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$75 Checking Account Bonus at First Federal


First Federal is offering a bonus for up to $75 for opening a checking account through its online application and for performing 5 activities. Each activity earns $15:
  • 2 online bill payments
  • 10 debit card purchases
  • Keep $500 or more in your account
  • sign up for e-statements
  • 2 in-branch transactions
These activities must be done during September 2008. A $50 opening deposit is required.

The details are described at the bank's promotion page. Note, the link to this page doesn't seem to be mentioned on the main parts of First Federal's website. A reader mentioned finding this. I called and was told that anyone who qualifies for an account can qualify for this promotion. Accounts are limited to residents of Florida, Georgia, North Carolina and South Carolina.

I was told that the Moolah Checking does qualify for this bonus. This is a reward checking account with a yield of 4.26% APY on balances up to $25,000. I first reported on this Moolah Checking Account in October 2007. Please refer to my October 2007 account review for more details.

Most of the branches are only located in South Carolina. So the last $15 bonus may not be possible for those outside of South Carolina.

The bank has been FDIC insured since 1934 (Certificate # 28994).

Thanks to the reader who mentioned this bonus in the finding the best deals post.

Related Pages: checking account

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Anonymous   |     |   Comment #1
Just signed up for this today. Pretty good deal combined with their Moolah Checking. Current rate is at 4.26%. The $75 bonus just makes it that much sweeter. Online application is pretty straight forward. Thanks for the find.
Anonymous   |     |   Comment #2
I have a First Federal savings account and noticed a banner for this when logging into my online banking. Good people at this bank. I've been with them for quite some time. i may have to move my checking over as Bank of America has been giving me the runaround lately.
MakoFisher (anonymous)   |     |   Comment #3
Great tip for SC. Easy money. I have to agree with the other comments, their Moolah checking is the way to go on this one. Highest rate on checking in SC right now. Thanks again!
Anonymous   |     |   Comment #4
Had a Moolah account since last November. Rate banner states 4.01% today up to 25k and 1.00 below, That's a drop from 4.26% which is aggravating.
Anonymous   |     |   Comment #5
still at 4.01% but stable.
Anonymous   |     |   Comment #6
Just opened a Moolah account with First Federal earlier last month. Rates have dropped to 2.51 APY, which considering the current state of the economy is still reasonably competitive. However, our first interest posting, even after accounting for partial month credit/"non-collected" funds, still only reflected an *effective* rate of 1.65 APR.... I'm not sure what games this bank might be playing at this point; as I was previously told (on multiple occasions by different bank employees) that the Moolah was simple-interest bearing (as versus daily compounded, available with most competitors' money-market and other high-yield deposit accounts) on all deposited (NOT "collected") funds in the account as of the end of the statement cycle. On the other hand, if it's based on an ADB (average daily balance), they need to say so upfront and not mislead their customers. Hindsight being 20/20, I'd say get things in writing to avoid misunderstandings and misrepresentation; and as always, keep a backup account at another financial institution just in case things go sour.