[WA, Pierce County Branches] First Financial Northwest $300 Checking & Savings Bonus

Offer at a glance

• Maximum bonus amount: $300
• Availability: Pierce County branches only
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $25, avoidable
• Early account termination fee: 9 months, bonus forfeit
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• First Financial Northwest Bank is offering a bonus of up to $300 when you open accounts at the Two Pierce County branch locations. Bonuses are as follows:
  • Open a First Checking Account: receive $50
  • Open a First Checking Account + Enhanced Savings: receive $150
  • Open a First Checking Account + Enhanced Savings + Premium Money Market: receive $250
  • Open a First Checking Account + Enhanced Savings + Premium Money Market + CD: receive $300

The Fine Print

• To receive the Bonus Payment, you must open a new account or accounts at our Gig Harbor or University Place branches and deposit the required opening deposit balance based on your account selection the same day. We will deposit the Bonus Payment amount you qualify for, to your new account 90 days after account opening. The bonus cannot be used as the opening deposit. This Bonus Payment is considered interest and will be reported on IRS Form 1099-INT at the end of the year. Please consult your tax advisor.
• Bonus is available for all Certificate of Deposit (CD) terms. The annual percentage yield will vary depending on the term selected. For example, our 12 months CD currently pays 0.04 % annual percentage yield (APY) on balances of $100,000 or higher as of 10/020/2020. Interest rates are subject to change daily. APY assumes interest remains on deposit until maturity. A penalty may be imposed for early withdrawal of principal. Fees may reduce earnings.
• If your account is closed within nine months, we will deduct the bonus amount at closing.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• First Premium MMDA-Maintain balance of $25,000 to waive $10 monthly service fee.
• First Enhanced Savings-A linked checking account is required and must have a direct deposit totaling a minimum of $250.00 per month.  Direct deposit must be your paycheck, pension, or government benefits (such as social security) from your employer or the government. The First Enhanced savings and linked checking account requires a combined statement and overdraft transfer.  Failure to meet these requirements will result in the First Enhance Savings Account being converted to a Statement Savings Account. A $25 early close out fee will be charged if the linked checking account is closed within 180 days of opening a First Enhanced Savings Account.

Early Account Termination Fee

Account needs to be kept open for 9 months otherwise bonus is forfeit.

Our Verdict

It’s difficult to keep the accounts fee free for the bigger bonuses ($25,000 for the MMDA account) and you need to keep the accounts open for 9 months otherwise you forfeit the bonus. Best option would be the $150 bonus but you’d still need a direct deposit to keep the enhanced savings fee free. Need to know if it’s a hard or soft pull to open to determine if it’s worth adding to the best bank bonus page or not. They also offer an account that offers 12% APY on balances up to $1,000 for one year.

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