[FL, PA, NJ] First Bank (Myfirstbank) $500 Checking Bonus

Offer at a glance

Maximum bonus amount: $500

Availability: FL, PA, NJ

Direct deposit required: Yes, $750+

Additional requirements:

Hard/soft pull: Soft pull

ChexSystems: No

Credit card funding: Up to $1,000

Monthly fees: $15, avoidable

Early account termination fee: Unknown

Household limit: None

Expiration date: December 31, 2025

The Offer

Direct link to offer

First Bank (Myfirstbank) is offering a $500 bonus when you open a new Basic or Relationship Checking Account and a Direct Deposit of $750 or more

The Fine Print

To qualify for the $500.00 cash bonus, you must open a new Basic or First Bank Relationship Checking Account, make the required initial deposit of new-to-First Bank funds, and set up and receive one qualifying direct deposit of at least $750.00 within 60 days of account opening.

Relationship Checking is a personal account with a minimum balance requirement of $1,000.00 to open the account.

There is a service fee of $15.00 per month if the daily balance falls below $1,000.00.

Funds transferred or withdrawn from an existing First Bank account and redeposited in the new checking account are not considered new-to-bank funds.

A qualifying direct deposit for this offer is defined as a recurring direct deposit of a paycheck, pension, Social Security, or other regular monthly income which is electronically deposited by an employer or an outside agency.

Your account must remain in good standing for 90 days after opening, at which time you will receive your $500.00 cash bonus deposited into your new checking account, paid by the last day of the month after the 90-day period.

Account in good standing for this offer means that the account had a positive balance at all times during that period.

Limit of one $500.00 cash bonus offer per Tax ID number.

The value of the bonus is considered taxable income and will be reported on the appropriate IRS form.

Please consult your tax advisor regarding your specific situation.

All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

$15.00 per month if the daily balance falls below $1,000.00

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is any EATF.

Our Verdict

Share your experiences in the comments below.

Hat tip to reader Bockrr

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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.