DOC Compass — Offers, decoded

Deal has expired and is no longer valid, view more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: $200
Availability: Varies on offer
Direct deposit required: Yes, no minimum specified
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Yes
Credit card funding: Up to $300
Monthly fees: $7-$12, waiveable
Early account termination fee: Account must be kept open for six months, or bonus forfeit
Expiration date: ~~June 30, 2017~~ ~~Offer expires February 28, 2018 April 30th, 2018 June 30th, 2018 August 31st, 2018 October 31st, 2018~~ ~~December 31st, 2018 February 28th, 2019 April 30th, 2019~~ June 30th, 2019

The Offer

=~~Direct link to MGR150 offer.~~ | Direct link to QCH150 offer

Receive a sign up bonus of $150 when you open a new Express Checking or Premier Checking account with First Tennessee and complete the following:
- Open account with the promotional code SWT150 (or present a copy of the printed promotion at a branch)
- You can also open an Express Checking account with the promotional code SWT150
- Have an opening deposit of at least $300
- Receive at least one direct deposit within 60 days of account opening
Receive a sign up bonus of $150 when you open a new Classic, Express, Select, or Premier Checking account with First Tennessee and complete the following:
- Open account with the promotional code MGR150 (or present a copy of the printed promotion at a branch)
- Have an opening deposit of at least $100 (note the difference)
- Receive at least one direct deposit within 60 days of account opening
Receive a sign up bonus of $50 when you open a new Money Market Savings account with First Tennessee and complete the following:
- Open account with the promotional code SVSC50 (or present a copy of the printed promotion at a branch)
- Have an opening deposit of at least $2,000
- Make total deposits of at least $5,000 in the first 30 days

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The Fine Print

All offers expire 06/30/2017.
Express or Premier Checking
- To receive your bonus, you must open the checking account online and ensure the code SWT150 (or MGR150, depending on the link you’re using) appears in the online application where “Offer/Promo code” is requested, or open your account and present a copy of the offer at a financial center.
- You must have an opening deposit of at least $300 ($100 for code MGR150), and at least one direct deposit must post to your account within 60 days of account opening. Opening deposit cannot be transferred from existing First Tennessee accounts.
- If you meet the stated requirements of this promotional offer, the $150 bonus will be credited to your account within 6 weeks of the first direct deposit and will be reported as income on Form 1099-INT.
- Limit one bonus per household.
- This offer is for new checking households only, or for households who have not had an open First Tennessee checking account in the previous 12 months.
- Customer agrees to maintain account in good standing for a minimum of six months.
Money Market Savings
- To receive your bonus, you must open the money market account online and ensure the code SVSC50 appears in the online application where “Offer/Promo code” is requested, or open your account and present a copy of the offer at a financial center.
- You must have an opening deposit of at least $2,000, and make total deposits of $5,000 within 30 days.
- If you meet the stated requirements of this promotional offer, the $150 bonus will be credited to your account within 6 weeks of the first direct deposit and will be reported as income on Form 1099-INT.
- Limit one bonus per household.
- This offer is for new First Tennessee savings households only, or for households who have not had an open First Tennessee consumer savings account in the previous 12 months.
- Customer agrees to maintain accounts in good standing for a minimum of six months.
- No minor accounts.

Avoiding Fees

Since you can open the money market account separately, every First Tennessee checking account is eligible for a $150 bonus. Express Checking has the easiest requirements for the fee rebate.

Express Checking, $7 Monthly Fee

This is rebated if you have at least one direct deposit during the month.

Classic Checking $6 Monthly Fee

This cannot be waived.

Select Checking $9 Monthly Fee

This is rebated if you have at least one direct deposit and 15 customer-initiated debit transactions.

Premier Checking, $12 Monthly Fee

This is rebated if you have a minimum of $5,000 in combined monthly balances (checking, savings, bank IRAs, or CDs).

Early Account Termination Fee

The fine print states that the account must be kept open and in good standing for 6 months. We can assume that they will take the bonus back if you don’t fulfill this requirement.

Our Verdict

First Tennessee has had bigger checking offers in the past, but they haven’t been open to as many states as this recently and the bigger offers have been targeted as well. It’s a personal call on whether you should grab this offer or wait for a higher bonus of $250/$300. If you’ve already completed the other bonuses found on our checking promotion page, maybe give this one a go. Otherwise do those first and hope for a better offer from First Tennessee while you wait.

The money market bonus requires tying up $5,000 for a 1% return. You can do better, but it’s a nice bonus if you actually want to switch to First Tennessee.

Technically, there is no explicit state limitation indicated on this offer, and you can proceed on the application with a zip code outside of the states where First Tennessee has branches. If you’re from outside of the area that First Tennessee serves and have a successful application, let us know in the comments!

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