What is a bank sign-up bonus? (From Chase Bank) [4 Articles]
~ Saturday, September 16, 2023 Blog Post ~
A bank sign-up bonus is a promotion offered by financial institutions to attract new customers or encourage existing customers to open new accounts or use specific services. A bank sign-up bonus can vary by type and design and may have certain qualifying transactions or activities that the account holder may need to complete before receiving the bonus. But when chosen wisely, these offers may provide you with a valuable jumpstart in utilizing your new account and managing your finances. Let’s explore some of the different checking account bonuses and a few tips on how to find the best offers for you.
Types of checking account bonus offers
When it comes to checking account bonus offers, there are four common types you’re likely to come across:
- Cash bonuses: These bonuses are typically paid directly to the account holder either by being deposited directly into their account or through a mailed check. For example, a bank may offer a cash bonus for opening a new checking account after the required qualifying transactions are completed.
- Additional rewards: Some banks offer reward points that can be redeemed for merchandise, travel or other rewards. You typically earn them through routine activities such as making purchases or signing up for new services.
- Waived fees: Many checking account bonuses waive certain fees that are commonly associated with maintaining an account. For example, a bank may offer to waive the monthly maintenance fee for a certain period or ATM fees when using the bank’s network of ATMs.
- Additional perks: Some banks offer additional perks and benefits as a bonus for opening a new checking account.
Types of savings account bonus
Savings account bonuses are typically similar to checking account bonuses, with many banks offering cash bonuses for opening a new savings account or for depositing a certain amount. Some banks may also offer savings account-specific bonuses, such as interest rate boosts, for saving a certain amount of money or maintaining a minimum balance.
How to get checking account offers when you sign up
Banks promote these checking account bonus offers through their websites, in-branch marketing, or through mail and email campaigns. Many bonuses require more than just opening an account to qualify. Typically, to acquire a bank account bonus you will have to fulfill a few conditions first — like making a minimum deposit or a certain number of qualifying transactions. These conditions can vary with the type of bonus. Many checking account bonuses might require you to set up direct deposit or make a certain number of transactions with your debit card.
It’s worth noting that bank bonuses change regularly and to double-check the terms and conditions of any bank bonus or checking account offer you’re pursuing. Ensuring you fully understand the requirements and the amount of time you have to meet them may help you qualify.
Savings account sign-up bonus considerations
Savings account offers are more commonly tied to minimum opening deposits or the maintenance of a certain account balance for a set time period. Additionally, some banks may also have specific eligibility requirements.
Choosing a checking account offer
When you’re looking at different checking account bonus offers, there are a few things you should keep in mind to help ensure that you’re getting the best deal:
- Shop around: Seeing what offers are currently available can help you determine which kind of bank account bonus is important to you. Comparing the value of the offers from different financial institutions can help you highlight attractive bonuses.
- Understand the fees: Remember that you’re committing to a new bank account, not just accepting a valuable checking account offer, and that fully understanding the fees and details of the account is important. Even if a bank account bonus waives certain fees for a set period of time, it’s important to consider what the ongoing fees will be once that period is over.
- Read the fine print: Carefully read through the terms and conditions of the bonus offer to understand what you’ll need to do to qualify for the bonus and any limitations or restrictions that may apply, such as limited withdrawals.
- Consider the account’s other features: Confirming that the account has the features you genuinely want or need, such as online banking or mobile deposit, before you sign up can help ensure you can manage your finances smoothly even after the bonus has been claimed.
- Think long-term: Remember that the bonus is supposed to be the icing on the cake. While a certain bank account bonus may be an attractive offer, signing up for an account that is well-suited to your preferences and financial goals in the long term should be the main objective.
In summary
A bank sign-up bonus may be an excellent way to net some extra cash or perks when opening a new account, but it’s important to be aware of the terms and conditions that apply and to consider the ongoing fees and features of the account as well. Additionally, when you are choosing a checking or savings account offer, thinking about your long-term banking needs may save you from hunting for another account sooner rather than later.
