A cash bonus for opening a checking account can be worth more than a year of interest at many banks. As of July 2026, First Horizon Bank has advertised checking and savings bonuses worth up to $700 for new clients who meet the requirements.
Bank bonus offers change often and vary by region, so always confirm the current terms on the First Horizon website before you apply. Here is how the offer has typically worked and what you should check first.
What the First Horizon bonus is worth
The headline offer has combined two rewards. New clients could earn a $450 bonus on a qualifying checking account and an additional $250 bonus on a qualifying savings account, for a total of up to $700.
You do not always have to open both accounts. The $450 checking bonus and the $250 savings bonus have been offered as separate steps, so you can pursue one or both depending on how much cash you can move.
A bonus of this size can outpace the interest most everyday checking accounts pay in a full year.
How to qualify for the checking bonus
The checking bonus has required qualifying direct deposits totaling at least $2,000 within 90 days of opening the account. Qualifying deposits usually include recurring electronic payments such as payroll, pension, or Social Security.
One-time transfers from another bank, mobile check deposits, and person-to-person payments often do not count. Read the definition of a qualifying direct deposit closely, because that single rule is where many people miss out.
Getting paid early can make it easier to hit that $2,000 total in time. App-based accounts like Current offer early direct deposit, which can help you route qualifying payments while you work toward the requirement.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
How to qualify for the savings bonus
The savings bonus has required $5,000 or more in new money deposited within 30 days of opening the savings account. New money means funds not already held at First Horizon.
You then need to keep that balance in place for about 90 days. If the balance drops below the threshold during that window, the bonus may be forfeited.
Who is eligible
The offer has been limited to new First Horizon clients. In recent terms, you could not have held a consumer account with the bank in the past 18 months.
Existing customers and people who recently closed an account typically do not qualify. Employees of the bank are also usually excluded.
Where the offer is available
First Horizon operates mainly across the South and parts of the East Coast. Recent bonus terms listed availability in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, New York, South Carolina, Tennessee, Texas, and Virginia.
If you live outside the eligible states, you may not be able to open the account online. Availability and the states covered can change with each promotion.
Watch the fine print
Bonus cash is usually reported as interest income, so expect a 1099 form at tax time. The bonus is often deposited a set number of days after you meet all the requirements, not immediately.
Also check for monthly maintenance fees on the checking account. Some accounts waive the fee with a direct deposit or a minimum balance, and paying fees can eat into your bonus if you are not careful. Terms and conditions apply, and offers can end without notice.
How to claim it step by step
Start by confirming the live offer and its expiration date on the First Horizon site. Open the qualifying account through the promotion page so the bonus is linked to your application.
Set up your direct deposit early to leave room inside the 90-day window. Track your deposits, keep any required balance in place, and avoid closing the account before the bonus posts.
Everyday banking while you wait
A sign-up bonus is a one-time reward, so it helps to pair it with an account that fits your daily habits. If you want features like early direct deposit or fee-light spending, app-based accounts such as Chime and Current are worth comparing alongside a traditional bank.
Chime offers a checking account with no monthly maintenance fee and the option to get paid up to two days early with direct deposit. Current also focuses on early paydays and simple mobile tools, which can help you route qualifying deposits and manage cash flow while you meet a bonus requirement. Both can complement, not replace, the account tied to your bonus.
Chime
Chime
- Fee-free banking plus early pay access (up to 2 days early with direct deposit)¹ - Overdraft up to $200 without fees for eligible members¹ - 5% cash back on category of choice (with qualifying direct deposit)¹ - 3.75% APY on your savings¹
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Frequently Asked Questions
How long does it take to get the First Horizon bonus
The bonus is typically paid after you complete every requirement, such as the direct deposit total or the savings balance holding period. Many bank bonuses post within 30 to 90 days after the final requirement is met. Check the specific offer terms for the exact timing.
Do I need to keep the account open after I get the bonus
Usually yes, at least for a short period. Some offers require you to keep the account open for a set number of months, and closing early can trigger a clawback of the bonus. Review the terms before you plan to close the account.
Is the First Horizon bonus taxable
Bank sign-up bonuses are generally treated as taxable interest income. You can expect the bank to send a 1099-INT if your total exceeds the reporting threshold. Set aside a portion for taxes so the bonus does not create a surprise later.
Can existing First Horizon customers get the bonus
Recent offers have been limited to new clients who have not held a consumer account with the bank in the past 18 months. Existing customers typically do not qualify. Always confirm current eligibility rules on the official offer page, since terms can change.
