First National Bank Plus One: Up to $500 for New Checking and CD Customers

If you're in Arkansas or Tennessee and have some cash sitting in a low-yield account, First National Bank might be worth a look. They're running a promotion called Plus One that pays you to bring new money in—up to $500 when you open both a checking account and a CD. It's a straightforward deal, but the details matter. Let's break it down.

How the Bonus Tiers Work

The bonus isn't a flat amount—it scales with how much new money you bring. Deposit between $25,000 and $49,999 and you'll get $200. Move up to $50,000 to $99,999 and that jumps to $350. And if you can bring $100,000 or more, you're looking at the full $500 bonus.

The bank counts the combined balances from the new checking and CD accounts toward the total. So you don't have to put everything in one account—just make sure the sum hits the threshold.

One thing to keep in mind: this is for new money only. Funds already sitting in a First National Bank account won't count, and you can't transfer from an existing relationship to qualify. The money has to come from outside the bank.

• $200 bonus: $25,000 to $49,999 deposit
• $350 bonus: $50,000 to $99,999 deposit
• $500 bonus: $100,000+ deposit

What You Need to Do to Qualify

To get the bonus, you'll need to open both a new checking account and a new CD. The checking account should be the You 1st Checking, which has no monthly maintenance fee—that's a plus. The CD has a minimum opening deposit of $1,000, and the special rate is 4.01% APY as of the offer date.

You'll also need to meet the direct deposit requirement. That means setting up a recurring deposit like a paycheck or government benefit. The bank doesn't specify a minimum amount, but it has to be a genuine direct deposit from an external source.

After you've opened the accounts and funded them, the bank will evaluate everything at the 90-day mark. As long as your accounts are active, have positive balances, and are in good standing, you'll get the bonus. Just remember that the reward is taxable income—you'll get a 1099-INT for it.

• Open a new You 1st Checking and a new CD
• Meet the direct deposit requirement
• Fund with new money from outside First National Bank
• Keep accounts active and in good standing for 90 days

Things to Watch Out For

The biggest catch is that this is a lot of money to park for a bonus. The $500 tier requires $100,000 in new deposits, which isn't chump change. If you have that kind of cash, the bonus is nice, but make sure you're comfortable with the CD's early withdrawal penalty if you need the money before maturity.

Also, the bonus is limited to one per customer, and you must not have had a checking account with First National Bank before. So if you're a previous customer, you're out of luck.

There's no early account termination fee listed, but that doesn't mean you should close the accounts right after the bonus posts. The bank will review your accounts at 90 days, and if you close them before that, you likely won't get the bonus. Even after that, it's good practice to keep them open for a while to avoid any potential clawback.

• New money only—funds from existing FNB accounts don't count
• Must have no previous checking relationship with FNB
• Bonus is subject to taxes
• CD has early withdrawal penalty

Is It Worth It?

If you're in the service area and have the cash, this is a solid bonus. The $200 tier for $25,000 is a decent return for just moving money around. But the $500 tier for $100,000 is a bit steep—you could probably find better yields elsewhere, but the bonus adds a nice kicker.

Compare it to other bank offers: Chase gives $400 for a much lower deposit, and SoFi offers up to $425. So First National's top tier is competitive, but only if you can meet the high threshold.

The 4.01% APY on the CD is also not bad, especially if you're locking in for a while. Just check the term length and make sure it fits your timeline.

Bottom Line

• Bonus ranges from $200 to $500 based on new deposits of $25k to $100k+
• Requires opening both a checking account and a CD
• Available only in AR and TN
• New money only—no transfers from existing FNB accounts
• Bonus paid after 90 days if accounts are in good standing

Common Questions