Update 3/2/21: Bonus has been increased to $200, but now requires a direct deposit.
Update 5/14/20: Deal doesn’t require direct deposit any longer. Hat tip to reader MERJ
Update 8/18/19: Deal is available again
Offer at a glance
- Maximum bonus amount: $100
- 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. MD worked as well, within 50 miles of a branch.
- Direct deposit required: No
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees: $7, avoidable
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: None listed
The Offer
- Receive a bonus of $200 when you open a new First Bank checking account and receive a direct deposit
The Fine Print
- Offer available to new First Bank checking account customers (those without current First Bank checking accounts) who open a new First Checking account online.
- To receive $100, you must open a new First Checking account in our Online Application Center 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.
- The $100 will be reported on Form 1099-INT for tax purposes.
Avoiding Fees
Monthly Fees
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
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
Previously they offered a bonus of up to $200, it was the same as this current bonus but they also had an option for $200 that required a different account that was much more difficult to keep fee free. The credit card funding is nice but it looks like they often close accounts after they have been opened due to not living close enough to a branch so keep that in mind. I’ll be adding this to the best checking bonuses.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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