Source:
https://www.chase.com/personal/banking/education/basics/bank-signup-bonus
Article #2: Are Bank Bonuses Worth It? (From Johnnyjet.com)
By Josh Patoka, September 5, 2023
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Banks rarely offer extra money beyond the usual interest from savings accounts and CDs. However, a strategy to earn additional cash is by opening new checking and savings accounts to avail of one-time bank bonuses. These offers can provide a welcome financial boost. Moreover, if you’re an existing customer with certain banks, you might qualify for an even more lucrative targeted promotion. But are these bank bonuses worth it?
For example, you can receive up to a $600 bonus with Chase checking accounts, CIT a trustworthy online bank has some great APR offers too, and US Bank has a $1,000 offer.
How Bank Bonuses Work
Opening a bank account might seem boring, but it’s a competitive business. Banks use your deposits to underwrite loans so your savings account balances can earn interest. Having a high account balance lets you qualify for “premium” bank features like free ATM withdrawals and wire transfers or a dedicated adviser.
Check out our favorite bonus with CIT Bank.
As most checking accounts and savings accounts offer similar perks, banking bonuses can make it easier to find the best bank.
Most bank bonuses follow this pattern to offer bonus cash:
- Open a new account before the promotion deadline
- Deposit new money shortly after opening your account
- Maintain an average daily account balance for a specific number of days
- Receive your bonus cash within ten days of completing the necessary steps
Many bonuses require your new funds to arrive via direct deposit, such as an employer paycheck. But some offers let you transfer funds from an external account.
In addition to meeting the deposit requirements, some checking account bonuses may have you complete a minimum number of debit card purchases during the promotion period.
Also, checking accounts and savings account bonus earnings are taxable income, just like your monthly interest income. Credit card rewards are not taxable as the IRS treats them as “purchase rebates” instead. Consider this when determining if the bank bonus is worth it for you.
Do You Qualify for a Bank Bonus?
Like credit card signup bonuses, you may not qualify for every bank bonus. Here are some of the terms and conditions to research before opening an account on a whim.
New Bank Customers Only
First, these bonuses are usually for new bank members. If the bank offers multiple checking account products and you have one of their checking products, you may not qualify for the public offer. But you might be eligible for one of their savings account offers if you keep your life savings at another bank.
If you’re a loyal customer, you might receive a targeted bonus offer for a new account. These offers tend to have a higher cash value than most public offers trying to attract new members.
Returning members might also be able to qualify for a repeat bonus. For example, you may not be eligible for a Chase checking account bonus if you closed a Chase checking account in the last 90 days, or if your previous account had a negative balance.
Must Live in a Qualifying State
When browsing the current bank promotions, you will likely enter your zip code to see your local offers. If you don’t live somewhere with local bank branches, you may not be able to open an account.
It’s also common for banks to have you complete the account opening process at a local branch. You can request a bonus code online but must redeem it in-branch.
This factor won’t make a bank bonus worth it if there are no banks close to you.
Minimum Balance Requirements
Each offer has different tasks you must complete to earn the bonus cash. High-end accounts with more account perks tend to have higher minimum qualifying deposits and average account balances during the promotion.
Accounts with lower monthly service fees tend to have laxer deposits and balance minimums. However, the bonus cash you can earn is usually lower. For instance, you might earn $200 instead of $700. But some money can be better than nothing at all.
If you cannot achieve the minimum, you should avoid these bonuses. Verify you can make the correct type of qualifying deposits. A qualifying direct deposit might be a paycheck, pension, or benefits from an employer or government agency. Peer-to-peer transfers such as Zelle® or ACH transfers from another bank may not count.
Account Closure Penalties
Closing your account shortly after earning your bonus is tempting to avoid monthly service fees. Most offers require you to keep the account open for a specific number of days after you receive the bonus. Otherwise, you forfeit the entire bonus if you close your account early. Credit cards have similar policies as you must keep your account open past the first card anniversary to avoid a penalty.
Each bank is different, but you may have to keep your account open for at least six months after receiving your bonus. Strive to meet the minimum balance to waive the monthly service fee to avoid “signup bonus erosion.”
The Different Types of Bank Bonuses
Bank bonus offers are account-specific. It’s possible to earn multiple bonuses at once with some banks.
