Did you know that banks always want new customers, and they offer big incentives to get them? By opening a checking account, other services like credit cards, car loans and savings accounts may be offered to you from the bank and you can now make up to 300$ just by opening up a bank account.
Nowadays online banks want to compete with physical banks, so they can pass those savings along to YOU! Lot’s of banks are offering 300+ bonuses just for opening an account. There’s never been a better time to make the most of these offers.
Why Banks Have Sign-Up Bonuses
Banks are struggling to keep business coming through the door. The growing competition between banks and financial institutions led to inventing a more practical way of promotion. Banks and credit unions are offering cash rewards to new customers for opening a checking or saving account with them. For example, if a depositor puts $100 into a new checking account they will receive an additional 100$ bonus for their investment.
Conditions For Receiving Sign-Up Bonuses
Sorting through the best offers can be difficult, so there are a few important rules you should follow before rushing into one.
- Read the terms and conditions of the bank
- Know about account fees and monthly maintenance fees
- Open a bank account only if you need one
In order to be eligible for a sign-up bonus, you must fulfill some requirements. Firstly, you need to deposit an amount into your account that can vary from a minimum of100$ to as much as 10,000$. Some banks want you to maintain your account balance for a set period. Secondly, some banks may have conditions to make direct deposits. Lastly, you may be required to make a certain number of debit card transactions to get your bonus. Here is the list of 5 banks that offer bonuses upon signing up/creating an account in the USA.
1) HSBC Bank: $200 or $450 bonus
HSBC has a couple of checking account bonuses available online. They offer a bonus of $200 for opening an HSBC Advance checking account online. The condition applied is you must be receiving recurring monthly direct deposits of $500 for three consecutive months. Also, customers can earn a bonus of $450 for opening an HSBC Premier checking account online and receiving monthly direct deposits of at least $5,000 for three consecutive months. You can get 3% cashback, up to $600 for new Premier checking account holders.
2) Citibank: $700 Cash Bonus
Open a new checking and savings account in the Citi Priority Account Package with Citibank and earn $700. To get the bonus you need to deposit $50,000 or more in funds new to Citibank between the checking and savings accounts within 30 days of account opening. Maintain the balance for 60 days thereafter and you will get your bonus in the next 90 days.
3) Chase Premier Plus Checking: $300 bonus offer
Open a Chase Premier Plus Checking account using a coupon emailed to you through the promotional page. You must have a qualifying direct deposit into the account within 90 days of opening the account. The account must remain open for six months. You will get the bonus deposited in your account in 10 business days after your direct deposit.
4) TD Bank: $150 or $300 bonus
Open a Beyond Checking account online and get a $300 bonus. For this offer, you must have at least $2,500 worth of direct deposit funds within 60 days of opening the account. Another option is a $150 cash bonus on a Convenience Checking account that requires direct deposits of $500 within 60 days of opening the account. There’s no minimum balance requirement to open an account, but one should maintain a $100 daily minimum balance.
5) SunTrust Essential Checking: $200 bonus offer
You can earn $200 for opening an Essential Checking account with SunTrust on the condition of receiving at least $500 in monthly direct deposits into the account for two consecutive statement cycles. You will need to use the code Q320ESSENTIAL when signing up. In order to qualify, you must not have closed a personal checking account with SunTrust. You’ll receive the bonus up to four weeks after your qualification has been verified.
How is This Possible?
When you deposit money into an account, the bank uses that along with deposits from many other people to earn investment. Since competition is heating up with online bank accounts, banks are inclined to share more of the profit with you. Furthermore, the costs of running a website in comparison to running physical locations are much smaller, so banks are willing to give better incentives.
But, don’t think that only big banks have these offers – the same is true for much smaller banks. That’s why you should always ask just in case a bank has a special offer in place that might suit your spending habits and needs.
Don’t Wait, Get Your Bonus Now!
Choose a bank account that best suits your needs. Prefer good banking with great perks. Search out for all the benefits you can get in terms of cashback, giveaways and bonuses. Overall, be smart. Carefully read the terms and conditions and closing penalties.