First Horizon Private Client Checking: Up to $3,000 for High Balances

If you've got serious cash sitting around, First Horizon Bank is dangling a pretty nice carrot: up to $3,000 just for opening a new Private Client Reserve Checking account. But this isn't your run-of-the-mill bonus. You'll need to bring at least $100,000 in new money, meet some hefty income and asset requirements, and jump through a few hoops. Let's break it down so you can decide if it's worth your while.

What's the Deal?

First Horizon is offering a cash bonus when you open a new Private Client Reserve Checking account and bring over some serious dough. The bonus scales with how much you deposit: park $100,000 and you'll get $1,000, $250,000 gets you $2,000, and $500,000 or more earns the full $3,000. The catch? You have to meet with a private client relationship manager to open the account—no online sign-ups here.

To qualify, you'll need to deposit 'new money'—meaning it has to come from outside First Horizon or its affiliates—within 45 days of opening the account. Then, you've got to keep your balance at or above your tier level for 90 straight days after that funding window closes. Plus, you'll need to set up direct deposit and receive at least two qualifying deposits during that same period. It's a bit of a dance, but the payoff is real.

Who Can Actually Get This Bonus?

This isn't for everyone. First Horizon is targeting their 'Private Client' crowd, so you'll need to prove you're in the financial elite. Specifically, you must have a combination of $1,000,000 in income and investable assets. On top of that, you need either $100,000 in consumer deposit balances with First Horizon or $500,000 with First Horizon Advisors. That's a high bar, but if you're already managing that kind of wealth, this could be a nice little perk.

Also, you can't have had a personal deposit account with First Horizon in the last 18 months. So if you're a former customer, you're out of luck unless you've been away for a while. And remember, this offer is only available in certain states: LA, NY, SC, TX, TN, AR, MS, AL, GA, FL, NC, and VA.

The Fine Print You Need to Know

Before you get too excited, let's talk about the details that could trip you up. First, the bonus tier is set on day 45 based on the total new money you've deposited. So if you aim for $500,000 but only hit $250,000, you'll get the $2,000 bonus instead of the $3,000. And if your balance ever dips below $100,000 during the maintenance period, you get nothing—not even a partial bonus.

Direct deposits must be ACH credits from an employer, payroll provider, or government/benefit provider. Transfers from your own other accounts don't count. Also, only the primary owner on the checking account is eligible, and you can only get one bonus per household. The bonus is reported as interest on a 1099-INT, so you'll owe taxes on it.

One more thing: opening any other personal consumer deposit account before the qualifying checking account will make you ineligible. There's an exception for a Promotional Jumbo CD, but those balances don't count toward the bonus requirements anyway. So keep your account-opening spree in check until this is done.

Is It Worth the Hassle?

Let's be real: this bonus requires a lot of money and a lot of hoops. If you've got $500,000 sitting in a low-yield account elsewhere, moving it to First Horizon for a few months could net you $3,000—that's a 0.6% return just for switching. Not bad, but you'll need to weigh that against the opportunity cost of tying up your cash and the hassle of meeting the requirements.

One thing to watch out for: First Horizon's regular money market account pays a measly 0.15% APY. Unless the Private Client version offers a significantly better rate, you're basically parking your money for the bonus and then moving it out. That's fine if you're disciplined, but don't expect to earn much interest while you're there.

If you don't meet the $1,000,000 income/assets threshold, this offer is a no-go. But First Horizon has other bonuses that might be more accessible—like a $450 checking bonus for smaller balances. So don't feel like you're missing out if this one's out of reach.

Bottom Line

• Earn up to $3,000 by depositing $500,000 in new money into First Horizon Private Client Reserve Checking.
• Requires $1,000,000 in income and investable assets, plus meeting deposit balance criteria.
• Must maintain balance for 90 days and set up direct deposit within 90 days.
• Offer ends September 30, 2026, and is available in select states only.

Common Questions