[CA, IL, MO] First Bank $500 Checking Bonus

Update 4/12/26: New deal is for $500 and valid until June 30, 2026. Hat tip to reader Anthony Paganini

Update 4/12/23: Extended to 6/30/23

Update 2/25/23: Deal is back and valid until 3/31/23. Hat tip to reader Vanson

Offer at a glance

• Maximum bonus amount: $300
• Availability: CA, IL, MO
• Direct deposit required: Yes, $250+
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $15, avoidable
• Early account termination fee: $25, 180 days
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• First Bank is offering a bonus of up to $500 when you open a new checking account and complete the following requirements:
  • $500 bonus: Open an Icon checking account with SWITCH2FB with a minimum opening deposit of $100+. On or before 60th calendar day:
    • have direct deposits totaling $5,000 or more post to the account
    • Enroll in eBanking 
    • Have a First Bank Debit Mastercard and make 10 debit purchases
  • $300 bonus: Open an Icon checking account with SWITCH2FB with a minimum opening deposit of $100+. On or before 60th calendar day:
    • have direct deposits totaling $500 or more post to the account
    • Enroll in eBanking 
    • Have a First Bank Debit Mastercard and make 10 debit purchases
  • $100 bonus: Open an Imagine checking account with SWITCH2FB with a minimum opening deposit of $100+. On or before 60th calendar day:
    • have direct deposits totaling $300 or more post to the account
    • Enroll in eBanking 
    • Have a First Bank Debit Mastercard and make 10 debit purchases

