FSB Bank has launched an Iowa-only business checking promotion that rewards new business customers with a $500 bonus—provided they meet deposit, balance, transaction, and payroll processing requirements within the first 90 days of account opening. To qualify, applicants must reside in one of eight specified Iowa counties and fund the account with at least $5,000 at opening. There are no monthly maintenance fees, and the offer expires on June 30, 2025.
Direct Link to OFFER
[IA Only] FSB Bank $500 Business Checking Bonus (Requires Payroll Processing)
Offer Overview
- Bonus
amount: $500
- Eligible
geography: Iowa only; residents of Benton, Buchanan, Cedar, Delaware,
Iowa, Johnson, Jones, and Linn Counties
- Account
type: New business checking account
- Required
opening deposit: $5,000
- Payroll
processing: Enrollment within 90 days
- Offer
expiration: June 30, 2025
Qualification Requirements
Initial Deposit and Balance Maintenance
- Open
and fund account: Deposit at least $5,000 at account opening.
- Maintain
average balance: Keep an average daily balance of at least $10,000
between days 60 and 90.
Activity Thresholds
- Monthly
transactions: Complete at least 15 transactions per month (check,
debit, ACH, etc.) during the qualification period.
- Payroll
processing enrollment: Sign up for FSB Bank’s payroll processing
service within the first 90 days.
Funding Flexibility
- Credit
card funding: You may fund up to $500 of the required opening deposit
with a credit card.
- Direct
deposit: Not required.
Fees and Account Details
- Monthly
maintenance fee: None.
- Account
approval: Subject to bank approval; must be 18 or older to apply.
- ChexSystems/credit
pull: Policy unknown.
- Household
limit: One bonus per household.
Fine Print Highlights
- Account
analysis fees: Payroll processing and ATM deposits may incur
additional fees.
- Bonus
taxation: Bonuses are reported as interest/income; the bank will issue
a 1099-INT form.
- Early
account closure: A $15 fee applies if you close the account within six
months of opening.
How to Apply
Visit FSB Bank’s official business checking application page
to start your application online.
Analyst’s Take
This offer is compelling for Iowa-based small businesses
seeking a straightforward bonus with no direct deposit requirement and no
monthly fees. The $10,000 average balance requirement during days 60–90 is
moderately high, but for businesses already managing significant operating
cash, the $500 bonus and credit card funding option make this promotion
attractive. Prospective applicants should evaluate the costs of payroll
processing services and ensure they can meet the transaction threshold without
incurring account analysis fees.
Businesses in adjacent counties should consider whether the
Iowa-only restriction justifies opening an account; competitors like U.S. Bank
and Chase also offer $500 bonuses with lower balance or transaction
requirements but may require direct deposits or have monthly fees. Ultimately,
for eligible Iowa businesses, FSB Bank’s promotion presents a clear path to a
$500 cash incentive before June 30, 2025.