Basics

Get a Bonus for Opening a Bank Account

But choose an account that makes sense for the long run.

When you’re on the hunt for a new bank account, why not pick up a few hundred bucks just for signing up? To lure customers, some banks dangle cash bonuses for those who open an account and meet certain requirements.

Chase, for example, recently offered $300 to new customers who enroll in Premier Plus Checking and make a direct deposit within 90 days of opening the account. To avoid a $25 monthly fee, you have to keep a $15,000 minimum balance in Chase deposit accounts or link a qualifying Chase mortgage. TD Bank’s recent promotions included a $300 bonus if you open a Beyond Checking account and have direct deposits totaling $2,500 within 60 days (one way to waive the $25 monthly fee is to maintain a $2,500 balance). The bank also offered a $200 bonus for starting a Beyond Savings or Simple Savings account, depositing $20,000 within 20 days and maintaining a $20,000 balance for 90 days. Other major banks that recently offered bonuses include HSBC, PNC and SunTrust.

Some online banks extend bonuses, too. Aspiration hands over $100 if you open a Spend & Save account (which combines features of a checking and savings account) and spend at least $1,000 with the debit card within 60 days. The basic version of the account requires no monthly fee—although you can volunteer to pay a fee that you think is fair to Aspiration, which donates 10% of its earnings to charitable causes.

Watch the fine print. Banks regularly change their promotions, so check the current details. Often, bonuses are for new customers only. And you may have to keep the account open for a certain period. Chase, for example, rescinds the bonus if you close your account within six months.

Choose an account that makes sense for the long run—if you end up paying a monthly fee, that could cancel out any bonus. Over time, you may earn more by choosing an account with a high interest rate, especially if you hold a big balance.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
What Is the Social Security COLA?
retirement

What Is the Social Security COLA?

For the average recipient, the 2021 monthly increase doesn't even cover a fill-up at the gas station — but it beats nothing.
July 14, 2021
11 Best Healthcare Stocks for the Rest of 2021
healthcare stocks

11 Best Healthcare Stocks for the Rest of 2021

The 2020s could be the decade of healthcare stocks. Here are 10 companies and one ETF to watch not just for the remainder of this year, but well beyon…
July 13, 2021

Recommended

Financial Advice from America’s Founding Fathers
credit & debt

Financial Advice from America’s Founding Fathers

What money-management guidance can we glean from the words — and experience — of Benjamin Franklin, Thomas Jefferson, Alexander Hamilton and others?
July 1, 2021
7 Things Medicare Doesn’t Cover
Healthy Living on a Budget

7 Things Medicare Doesn’t Cover

Medicare Part A and Part B leave some pretty significant gaps in your health-care coverage. Here's a closer look at what isn't covered by Medicare.
June 30, 2021
11 Costly Medicare Mistakes You Should Avoid Making
Medicare

11 Costly Medicare Mistakes You Should Avoid Making

If you don't make the right choices to fill in the health coverage gaps, you could end up with high Medicare premiums and big out-of-pocket costs.
June 30, 2021
Know When to Sell a Stock
Becoming an Investor

Know When to Sell a Stock

The decision to sell isn't easy. Use our guide whether you're taking profits or tossing a loser.
June 25, 2021