Checking Accounts
The most common bonus is for opening a new personal checking account. The smallest bonuses usually start at $100, but the premium checking accounts may offer up to $500.
Pay attention to the direct deposit minimums and the average daily account balance you must maintain.
Related: Best checking account bonuses
Savings Accounts
New savings accounts can also earn bonuses. However, the minimum deposits and balance requirements are relatively high. You may have to deposit at least $10,000 in cash to get a $200 bonus cash.
For instance, opening a CIT Bank Savings Builder High Yield Savings Account lets you earn one of the best savings account interest rates. Our CIT Bank review has more information about this popular online bank.
Business Banking
Some banks also give one-time bonuses for new small business checking accounts. For example, you might consider a Chase Business Complete Banking℠ account as it is one of the top Chase business accounts.
Earn $300 when you open a Chase Business Complete Banking® account. For new Chase business checking customers with qualifying activities. The offer expires on 10/19/2023.
There are also multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card, some of the best Chase business credit cards available.
When Bank Bonuses Are Worth It?
Consider pursuing eligible bank bonus offers in these instances:
- Can achieve the deposit, account balance, and debit purchase minimums
- The bonus amount is worth more than monthly service fees (if you cannot waive them)
- Do you plan on keeping the account open for the long-term
- Want local branch access at that bank
When to Avoid Bank Bonuses?
Avoiding a bank signup bonus makes sense in these instances:
- Cannot waive the high monthly service fees
- Want to close the account early
- Achieving the offer deposit and purchase terms requires too much effort
- Do not want to pay taxes on your bonus cash
Summary of Are Bank Account Bonuses Worth It?
Are bank bonuses worth it? For one, bank bonuses are an easy way to put some extra cash into your pocket by simply sending your paycheck to a new bank account. These bonuses are an additional incentive to switch banks. But don’t forget to compare your online banking options as the ongoing benefits and naturally fee-free accounts can have more residual value. And with an online account, you don’t have to worry about not qualifying due to a lack of branches near you.
For example, you can receive up to a $600 bonus with Chase checking accounts, CIT a trustworthy online bank has some great APR offers too, and US Bank has a $1,000 offer.
FAQS
What banks offer new account bonuses?
Most bank bonuses come from brick-and-mortar banks with physical branches in your town. “Big banks” with nationwide branch access like Chase Bank and Citibank offer bonuses. Regional banks with a handful of branches in a small radius may also offer rewards.
These brick-and-mortar banks tend to offer bonus offers regularly:
- Bank of America
- Chase Bank
- Citibank
- HSBC
- Huntington Bank
- U.S. Bank
- Wells Fargo
- TD Bank
- PNC Bank
- SunTrust Bank
Physical banks usually offer banking bonuses for personal checking accounts. You might also see offers for savings and even business checking accounts. The most valuable bonuses have you open a new personal checking and savings account at the same time.
Online-only banks are less likely than brick-and-mortar to offer bonuses. Despite the lack of signup bonuses, online banks are more likely to provide more free perks and never charge a monthly service fee. For instance, Chime and CIT Bank are two options you may want to look at.
Should I switch banks for a bonus?
Switching banks to get a bank bonus can be worth it if you can pay fewer monthly fees have better account perks and have more convenient local branch access.
You shouldn’t switch banks if earning the bonus takes too much time, or if you lose a significant portion to bank fees. Sometimes, “free money” isn’t as free as you think. Your time can be more valuable than money.
If you have a lot of spare cash or multiple income streams, you might be able to open a new checking account or savings account without closing your current bank account. Having a high cash balance means you can enjoy banking privileges at multiple banks.
It’s not worth switching banks if you have to close the account and lose your relationship with a great bank. Long-time relationships can potentially make it easier to qualify for the best rewards credit cards that are hard to get if you don’t have an existing bank account.
Source:
https://johnnyjet.com/bank-bonuses-worth-it/
Article 3: What Is a Bank Sign-Up Bonus? (From Investopedia)
By Lora Shinn, September 15, 2023
What Is a Bank Sign-Up Bonus?
