Advertisement
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.

Advertisement - Article continues below

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.

Advertisement
Advertisement

Most Popular

Social Security Recipients, Veterans Must Act Now to Get Extra $500 Stimulus Check
Coronavirus and Your Money

Social Security Recipients, Veterans Must Act Now to Get Extra $500 Stimulus Check

The deadline for seniors and veterans to request an additional $500 stimulus check for a dependent child is approaching fast. See how you can claim yo…
September 25, 2020
Trump Promises $200 Prescription Drug Card for Seniors
Medicare

Trump Promises $200 Prescription Drug Card for Seniors

Medicare beneficiaries will soon receive a debit card in the mail that they can use to pay for prescription drugs.
September 25, 2020
Now’s the Time for Estate Tax Planning
Financial Planning

Now’s the Time for Estate Tax Planning

There's a wealth of opportunity with IRS interest rates at an all-time low and the federal estate and gift tax exemption at an historic high.
September 18, 2020

Recommended

High-Tech Aids for Aging in Place
Caregiving

High-Tech Aids for Aging in Place

Apple Watch and other technology provides fast feedback, comfort for older users, and a powerful assist for caregivers.
September 23, 2020
10 Things You'll Spend More on in Retirement
retirement

10 Things You'll Spend More on in Retirement

From reading materials to debt, the demands on your savings during your golden years might surprise you.
September 16, 2020
How to Catch a Rock-Bottom Rate
Buying & Leasing a Car

How to Catch a Rock-Bottom Rate

Rates on everything from home mortgages to car loans are at record lows. We’ll tell you how to qualify for the best rates.
August 27, 2020
Give Your Credit a Boost
Coronavirus and Your Money

Give Your Credit a Boost

When times get tough, your credit profile could take a hit. Here’s how to keep it in shape.
August 27, 2020