 Bonus)
You can waive the $7 monthly fee with any of the following:
- Average monthly balance of $500+
- Direct deposit of $100+
- Automatic First Bank loan payment
Premier Checking $15 Monthly Fee ($200 Bonus)
The $15 fee is waived if you have a minimum balance of $10,000+
Early Account Termination Fee
I wasn’t able to find a fee schedule, so I’m unsure if an early account termination fee is charged or not.
Our Verdict
I wish banks would be a little bit more original in their names, there are so many First Bank’s that it makes things every confusing. It’s also a shame the account required for the $200 bonus is so difficult to keep fee free, most people won’t have $10,000 in cash laying around so you’d either need to pay the $15 fees (and even then after taxes the $100 bonus might be better) or just go directly for the $100 bonus.
If anybody knows anything about this bank then please share your datapoints in the comments below. For now we won’t be adding to our list of the best checking sign up bonuses due to the fact there is too many unknowns.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