A bank sign-up bonus is a lump sum of cash you receive when signing up for a new bank account and fulfilling various requirements. Banks and credit unions offer bank sign-up bonuses to entice new customers into joining or signing up for accounts.
A bank sign-up bonus may be offered for consumer or business accounts. Bonuses can range from $100 to $3,000, according to Investopedia research.
- Banks and credit unions use sign-up bonuses to attract and reward new customers for setting up direct deposits or depositing large sums of money in accounts.
- Bank sign-up bonuses range between $100 and $3,000, but $200 to $300 is a more common bonus.
- You don’t usually receive a bonus just for signing up. Sign-up bonuses typically require you to qualify in other ways, such as maintaining a deposit amount.
- Most bank sign-up bonuses require you to initiate a series of direct deposits, although some also accept new cash deposit transfers.
How a Bank Sign-Up Bonus Works
Typically, a bank sign-up bonus may require a sign-up code. Then, after opening the account, you perform a series of actions, which could include one or several of the following:
- New account deposit: Adding a minimum deposit, such as $25.2
- Direct deposit: Making one or many recurring direct deposits in the account.
- Transactions: Making a certain number of debit card transactions or signing up for e-statements.
- Average balance: Maintaining a specific average monthly or daily balance.
- Meeting deadlines: Receiving deposits and/or leaving the funds untouched for a specific number of days.
After you complete the actions to qualify for the bonus, the bonus is deposited into your new account within a timeframe specified by the bank. This may range from about 10 days to 180 days.
After your bonus is in your account, you can choose whether to keep the new account or close it. However, some financial institutions will charge a fee to close the account or even subtract the bonus before closing the account.
Important: Credit union sign-up bonuses can be more convoluted than bank bonuses. Credit union bonuses will require that you join the credit union as a member and they typically require more steps over a more extended period. Some bonuses may take up to a year to earn the full amount.
By Jan. 31, you’ll receive a 1099-INT for each sign-up bonus received during the tax year. The other copy of the 1099-INT goes to the IRS. Tax wasn’t withheld when the bonus was deposited in your account, so you’ll owe income taxes on your bonus.4
Another type of bonus is a bank referral bonus. You earn this bonus when you refer a friend who opens a qualifying bank or credit union account using a code or link you provide. Your friend may also earn a bonus. This bonus may be much smaller, such as $50 per referral, but may arrive more quickly than other types of sign-up bonuses.
Types of Bank Sign-Up Bonuses
Two primary types of bank sign-up bonuses (direct deposit bonus and large deposit bonus) have slightly different requirements. A third main bonus type, a combination bonus, combines features of deposit and large deposit bonuses.
Direct deposit bonus
The most typical bank sign-up bonus will require a direct deposit. You open the bank account using a code or link, then set up direct deposit within a time window, such as 60 or 90 days. Some direct deposit bonuses may have a minimum amount required to earn the bonus, while others provide more significant bonuses for higher deposits.
In general, direct deposits must be regular monthly income. This could include payroll, salary, and government payments deposited with ACH. Other types of deposits, such as transfers from other deposit accounts or peer-to-peer networks, usually won’t qualify.
Warning: You may also be asked to take other steps, such as using a debit card several times or signing up for e-statements.
Large deposit bonus
With this bonus type, the financial institution asks you to deposit substantial cash (typically $5,000 to $300,000) into one or many linked new accounts. This money can be transferred from another external bank account.
Then, you must leave a minimum amount in the account for a specified time. After the time elapses, you earn the bonus, which is deposited in your account. Typically, large deposit bank sign-up bonuses are more sizable than the direct deposit type.5
Combination bonus
Some bonuses combine the previous two types. You have to set up a direct deposit within a specified time period, which may be associated with a specific minimum amount. You must also deposit funds and maintain a minimum balance. These bonuses usually work in tiers, with higher bonuses for larger minimum balance amounts.
Pros and Cons of Bank Sign-Up Bonuses
Pros
- Earn lump sum for everyday banking
- Earn multiple bonuses throughout the year
- Reward for trying a new bank
Pros explained
- Earn lump sum for everyday banking: Bank sign-up bonuses can offer an easy way to earn a lump sum of cash. Depending on interest rates at the time, a sign-up bonus may pay better than interest earned.
