First National Bank's Welcome to One: A $200 Checking Bonus with No Monthly Fees

If you're in Arkansas or Tennessee and looking for a straightforward bank bonus, First National Bank's "Welcome to One" promotion might be worth a look. You can earn $200 just by opening a new checking account and setting up direct deposit. No complicated hoops, no monthly maintenance fees on their basic account, and the bonus is paid after 90 days. Let's break down what's on offer and what to watch out for.

What's the Deal?

First National Bank is offering a $200 bonus when you open a new checking account and set up direct deposit. The bonus is available on all their personal checking accounts, from the basic You 1st Checking to the interest-bearing Platinum account. You don't need a huge balance to qualify—just a recurring direct deposit and to keep the account in good standing for 90 days.

The bank's official page highlights that the bonus is paid after 90 days, and you need to maintain a positive balance and be in good standing at that point. No minimum balance is required to earn the bonus, which is nice. But remember, the bonus is taxable, so don't forget to account for that.

Which Account Should You Pick?

The You 1st Checking is the no-frills option with no monthly fees and just a $25 opening deposit. If you want to earn a little interest, the E-Checking offers 0.15% APY, but you'll need $50 to open and there's no monthly fee if you meet certain conditions (like e-statements). The Premium and Platinum accounts come with higher APYs but require higher minimum balances to avoid monthly fees—$500 and $1,500 respectively.

For most people chasing the bonus, the You 1st Checking is the simplest choice. But if you already keep a larger balance, the Premium or Platinum might be worth it for the interest, as long as you can meet the balance requirements.

Fine Print and Gotchas

Before you jump in, there are a few things to keep in mind. First, you must be a new customer with no previous checking account at First National Bank. The funding for the new account has to come from outside the bank—so you can't transfer from an existing savings account there. Also, the offer is limited to one per customer.

The bonus is paid after 90 days, and your account must be active with a positive balance and in good standing. If you close the account early, you might forfeit the bonus. The bank didn't specify an early account termination fee, but it's always wise to keep the account open for at least six months to avoid any clawback.

One thing that's not clear is whether the CD bonus mentioned in some sources is still available. The official page only mentions the checking bonus, so I'd stick with that. If you're interested in a CD, you might want to call the bank directly.

Is It Worth It?

A $200 bonus for setting up direct deposit is a solid deal, especially with no monthly fees on the basic account. The main effort is just remembering to keep the account open and active for 90 days. If you're already in AR or TN and need a new checking account, this is a no-brainer. Just make sure you read the fine print and understand the tax implications.

Compared to other bank bonuses, $200 is on the lower end, but the low barrier to entry makes it accessible. If you have a larger sum to park in a CD, you might be able to earn more, but that's a separate offer and not confirmed on the official page.

Bottom Line

• Earn $200 with direct deposit on a new checking account
• No monthly fees on You 1st Checking
• Bonus paid after 90 days; keep account in good standing
• Available at all First National Bank locations in AR and TN

Common Questions