Banks are offering cash bonuses for opening new accounts with varying requirements
From Yahoo Finance: 2024-09-18 17:47:00
Interest rates on deposit accounts are dropping, affecting savings balances. Combat this by earning cash bonuses when opening new bank accounts. Many banks offer sign-up bonuses, but requirements must be met. Check out the best new account promotions and bonuses and ensure you qualify before opening an account.
Alliant Credit Union is offering a $100 bonus for new members opening an Ultimate Opportunity Savings Account, which requires a minimum balance of $100 throughout the year. The account offers a high APY and no monthly fees with ePayments.
Associated Bank offers up to a $600 bonus for new checking account customers who have direct deposits totaling $500 or more within 90 days. Bonus amounts vary based on average daily balance. Bonus will be paid within 120 days of account opening.
Bank of America provides a $300 bonus for new customers opening eligible personal checking accounts and setting up qualifying direct deposits. Bonus is paid within 60 days after meeting requirements.
BMO Bank offers a $400 cash bonus for new customers opening Smart Advantage or Smart Money checking accounts and having $4,000 in qualifying direct deposits within the first 90 days. Bonus is paid within 120 days.
Capital One gives a $250 opening bonus for new checking account customers who set up and receive two direct deposits of $500 or more within 75 days. The account earns interest and has no fees or minimum deposit requirements.
Chase offers a bonus of up to $3,000 for new Private Client Checking account customers who fund their account with $150,000 or more in qualifying new money or securities. Bonus amount depends on balance and is paid within 40 days.
New Chase checking customers can earn bonuses of $100, $300, or $325 by meeting direct deposit requirements within 60-90 days of account opening. Bonuses are paid within 15 days.
Discover’s Online Savings account offers a bonus of up to $200 for new customers depositing $15,000-$25,000 within 45 days. Bonus is paid within 60 days of account opening.
Fifth Third Bank provides a $350 bonus for customers opening a qualifying checking account and making direct deposits totaling $500 or more within 90 days. Bonus is added within 10 business days.
Huntington National Bank offers bonuses of $400 or $600 for customers opening specific checking accounts and meeting direct deposit or deposit requirements. Bonus is paid within 14 days.
PNC Bank offers a bonus of up to $400 for customers opening a combination checking and savings account and meeting direct deposit requirements. Bonus is tiered based on the type of account and is paid within 60-90 days.
SoFi provides a bonus of up to $300 for new online bank account customers who receive direct deposits of $1,000 or more. Bonus is paid within seven business days.
TD Bank offers bonuses of $200 or $300 for new checking account customers who meet direct deposit requirements. Bonus is paid within 180 days of account opening.
New TD savings account customers can earn up to a $200 bonus by depositing and maintaining $10,000 for 90 days. Bonus is paid within 180 days of account opening.
Wells Fargo offers a $325 bonus for new Everyday Checking account customers who receive $1,000 or more in qualifying electronic deposits within 90 days. Bonus is paid within 30 days.
Bank account bonuses are taxable income and have specific rules around account closure post-bonus receipt. Bonuses are typically deposited within a few business days after meeting eligibility requirements.
Bank account promotions and bonus requirements vary by institution, with specific timelines and conditions for bonus payout. Major banks like SoFi, Chase, Citi, and TD Bank are currently offering checking account bonuses.
Consider bonus amount, account balance, direct deposit requirements, transaction requirements, monthly fees, account features, and interest rates when pursuing a new bank account bonus. Be aware of tax implications and potential penalties for early account closure.
Verify bonus payout timelines and eligibility requirements with your bank before opening a new account to ensure you receive the bonus as expected. Check account terms and conditions for details on closure penalties and bonus payout rules.
Read more at Yahoo Finance: 16 best new bank account promotions and bonuses for June 2025: Earn up to $3,000