Offer at a glance
- Maximum bonus amount: $100
- Availability: TN, FL, NC, SC, VA Only
- Deposit required: Minimum of $10,000
- Deposit length: Three-six months
- Interest rate: Up to 0.05%
- Hard/soft pull: Soft
- Credit card funding: Unsure
- Monthly fees: $9, waive able
- Early account termination fee: Must keep open for six months
- Expiration date: January 31st, 2015
Contents
The Offer
- Present a copy of the advertisement (found here), open a Money Market Savings account with First Tennessee and deposit at least $10,000 and you’ll receive a $100 sign up bonus. The interest rates are tiered, but extremely low regardless of the tier:
- 0.01% for balances of $0-$9,999
- 0.02% for balances of $10,000 – $24,999
- 0.03% for balances of $25,000-$49,999
- 0.04% for balances of $50,000-$99,999
- 0.05% for balances $100,000 and greater
The Fine Print
- Money must be new to First Tennessee (e.g not transferred from an existing account)
- Must be a First Tennessee new account customer
- Bonus will be credited to your account within 6 weeks of meeting the requirements
- Limit one bonus per household
- Customers agree to keep account in good standing for at least six months
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Money Market Savings Account $9 Monthly Fee
This account comes with a $9 monthly fee which is waived if:
- Holds a checking account with First Tennessee bank
- The account holder has total combined balances in First Tennessee accounts of at least $5,000
Early Account Termination Fee
You need to keep the account open for 180 days to avoid a $10 early account termination fee, the fine print says you also need to keep the account open and in good standing for at least six months.
Our Verdict
By going for this deal you’d be forgoing $50 by not keeping the $10,000 in an account that earns at least 1% interest for six months. If you compare this to a rewards checking account that earns 3% you’re forgoing $150 and if it was in a rewards checking account that earned 6% interest you’d be forgoing $300 in interest.
Because of this I wouldn’t recommend this deal to anybody, although it might be worth considering if you’re going to go after one of the First Tennessee checking bonuses [$200 bonus here and $150 bonus here], as it might only result in one chexsystems inquiry and then you’d only need to tie up the $10,000 in funds until the bonus posted as holding the checking account would keep it fee free.
Click here to view all savings account bonuses or here to view the ones we think are actually worth doing.