The Fine Print

• Limited time offer. Bonus Offer is available on a new consumer checking relationship (meaning the person opening the account as primary owner has not been an owner of a First Bank consumer checking account in the 6 months prior to the account opening date). You must use the Promo Code SWITCH2FB when you open an account in a First Bank branch or apply online. Terms and conditions apply, and new account applications are subject to review and approval. Bonus will be reported as interest to the IRS. First Bank reserves the right to determine eligibility for the Bonus Offer, and offer may be changed or discontinued at any time without notice at First Bank’s sole discretion. Only one Bonus Offer per person, and it cannot be combined with any other offer. Bonus Offer is defined as the $500 Bonus, the $300 Bonus, and the $100 Bonus described below. If the 60th or 90th calendar day after account opening falls on a weekend or a holiday, then the business day before the weekend or holiday will be used for the Bonus requirements. Bonus Offer is available through June 30, 2026. 
• Requirements for the $500 Bonus: 1) Open an Icon Checking account in-branch and request to have the Promo Code SWITCH2FB added to your new account, or apply for an Icon Checking account online and enter the Promo Code SWITCH2FB before you submit your application. The Promo Code is not automatically applied by First Bank when opening an Icon Checking account in-branch or online. 2) The account must have a minimum opening deposit of $100. 3) On or before the 60th calendar day after account opening, the account must have Direct Deposits totaling $5,000 or more post to the account. Direct Deposit includes Automated Clearing House (ACH) and Real-Time Payments (RTP) credits. 4) On or before the 60th calendar day after account opening, at least one of the account owners must be enrolled in First Bank eBanking. 5) At least one of the account owners must have a First Bank Debit Mastercard® linked to the Icon Checking account and make 10 or more qualifying purchases with one debit card. Qualifying purchases include debit purchases that post and settle to the Icon Checking account on or before the 90th calendar day after account opening, which includes online purchases, phone or mail-order purchases, in-person purchases, and debit card transactions (including recurring debit card transactions) categorized by the merchant as bill payments. Purchase refunds/reversals and ATM transactions do not qualify. Transactions on separate cards tied to a single checking account will not be combined. 6) The Icon Checking account must be open and have a positive balance in order to receive the $500 Bonus. If all of the Bonus requirements have been met, the $500 Bonus will be credited to the Icon Checking account within 30 calendar days after the 90-calendar day anniversary of the account. 
• Requirements for the $300 Bonus: 1) Open an Inspire Checking account in-branch and request to have the Promo Code SWITCH2FB added to your new account, or apply for an Inspire Checking account online and enter the Promo Code SWITCH2FB before you submit your application. The Promo Code is not automatically applied by First Bank when opening an Inspire Checking account in-branch or online. 2) The account must have a minimum opening deposit of $100. 3) On or before the 60th calendar day after account opening, the account must have Direct Deposits totaling $500 or more post to the account. Direct Deposit includes Automated Clearing House (ACH) and Real-Time Payments (RTP) credits. 4) On or before the 60th calendar day after account opening, at least one of the account owners must be enrolled in First Bank eBanking. 5) At least one of the account owners must have a First Bank Debit Mastercard® linked to the Inspire Checking account and make 10 or more qualifying purchases with one debit card. Qualifying purchases include debit purchases that post and settle to the Inspire Checking account on or before the 90th calendar day after account opening, which includes online purchases, phone or mail-order purchases, in-person purchases, and debit card transactions (including recurring debit card transactions) categorized by the merchant as bill payments. Purchase refunds/reversals and ATM transactions do not qualify. Transactions on separate cards tied to a single checking account will not be combined. 6) The Inspire Checking account must be open and have a positive balance in order to receive the $300 Bonus. If all of the Bonus requirements have been met, the $300 Bonus will be credited to the Inspire Checking account within 30 calendar days after the 90-calendar day anniversary of the account. 
• Requirements for the $100 Bonus: 1) Open an Imagine Checking account in-branch and request to have the Promo Code SWITCH2FB added to your new account, or apply for an Imagine Checking account online and enter the Promo Code SWITCH2FB before you submit your application. The Promo Code is not automatically applied by First Bank when opening an Imagine Checking account in-branch or online. 2) The account must have a minimum opening deposit of $25. 3) On or before the 60th calendar day after account opening, the account must have Direct Deposits totaling $300 or more post to the account. Direct Deposit includes Automated Clearing House (ACH) and Real-Time Payments (RTP) credits. 4) On or before the 60th calendar day after account opening, at least one of the account owners must be enrolled in First Bank eBanking. 5) At least one of the account owners must have a First Bank Debit Mastercard® linked to the Imagine Checking account and make 10 or more qualifying purchases with one debit card. Qualifying purchases include debit purchases that post and settle to the Imagine Checking account on or before the 90th calendar day after account opening, which includes online purchases, phone or mail-order purchases, in-person purchases, and debit card transactions (including recurring debit card transactions) categorized by the merchant as bill payments. Purchase refunds/reversals and ATM transactions do not qualify. Transactions on separate cards tied to a single checking account will not be combined. 6) The Imagine Checking account must be open and have a positive balance in order to receive the $100 Bonus. If all of the Bonus requirements have been met, the $100 Bonus will be credited to the Imagine Checking account within 30 calendar days after the 90-calendar day anniversary of the account.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• Icon checking has a $25 monthly fee waived with : (1) Direct Deposits totaling $5,000.00 or more post to your account AND your account had an Average Ledger Balance cycle-to-date of $5,000.00 or more; OR (2) You have eligible related deposit and loan accounts, and the combined balances from the related deposit and loan accounts (along with this account) total $50,000.00 or more (includes consumer and non-consumer accounts).
• Inspire checking has a $10 monthly fee waived with (1) Direct Deposits totaling $500.00 or more post to your account AND your account had an Average Ledger Balance cycle-to-date of $500.00 or more; OR (2) You have eligible related deposit and loan accounts, and the combined balances from the related deposit and loan accounts (along with this account) total $15,000.00 or more (includes consumer and non-consumer accounts).
• Imagine checking has a $5 monthly fee waived if the primary owner is under 25 years of age

Early Account Termination Fee

There is a $25 fee when account closed within 180 days of account opening.

Our Verdict

Bit difficult to keep the $500 bonus account fee free ($5k in direct deposits + $5k balance). $300 bonus is more reasonable ($500 direct deposit + $500 balance) annoying that it requires ongoing direct deposits though. You could just pay the monthly fee, seems like it pays out within 30 calendar days of the 90 calendar day anniversary of the account so you’d need to pay 4-5 monthly fees. 

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