First Hawaiian Bank's $350 Checking Bonus: Is It Worth It for You?

If you're in Hawaii and looking for a new checking account, First Hawaiian Bank has a promotion that might catch your eye. They're offering a cash bonus of up to $350 just for opening an account and setting up a direct deposit. Sounds straightforward, right? Well, like most bank offers, the devil is in the details. Let's break down exactly what this deal entails, who it's best for, and the potential pitfalls you'll want to avoid before you sign up.

Not One Bonus, But Three Tiers

This isn't a one-size-fits-all offer. The amount you can earn depends entirely on which account you open or upgrade to. It's crucial to know this upfront so you're not disappointed later.

• **$350 Bonus**: This is the top prize, reserved for opening a brand new **Priority Banking Checking** account (which comes in Gold or Platinum tiers).
• **$100 Bonus**: You can get this if you **upgrade** your existing First Hawaiian Bank account to a Priority Banking Checking account.
• **$50 Bonus**: This is for opening a new **Pure Checking** account, their most basic offering.

The Fine Print You Can't Afford to Miss

To secure that bonus, you need to jump through a couple of specific hoops. Missing any detail here could mean missing out on the money entirely.

• You must open or upgrade your account between **January 1, 2026, and April 30, 2026**.
• Within **60 days** of opening, you need to have a **new direct deposit** of at least **$500** post to the account.
• What counts as a 'new direct deposit'? The bank is looking for recurring electronic ACH deposits like payroll, pension, or Social Security. Importantly, it must be a deposit source you haven't used with First Hawaiian before.
• What **doesn't** count? Peer-to-peer payments (Venmo, PayPal), tax refunds, wire transfers, or just transferring money from another of your accounts. The bank has the final say on what qualifies.

Watch Out for These Fees and Rules

Bank bonuses are great, but they can come with strings attached that cost you money. Here's what to keep on your radar with First Hawaiian.

• **Monthly Fees**: Pure Checking has a $4 monthly fee, but it's easily waived with e-statements, $500 in monthly direct deposits, or if you're under 25 or over 50. Priority Banking Gold costs $15/month (waived with a $6,000 combined balance or $2,000 direct deposit). Priority Banking Platinum is $25/month (waived with a $35,000 balance or $4,000 direct deposit).
• **Early Closure Fee**: This is a big one. If you close a Priority Banking account within **180 days** of opening, you'll be hit with a **$75 fee**. Close a Pure Checking account within that same period, and it's a **$50 fee**. Plan to keep the account open for at least six months.
• **Inactivity Fee**: Let your account sit at a zero balance for 30 days straight? The bank will automatically close it.
• **Taxes**: Remember, that statement credit is considered taxable income. You'll receive a 1099-INT form, so be prepared to report it when you file your taxes.

Who Should Consider This Offer?

This promotion makes the most sense for a specific type of person. If you're already banking locally in Hawaii and were considering switching to First Hawaiian or upgrading your existing account for better features, the bonus is a nice kicker. It's also a solid deal if you can naturally meet the direct deposit requirement through your job or benefits and don't mind maintaining the account to avoid fees for at least half a year.

Practical Steps to Get Your Bonus

Ready to move forward? Here's a simple action plan to ensure you successfully claim your money.

• **1. Choose Your Account**: Decide if the basic Pure Checking ($50 bonus) or the premium Priority Banking ($350 bonus) fits your financial life and fee-waiving ability.
• **2. Apply Online or In-Branch**: Use the official application page. Have your ID, Social Security number, and the $20 minimum deposit ready.
• **3. Set Up Direct Deposit Immediately**: As soon as your account is open, contact your employer's HR or benefits provider to switch your direct deposit. Don't wait! The 60-day clock starts ticking.
• **4. Mark Your Calendar**: Note the 180-day mark to avoid the early closure fee. Also, watch for the statement credit, which should appear the month after you meet the requirements.

Bottom Line

• The $350 bonus is only for new Priority Banking accounts; Pure Checking earns $50.
• You must set up a new $500 direct deposit within 60 days—transfers from other banks don't count.
• Keep the account open for at least 180 days to avoid a $50-$75 early closure fee.
• The bonus is taxable income, so you'll get a 1099-INT form.

Common Questions