Offer at a glance
- Maximum bonus amount:Â $200 or $400
- Availability:Â FL only
- Direct deposit required: No
- Additional requirements:Â Deposit and maintain $5k or $10k for 60 days
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â Avoidable
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- First Federal Bank is offering a business checking bonus of up to $400:
- Earn $200 with a $5,000 opening deposit or $400 with a $10,000 opening deposit
- Balance must be maintained for 60 days
The Fine Print
- $400 Checking Bonus limited to new business customers who deposit at least $10,000 or more of new money into a business checking account at time of opening. Balance must be maintained for at least 60 days to qualify.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Keep a $1,500 daily balance or $15,000 loan relationship to waive the service charge. Use eStatements, save $2 per month
Early Account Termination Fee
I wasn’t able to find a fee schedule.
Our Verdict
Seems like an easy bonus worth doing and a much better return than current high yield savings accounts.
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
Also, a rep just told me that only residents of northern FL can open accounts with them. Anybody else is considered out of footprint and will be denied.
I’m assuming this is a trial run by promotional department. Maybe down the road we get a more fleshed out bonus from these guys.
no end date?
Yeah, after 50th person. See comments below.
Any OOS datapoints?
Ha everyone even the first person willbe the 51st person. Wtf
what are those banks, seriously…
In the small print. “Offer limited to the first 50 customers who meet the criteria.” WTF????
LMAO
For good measure. I filled out 50 applications on purpose, so I could screw over everyone in the comments. Thanks
“Offer limited to the first 50 customers who meet the criteria. ” WTF, who does that? What a joke
Amazing. Be my luck I was 51st.
We all gonna be 51st LOL