Note: When I initially wrote this post, the Fitness Bank Referral Bonus offer was good – a $100 bonus for the checking account with 15 debit card transactions and no minimum balance requirement, as well as a $25 bonus for the savings account with a $100 minimum balance. Unfortunately, as I was writing this (literally minutes after I published this post), the Fitness Bank Referral Bonus changed to a $50 bonus for the checking account and a required minimum balance of $5,000.
My initial thought is that the checking account bonus isn’t worth it with these new requirements (a $5,000 minimum balance on a checking account is insane). This post has been updated to reflect the new terms and my new thoughts on the bonus.
In short, I don’t think the checking account bonus is worth grabbing unless you also want to link a daily step counter with your checking account so you can earn 6% interest on your checking account. The savings account bonus is still fine, but you’ll only get $25, so is it worth your time and effort? You’ll have to decide on that.
Fitness Bank is currently offering new customers up to a $75 signup bonus after opening a Fitness Bank checking and savings account using a friend’s promotional code. Here’s what you need to do to earn your Fitness Bank referral bonus:
- Open a Fitness Bank checking and/or savings account and enter your friend’s promotional code during the signup process (if you want to support this blog, use this promotional code: BonusThomasMoore).
- For the checking account bonus, complete 15 debit card transactions within 90 days of account opening to get a $50 signup bonus. You also have to keep a minimum balance of $5,000 in the account for at least 90 days.
- For the savings account bonus, maintain a balance of at least $100 for 90 days to receive a $25 signup bonus.
- Your bonuses will post to your respective accounts within 45 days after the 90-day qualification period.
If you complete both the checking account and savings account bonus, then you’ll earn $75. Unfortunately, the checking account bonus isn’t one I think is worth doing given the high minimum balance requirement. The savings account bonus is fine, but it’s only paying $25. I might still do the savings account bonus just because its easy, but of course, $25 isn’t going to move the needle for most people.
Still, since I already wrote this post, let’s look at the directions to get this bonus.
Fitness Bank Referral Bonus – Step-By-Step Directions
Here are the step-by-step directions to earn your Fitness Bank Referral Bonus:
1. Open A Fitness Bank Checking And Savings Account Using A Promotional Code. The first thing you’ll need to do is open your checking and savings accounts with Fitness Bank. The bonuses are technically for two different accounts – a $50 bonus for the checking account and a $25 bonus for the savings account. You don’t need to open both accounts, so you could grab one bonus and skip the other if you want.
To open your account, go to the Fitness Bank Referral Program page. From there, you’ll see the option to open either the Fitness Bank Checking Account or Savings Account. It doesn’t matter which option you pick, as during the rest of the application process, you’ll be able to open both. I just clicked the checking account button for now.
The most important part is to enter the Promo Code when you apply for your account. You’ll find the Promo Code box on the first page, immediately below where you provide your name, email, date of birth, and phone number.
This is where things get a bit weird. The promotional code that you’ll need to enter is in the following format: Bonus + First Name and Last Name (with no spaces between the words). So if you want to get your bonus using my promotional code, it’s BonusThomasMoore (I’ll switch this promo code around as I max out on referrals).
Make sure the above promo code is in the promo code field or else you won’t qualify for your bonus. This is a step you cannot skip!
After this page, you’ll fill out the remainder of the application. During the application, you’ll have the option of opening both the checking and savings accounts. The page will look like this:
Make sure to click “Add Product” on both the Referral Elite Checking and the Referral Fitness Savings accounts if you want both of them.
From there, you’ll need to answer some identity questions. After getting through that, you’ll get a message saying your account is being reviewed and you’ll need to wait for final approval. I think Fitness Bank might be manually approving accounts, so it does take a bit of time to get final approval. I received my final approval a few hours after my application.
One thing to note is that I think I answered my verification questions wrong the first time I applied for my account. After answering the questions, I was met with a “Transaction Declined” screen and a message saying my account was not approved. I ended up resubmitting my application with the same information, answered the verification questions again, and then received the screen saying my account was under review. So, if you end up getting that “Transaction Declined” screen, reapply again to see if it solves the issue.
