First South Financial's $200 Checking Bonus: A Solid Offer, But Mind the Fine Print

Looking for a straightforward checking account bonus? First South Financial, a Tennessee-based credit union, has a promotion that might catch your eye. They're offering a $200 cash incentive for new members who open a checking account and meet a couple of key requirements. It sounds simple enough, but as with any bank bonus, the details are everything. Let's break down what this offer actually entails, who it's for, and what you need to watch out for before you apply.

What You Actually Need to Do to Get the $200

The core of this promotion is pretty classic: open a new account, fund it, and set up a direct deposit. But First South Financial has a specific structure for the payout and a couple of extra hoops.

First, you'll need to become a member. That involves a $10 one-time membership fee and depositing $25 into a savings account. Then, you open the Anywhere Checking account with at least $50. The main ongoing task is establishing a regular automated deposit from your employer or benefits provider that totals $500 or more each month.

• Pay a $10 membership fee and open a savings account with $25.
• Open an Anywhere Checking account with a minimum of $50.
• Arrange for a monthly automated deposit (like a paycheck) of $500+ to hit the new account.

The Two-Part Payout and the Monthly Fee

This bonus doesn't land in your account all at once. The bank splits it into two payments, which is a bit different. You'll get a $50 teaser shortly after your first qualifying deposit posts. The remaining $150 comes over a month later, once you've fully satisfied the terms.

Don't forget about the account's regular fees. The Anywhere Checking account carries a $12 monthly service charge. You can dodge this fee entirely by keeping a $200 minimum balance in the account every day. If you're planning to park the bonus money and your initial deposit there anyway, hitting that threshold should be easy, but it's crucial to remember so you don't get surprised by a fee later.

Practical Advice and Potential Pitfalls

This offer is best for someone in Tennessee who doesn't mind a credit union membership structure and can reliably meet the direct deposit requirement. Here's what to keep front of mind.

• Check the calendar first. The official terms state this offer expired on September 30, 2023. You must confirm with the bank if it's still available before proceeding.
• Understand what counts as a direct deposit. Typically, it needs to be an ACH deposit from an employer, pension, or government benefits. Transfers from other banks or payment apps like PayPal usually don't qualify.
• Factor in the total cost. You're tying up at least $275 upfront ($10 fee + $25 savings + $50 checking + $200 to avoid fees). The $200 bonus is a great return, but it's not instant.
• Beware of the hard pull. While not explicitly stated in the official page, it's common for credit unions to perform a hard inquiry on your credit report when opening a checking account. This could temporarily ding your credit score a few points.

Is This Bonus Right For You?

If you live in Tennessee, need a new checking account, and can seamlessly switch your payroll deposit, this is a decent payday for a modest effort. The 2-step payout is a slight downside compared to lump-sum bonuses, but $200 is a solid reward.

However, if you're outside Tennessee, can't meet the direct deposit requirement, or are put off by the membership fee and potential credit check, you might want to look at national bank promotions with broader eligibility. Always, always read the official offer details thoroughly and consider calling the credit union to clarify any questions about eligibility or current offer status before applying.

Bottom Line

• A $200 bonus is a strong incentive for a simple checking account setup.
• The offer requires a monthly automated deposit of $500+, not a one-time transfer.
• Remember the $12 monthly fee, which can be avoided with a $200 minimum balance.
• The bonus pays in two parts: $50 quickly and $150 after a waiting period.
• Crucially, verify the offer is still active, as its listed expiry date has passed.

Common Questions