- Earn multiple bonuses throughout the year: You can earn multiple large deposit bonuses in one year with the same sizable sum of cash moved between accounts if you plan well and use the right accounts.
- Reward for trying a new bank: An account deposit can incentivize you to try a new bank or credit union without committing long-term. You may prefer the new bank to your previous bank, particularly if the bonus is for an account that comes with a decent annual percentage yield (APY).
Cons
- Taxes due on bonus
- Potentially stuck with maintenance fees and low interest
- Can be time-intensive
Cons explained
- Taxes due on bonus: The bonus will likely be reported on form 1099-INT, and you’ll probably pay federal, state, or local taxes on the bonus.2 If you want a tax-free source of earnings, look elsewhere.
- Potentially stuck with maintenance fees and low interest: If you’re not careful, you may pay the account’s maintenance fees while you own the account, which will eat into any bonus. In addition, many accounts associated with bank sign-up bonuses don’t reward customers with competitive interest rates.
- Can be time-intensive: Consider the value of the time you’ll spend reading through rules, switching your direct deposits, opening and managing the account, and closing it if you don’t want to stay with the bank. This may reduce your earnings compared with a high yield savings account where you can deposit without worrying about as many details.
Requirements for Bank Sign-Up Bonus
To earn a bank bonus, you must read and follow instructions closely. For example, you’ll likely need to use a link or code to sign up for your account or miss out on the bonus. Other requirements to watch out for include:
- Deadlines: The window of time you have to complete actions, such as 30 days
- Amounts: Specific minimums that must be met to qualify for the bonus
- Actions: All steps required, such as setting up direct deposit or using your debit card
Typically, a bonus isn’t available to people in the following categories:
- Existing bank customers
- Anyone who already received the bonus in the past, within a specific period (such as 12 months)
- Customers with accounts closed with a negative balance within a specific period
- Anyone under age 18
- Anyone without a valid U.S. Taxpayer Identification Number (TIN)
You may also need to live in a geographic area, such as a particular state, to qualify for the bonus.
What To Look for in a Sign-Up Bonus
You might want to look for the following in a sign-up bonus:
- Earning a high APY on top of the bonus for the amount in your account
- No fees charged to close the account
- Easy qualification rules with low or minimal direct deposit amounts
- Clear, easy-to-understand communication about which direct deposit types qualify and other bonus qualification terms and conditions
- Online application and account maintenance for bonus qualification
- Low minimum balance requirements to avoid monthly bank maintenance fees
- Rapid qualification and deposit of your bonus — so you don’t wait six to 12 months to earn your bonus
In addition, compare your rate of return from the bonus with how much you could earn in a high-yield savings account over the same time period.
Which Bank Has the Highest Sign-Up Bonus?
Chase, Citi, and Wells Fargo banks have some of the highest sign-up bonuses available, although it takes time and large deposit to qualify. Chase offers a $3,000 bonus when you transfer $500,000 or more into a new or upgraded Private Client Checking account and maintain the balance for 90 days.6 With Citi, you can earn a $2,000 bonus if you open an eligible checking account with $300,000 for several months.7 With Wells Fargo, you can earn a $2,500 bonus if you deposit $250,000 and maintain that balance for several months. However, when working with large amounts, remember that the Federal Deposit Insurance Corp. (FDIC) only insures up to $250,000 in deposits per person, per account.8
Should I Switch Banks To Get a Sign-Up Bonus?
Deciding whether a bank sign-up bonus is worth your time and money can take some research. First, consider whether the bonus earned bests higher interest rates accumulated elsewhere in a certificate of deposit (CD) or money market account. Also, consider whether you want to keep the account open and pay potential fees or if you want to open, manage, and close the account.
Why Do Banks Give Money To Open Accounts?
Banks award money to open accounts to bring in new, regular customers who use the bank’s services. As a result, each bank or credit union will have a different requirement for keeping an account open to earn a bonus, but the range is generally 90 days to 12 months. If you close the account early, you may forfeit your bonus or be required to pay a fee.