The checking account requires a minimum deposit of $100 (however, you need an insane $5,000 minimum balance to earn the bonus on the checking account). The savings account also requires a $100 minimum deposit. I entered my bank information from my primary checking account to deposit the initial balance.
2. For The $50 Checking Account Bonus, Complete 15 Debit Card Transactions Within 90 Days. To earn the $50 checking account bonus, you’ll need to complete 15 debit card transactions within 90 days of account opening. You’ll need to wait for your debit card to arrive in the mail. From there, you can easily meet this requirement in a few ways.
If you want, you can use your debit card normally to meet the 15 transactions. My preferred way to do this is to buy 15 Amazon gift cards at 50 cents each. I typically stagger these out over a few days. So I’ll buy 5 Amazon gift cards each day at 15 cents each until I hit the 15 transactions.
While the account doesn’t say Venmo transactions are prohibited, I probably wouldn’t do the 15 transactions that way since there is a chance that doesn’t qualify. It’s better to do 15 real transactions like the Amazon gift card purchases.
With all that being said, the checking account bonus isn’t worth doing in my opinion. Keeping $5,000 in the account to get $50 in 90 days isn’t a good enough rate of return – you’d do better taking that $5,000 and putting it in a savings account with Raisin earning over 5% interest.
However, the checking account does offer 6% interest if you link a FitBit, your phone, or other step-tracker with Fitness Bank and average 10,000 daily steps. You’ll also need to do 15 debit card transactions per month.
Personally, that doesn’t seem worth the hassle for me, but it does make it potentially worthwhile to sign up for the bonus.
3. For the $25 Savings Account Bonus, Maintain A $100 Minimum Balance For 90 Days. The savings account bonus is much easier than the checking account bonus. To earn this bonus, you only need to keep $100 in your savings account for at least 90 days. The bonus terms say the bonus will post within 45 days after the 90-day qualification period. My recommendation is to leave the $100 balance in your savings account until the bonus posts. That way, you’ll avoid any potential issues with withdrawing your money too early.
4. Your Bonus Will Post Within 45 Days Of The 90-Day Qualification Period. The terms state that your bonus will post in each respective account within 45 days after the 90-day qualification period. It’s too early for me to know yet, but under the terms, I expect my bonuses to post in my checking and savings accounts sometime after I’ve had my accounts open for 90 days. I’ll update this section whenever I do see my bonuses.
Important Things To Know About Fitness Bank – Avoiding Fees, When To Close Your Accounts, And More
There are a few things you should know when you do this bonus.
First, Fitness Bank has a monthly fee that is waived with a minimum balance of $10. The terms require you to keep enough money in your account to avoid the monthly fees, so this wouldn’t be an issue for anyone.
Second, there doesn’t seem to be a requirement to keep the account open for a specific amount of time, so you can theoretically close your account after you receive your bonus. If you can, I recommend keeping the account open for a month or two longer, just so it doesn’t make it super obvious that you’re only opening the account for the bonus.
Finally, this bonus is only available to people who don’t currently have a Fitness Bank account and haven’t received a bonus from them in the past 12 months. The 12-month limitation is interesting as it means you could get this bonus again in the future if they offer it again.
Pro-Tip: Refer Your Friends And Earn More Fitness Bank Referral Bonuses
It is possible to make this bonus better because you can refer people using your own promotional code. Your promotional code will be in the following format: Bonus + First Name + Last Name (no spaces between words). This promotional code is weird because I don’t understand how they track if people have the same name. My recommendation is to make sure whoever you refer has your information and that you know they used your promotional code. That way, if you have issues, you’ll be able to reach out to Fitness Bank.
Referrals are limited to $1,000 per calendar year. I’m not sure if this limit also includes the referral bonus you get for opening an account and meeting the bonus requirements.