First Tennessee Bank has another checking and money market promotion. It's not quite as good as what they were offering last year, but it's still a decent bonus compared to what other banks are offering these days. You can receive up to $180 in bonuses for this new promotion. Here's the bank's promotions page link. The offer is scheduled to expire on 7/30/2011. Here's what is required to earn the full $180:
- $100 when you open any new checking account with direct deposit
- $50 when you open a Money Market Savings Account
- $30 when you start using Bill Pay Online to pay 6 bills from your new checking account by August 30
The promotion requires that you print a certificate which you take to one of their branches. The vast majority of their branches are located in Tennessee.
Below are the important details of the offer's small print. I added lines between the major sections. I also excluded the info on the money market rate tiers. As you might expect, the rates are very low. The top tier rate is only 0.30% for balances of at least $100K.
Checking Bonus: Receive $100 bonus when you open a new checking account with at least $300 by 07/30/11 and at least one direct deposit posts to this account within 60 days of account opening. $100 will be credited to the "Bonus Checking Account" within 6 weeks after first direct deposit posts and will be reported as income on Form 1099-INT.
Bill Pay Bonus: Receive $30 bonus by paying at least six (6) bills from Bonus Checking Account using Bill Pay Online between your account open date and 08/30/11. Bills are "paid" as of the date funds are withdrawn and sent to the payee. Failure to make at least six payments using Bill Pay Online by 08/30/11 will cause full $30 bonus to be forfeited. $30 will be credited to Bonus Checking Account within six weeks of the sixth bill payment.
Savings Bonus: Receive $50 bonus when you have a new or existing First Tennessee checking account, then open a new Money Market Savings account with at least $5,000 by 07/30/11. $50 will be credited to savings account within 6 weeks after requirements are met and will be reported as income on Form 1099-INT.
All Offers: Opening deposits cannot be transferred from existing First Tennessee accounts. Your account(s) must be open and in good standing at the time the credit is issued, and you agree to maintain the account in good standing for at least six months. Limit one checking, savings and Bill Pay bonus per household. Respective bonuses are for new checking, Bill Pay and savings households only, and cannot be combined with other offers. Checking and savings bonuses are not available for accounts opened online. Account openings are subject to bank approval.
Checking and Money Market Savings Accounts
The bank no longer offers a free checking account. You can compare the available checking accounts at this page. You can have the monthly fees waived for the Express Checking with direct deposit. For the Select Checking it takes both direct deposit and at least 15 debit transactions per month.
The Money Market Savings account requires a $5K balance to avoid a $9/month fee. You can also avoid the fee with a qualifying checking account.
As I mentioned above, the vast majority of the branches are located in Tennessee. There are a couple of branches in North Carolina, but some of these don't seem to be for personal banking. Branches are located in several Tennessee cities including Cleveland, Nashville, Greeneville, Morristown, Chattanooga, Jackson and Knoxville.
First Tennessee a large bank with over $24 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 24.31% (average) based on December 2010 data. Please refer to our financial overview of First Tennessee Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 4977).
Other Bank Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum and in the credit card deals forum.