How Many Bank Accounts Should I Have?
You can have as many bank accounts as you wish, as government regulations don’t limit the number of accounts. However, you might consider the amount of digital clutter that can come with opening numerous checking or savings accounts. Closing accounts can be time-consuming and require phone calls with the financial institution.
The Bottom Line
If you have the time and/or cash to meet a bank’s requirements, a bank sign-up bonus may be worth your while, especially if it’s sizable. A bonus may also appeal if minimal steps are involved, or the account isn’t pre-packed with fees.
Consider whether you’re interested in a long-term relationship with the financial institution. This could reduce trouble with moving around direct deposits and opening, managing, and closing accounts. While some bank sign-up bonus aficionados pursue bonuses regularly, your free time may be more limited.
Source:
https://www.investopedia.com/what-is-a-bank-sign-up-bonus-7969724
Article #4: This bank is offering a $25,000 bonus if you move your money there — and have a lot of it (From MarketWatch)
By Andrew Shilling, September 12, 2023
Here are 10 of the best bank sign-up bonus offers, but not everyone has the cash flow needed to qualify.
One bank is promising depositors $25,000 just for opening an investment account — and a handful of others are offering sign-up bonuses in the $2,000-to-$5,000 range. But, as you can imagine, there are some high hurdles you’ll likely have to clear in order to qualify for these kinds of bonuses.
Experts say weighing those various restrictions can either make or break the deal.
Here are the best bank-account sign-up bonuses for September 2023, an explanation of what’s driving new-account bonuses and how bank bonuses work, as well as whether they are worth it for you.
Why are we seeing such big sign-up bonuses?
After more than a year of elevated levels of inflation, the Federal Reserve has responded to heightened consumer prices by raising interest rates. As the benchmark funds rate continues to go up and the cost to pay off a bank’s own debt increases in the process, many financial institutions have taken up some strong measures to raise cash.
While some have boosted interest rates for various savings products to attract new customers — like high-yield savings accounts (see some of the best rates here), checking accounts, money-market funds and CDs, to name a few — others have added hefty sign-up bonuses.
Are bank bonuses worth it?
Indeed, sign-up bonuses can be great incentives to open an account, says NerdWallet personal-finance expert Elizabeth Ayoola. However, she adds, it’s critical to look closely at the fees: “Some accounts have impressive sign-up bonuses, but their high fees can end up eating away at your bonus.”
And although these high-dollar offers can certainly be eye-catching, Katie Catlender, chief customer officer at Cambridge Savings Bank, says they should not be the deciding factor in a consumer’s search for a new banking partner. “A quality bank will be focused on all aspects of the consumer experience, including convenience, reliability, ease of use, and personalized support,” she says. “Focusing on the customer means so much more than just providing attractive deals.”
Another thing to consider: “Often, sign-up bonuses come with stipulations that are geared toward the adoption of products and services that drive transactional behavior,” Catlender says. “In most cases, these offers are legitimate; however, consumers need to pay attention to the nuances of each offer to see if the account requirements align with their usual banking habits. In addition, they should take into consideration the potential for an ongoing, long-term relationship with a new bank, regardless of the initial incentive.”
Top 10 sign-up bonuses for September 2023
If you’re in the market for a new bank account and you have some liquid cash available to make the move, here are some of the best bank account sign-up bonuses available today to help add to your bankroll. Just be sure to read the fine print and ensure you meet all of the requirements.
Tastytrade: Up to $25,000
New Tastytrade customers who fund their investment accounts with at least $5,000 by March 31, 2024, will qualify for a cash bonus. For accounts with more than $5 million, however, those accounts are eligible for a maximum bonus of $25,000. Like with all account bonuses, though, it’s important to read the details before opening. Be sure to use the referral code “MYNEWBONUS” when applying.
M1 retirement account: Up to $5,000
If you currently have a large retirement savings and you’re interested in moving your money over to open a new account, this offer from M1 may be a quick way to earn some extra cash and effectively boost your balance. Just roll over a minimum of $50,000 of retirement assets in your 401(k), 403(b) or another employer-sponsored retirement plan within 14 days of opening an account, and you may be eligible for at least some promotional cash. If you add more than $1 million of eligible assets, M1 will sweeten the pot by adding $5,000 to your balance.
