There is another link that works on the free business checking account.
Offer at a glance
- Maximum bonus amount:Â $800
- Availability:Â PA, OH, MD, DC, VA, NC, SC, WV
- Direct deposit required:Â No
- Additional requirements:See below
- Hard/soft pull:Â SoftÂ
- ChexSystems:Â Unknown
- Credit card funding:Â Up to $100, all payment networks are accepted.Â
- Monthly fees:Â None
- Early account termination fee:Â $50, 180 days
- Household limit:Â None
- Expiration date:Â December 31, 2024
Contents
The Offer
- First National Bank is offering a bonus of $800 when you open a new Compak business checking account and complete the following requirements:
- Deposit a minimum of $10,000 in new money within the first 30 days.
- Maintain an average minimum balance of $10,000 at 6 months (180 days) after the initial 30 days.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has the monthly fee waived with a $1,500 min. daily balance.
Early Account Termination Fee
$50 fee if closed within 180 days of account opening
Our Verdict
This works out to be a 16% annualized return so worth doing if you have some liquid funds that you want to earn a high rate. We’ve seen a previous bonus for up to $1,000 that was most likely better as the deposit requirement was smaller but there is no guarantee we will see that again so we will put this one on the list of the best bank account bonuses.
Hat tip to ShawntheShawn
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
Do we need EIN to open, or SSN can also work?
Pita
I was able to open it as a Sole Prop using my SSN. See my other details below.
FYI
I had received their Personal Checking bonus in 09/2021 and closed the account in 6/2022.
Applied online for the Free Small Business Checking past weekend. I made sure to upload the FNB resolution document. It went into processing.
On Monday, they sent an email asking to upload my DL. Account was approved and opened in a couple of hours afterwards.
You can get the routing and account numbers by logging back into your application. It will show in the first block where the status shows approved (or opened).
When I tried to set up online banking, it required me to use my original login/password from earlier.
I used Discover CC to fund the account. It shows as a purchase.
I have linked it to Fidelity CMA. A small tip – there are quite a few “First National” when using FinCity to link. I recommend searching for “Pennsylvania” and then select First National Bank of Pennsylvania. It still required me to verify the account with small deposits, though.
Wait what is the FNB resolution document?
PeeWee It is one document that I needed to submit as a Sole Prop. It is available during the application process. You just fill out the PDF document and then upload it back where it asks you for document upload.
If you received a bonus under your social security number (personal or business) within the past two years and try to open a business account with this bonus under a different EIN within that time frame, you will not be eligible for a bonus, as the bank also counts the signer’s social security number. The party is over with FNB! Maybe they will change their tune like US Bank just did when they see their new account openings plummet.
That’s unfortunate, I was checking my notes and in 2023 i received both personal & business. My P2 got her personal bonus 2 months ago, I was planning on opening hers but seems like its a no go.
I don’t find a place to upload FNB resolution. Anyone on the same boat?
180 days after the initial 30 days so 210 days total?
Not really – if you fund on day 25 for example, it would only be 185 days. Doesn’t sound like you need to fund until day 30 at the latest.
Any OOS datapoints?
William Charles here’s a better link – https://www.fnb-online.com/business/checking-savings/business-checking/free-small-business-checking
It has the same offer but the account has no monthly fees
I applied for the business account yesterday evening with my Single Member LLC EIN and received an email this afternoon with this statement: “Our records show that you had an FNB personal checking account that received a promotional payout on X/XX/23.
Per the attached disclosure for the business promotion, you will not be eligible to receive more than one promotional payout in a 24 month period. We can still open the business account for you, but we cannot apply the promotion to it.”
That’s a bummer but I guess I appreciate the communication.
“We regret we cannot open your account and/or add your name as an owner/signer on an account.
We also obtained your Chexsystems score and used it in making our credit decision.”
Is the promo eligibility determined by the signer’s social security number or by the business EIN? I received a business promo earlier this year, but have a second business that I could use for this promo. Does anyone know?