There’s been a proliferation of fintech companies looking to bundle banking, brokerage, and cryptocurrency services all in one app.
The latest of these is Fierce Finance.
Fierce Finance offers a Fierce Cash account that is an FDIC insured account that earns 5.25% APY. Banking services are provided by Cross River Bank (FDIC #58410) so it’s FDIC insured. The account also offers a deposit bonus, which we will detail below.
They also offer a Fierce Stock portion of the app that operates like a brokerage – letting you invest in stocks, ETFs, and crypto. Stocks are SIPC-insured via FIN2 (CRD#: 316863/SEC#: 8-70818).
The only limitation is that the account is accessible via iOS app only.
If you’re interested in getting a cash bonus for opening an account, here are the details:
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Fierce Finance Bonus — up to $500
Fierce Finance has a new deposit bonus that is only based on how much you deposit. Open a Fierce Cash account and transfer funds into the account within 30 days, the bonus is based on this cumulative amount:
| Deposit Amount | Deposit Bonus |
|---|---|
| $1,000 – $9,999.99 | $25 |
| $10,000 – $29,999.99 | $100 |
| $30,000 – $99,999.99 | $200 |
| $100,000+ | $500 |
The bonus terms are straightforward. The cumulative value must remain in your account for a minimum of 180 days – that’s it. Your bonus will be credited to your Fierce Cash account at the end of the following month.
Then, your account must be kept open for 210 days from time of qualifying.
Before you balk at the long timeline (and it is a bit long), your Fierce Cash earns interest too – a very competitive 5.25% APY!
How does bank bonus compare?
This offer isn’t that great.
The bonus amount has a decently high ceiling of $500 when you deposit at least $100,000 but that’s only half a percent of a bonus.
By comparison, if you had $100,000 and were to put it into Citi, you’d get $1,000 – or twice as much.
The difference is that Citi’s account pays only a little bit of interest (less than half a percent the last time I checked) and Fierce currently pays 5.25% APY. Over the course of six months, that can make a huge difference. Neither offer requires a direct deposit, so it’s a wash there.
If you have a direct deposit, there are better offers out there:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
