First American Bank's $50 Student Checking Bonus: A Smart Start for Young Adults

Hey there! If you're a student looking to open your first checking account, or know someone who is, First American Bank has a straightforward offer worth considering. It's not the flashiest bonus out there, but for a student account, $50 is a nice little head start. Let's break down what this deal actually involves and whether it makes sense for your situation.

What You Need to Do to Get the $50

The requirements are refreshingly simple, especially compared to some bonus offers that demand large direct deposits.

To qualify, you just need to make 10 deposits or withdrawals within one of your first three statement cycles. That's it. No minimum balance requirements or specific direct deposit amounts for this student account. You could meet this by using your debit card a few times, making mobile check deposits, or transferring small amounts from another account.

• Open a new Student Checking account.
• Fund it with at least $50 to start (note: the bonus itself cannot be used as this opening deposit).
• Complete 10 deposits or withdrawals within your first three statement periods.

The Fine Print You Shouldn't Skip

As with any bank offer, the details matter. Here are the key conditions to be aware of before you apply.

First, this is for new checking customers only. If you've had a checking account with them before, you won't be eligible. It's also limited to one bonus per person.

The most important detail is the age limit. This is a Student Checking account, so the primary owner must be under 23 years old. On your 23rd birthday, the account will automatically convert to a standard Personal Checking account. At that point, you'll want to check the fee structure, as you might need to sign up for e-statements to avoid a paper statement fee.

Also, plan to keep the account open. If you close it within the first six months, the bank will deduct the $50 bonus from your balance. So, consider this a medium-term commitment.

Is This the Right Account for You?

This offer shines for its simplicity and lack of fees for students. The $50 bonus is a nice perk, but the real value might be in the account features designed for young adults.

If your parents also bank with First American, they can easily transfer money to your account without fees, which is a huge convenience for students receiving support from home. The 10-transaction requirement is very achievable, and there's no monthly maintenance fee while it's a student account.

However, the geographic limitation is a big one. You need to live in Florida, Illinois, or Wisconsin to open an account, as First American Bank is a regional institution with branches only in those states.

If you're outside those areas, or if you're over 23, this offer isn't for you. Also, if you're chasing the highest possible bonus, there are larger checking offers out there—but they almost always come with much steeper requirements, like setting up significant direct deposits.

Bottom Line

• A solid, low-pressure offer for students in FL, IL, or WI looking for a first or second checking account.
• The 10-transaction requirement is one of the easiest ways to earn a bank bonus.
• Remember the age limit (under 23) and the 6-month minimum holding period to keep the $50.
• Great for convenience if your family banks with First American, thanks to fee-free internal transfers.

Common Questions