Citi Personal Wealth Management account: Up to $5,000
Open a Citi Personal Wealth Management account before Sep. 30 with at least $50,000 in new-to-bank funds, and you stand to earn a relatively high bonus of $500 cash boost. For new accounts with at least $2 million in new money to the bank, Citi will add $5,000.
Chase Private Client checking account: Up to $3,000
Open a new checking account by Oct. 18 and transfer $500,000 or more within the first 45 days in new-to-bank money or securities, and a $3,000 bonus will appear in your account within 40 days. Deposits exclude business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts, J.P. Morgan Wealth Management retirement accounts and CDs.
Wells Fargo Premier Checking: Up to $2,500
Open a Wells Fargo Premier Checking account by Oct. 10 with a minimum deposit of $25, add $250,000 in new money by the 45th day of opening the account, maintain your balance for at least 90 days, and you can indeed qualify for a hefty $2,500 bonus. You’ll also have to bring a bonus offer code to a banker at the time of account opening at a physical branch location to activate the offer, so it’s critical to follow the fine print.
CitigoldⓇ checking account: Up to $2,000
Checking accounts opened prior to Jan. 9, 2024 can earn a cash bonus of up to $2,000 for making a minimum $300,000 deposit within the first 20 days. If you’re able to maintain that balance for 60 days from the 21st day of account opening, this cash bonus is all yours. It should be noted that living trusts, fiduciary, estate, business or retirement accounts — IRAs, SEPs, CESAs, or money purchase pension plans and profit-sharing plans — do not quality. International Personal Bank, Citi Private Bank and Citi Alliance accounts also do not qualify for this offer.
Citi Priority Checking Account: Up to $2,000
Much like the Citigold account offering, enrolling in a Citi Priority Checking account can also qualify you for a sizable sign-up bonus. Just be sure to enroll before Jan. 9, 2024 and you can also earn a cash bonus of up to $2,000, depending on your asset level. Balances from $10,000 to $29,999 earn a cash bonus of $200, while bank accounts with $300,000 or more qualify for a cash bonus of $2,000.
You’ll need to ensure your money is new to the bank in a newly opened account, and that on the 20th day of date from when you opened your account that your deposit balance meets one of the various thresholds, all of which are over $10,000. These accounts must be set up for enhanced direct deposit, or an electronic deposit via the Automated Clearing House (“ACH”) Network of payroll, pension, Social Security, government benefits and other payments to your checking, savings, or MMA account. Read the terms and conditions for more.
U.S. Bank checking and savings bonus: $1,000
You’ll need to open two separate bank accounts here, but you can indeed qualify for a $1,000 cash bonus for your efforts. Just open a U.S. Bank Smartly® Checking account with $10,000 or more and you can earn a $500 bonus. Then, open a U.S. Bank Standard Savings account with more than $50,000 in new-to-bank money by Sept. 30, maintain your balance until March 31, 2024, and you can earn an additional $400 in cash. If you’ve completed both steps, U.S. Bank will add an additional $100 to your bonus pot, rounding it out to $1,000.
J.P. Morgan Self-Directed Investing account: $700
Transfer or roll over more than $250,000 of new-to-bank funds in your J.P. Morgan Self-Directed Investing account by the Oct. 12 deadline and you can earn as much as $700. Just be sure to add your cash, securities, or roll over existing retirement assets from another institution within 45 days of opening the account and maintain your balance for at least 90 days to qualify.
Huntington National Bank Platinum Perks Checking℠: $600
Open one of two checking accounts for consumers and business owners before Oct. 7 and you can qualify for as much as $600. You’ll just need to make a minimum of $25,000 in deposits within 90 days in your Platinum Perks Checking account and you’re set. That said, this offer is only valid for those living in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.
Sources:
https://twitter.com/MarketWatch/status/1702853231435514041/
You may also be asked to take other steps, such as using a debit card several times or signing up for e-statements.
