First Commonwealth Bank is a community bank with 129 domestic locations in two states (but a footprint that spans several more) that offers a nice little bonus on their checking and savings accounts.
First Commonwealth Bank is the result of a merger of several community banks in western Pennsylvania and, as with every bank listed on the blog, they are FDIC-insured (FDIC #7468) since 1880 (likely the oldest certificate of the merged banks).
They are publicly traded under the ticker FCF so you can even assess the financial strength of the bank if you so choose.
But today we’re going to talk about how you can take advantage of their new account bonus:
🔁 Updated April 2023 with new bonus details. They changed the bonus terms (and promotion code, the new one is NewAccount) to remove the direct deposit requirement.
First Commonwealth Bank – up to $200
First Commonwealth Bank has a $200 bonus offer when you open a checking account and savings account, online or by phone, using the promotional offer code NEWACCOUNT.
(as an added bonus, all checking accounts are entered to win one of eight air fryers, which is a sweepstakes that ends April 21, 2023)
The bonus has one requirement – complete 5 or more customer-initiated transactions, including deposits and withdrawals, that post and clear the account within 60 days of account opening. When you complete that, you get the $200 bonus deposited as “Promotional Credit.”
Available to residents in their home mark of PA, OH, IN, KY or WV who have no personal checking account relationship with them at the time of opening.
They also have a Refer a Friend program where you get a $50 Mastercard Reward Card when you get a friend to open an account, completely 1 direct deposit of $250+ and 10 debit card purchases. (the link below is not a referral link)
(Offer expires 12/31/2023)
How Does This Compare?
It’s quite a few hoops to have to jump through to get the $200 bonus so it’s not as good as some of the other offers we’ve listed here. But if you live in the market and you are searching for a bonus to go after because you’ve done so many others, it’s a decent offer to try.
Here are some of the other nationally available bonuses worth looking at:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
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® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit 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!