What Bank Pays You To Open An Account?

The post What Bank Pays You To Open An Account? by Jacinta Sherris appeared first on Benzinga. Visit Benzinga to get more great content like this.

Most major banks have offers that will give you a bank account bonus when you open a new account. Citi, Bank of America, Discover, Chase, HSBC, SoFi Money, Wells Fargo, Santander, and Citizens Bank are just a few of the major banks with one or more great offers. Some even pay you to open an account instantly.

Many, but not all, require that you set up a direct deposit to qualify for the checking account bonus. The signup bonuses range from $100 to $2,000. You’ll usually, be asked for referrals or other actions (like a major deposit) to get the big signup bonuses. 

Banking offers for new accounts

Banks offer a bonus for new accounts to attract customers. Some banks offer both a savings account bonus and a checking account bonus, while some only have one type of bonus. 

To receive the bank account bonus, you might be required to set up direct deposits or transfer a minimum amount into the account. Usually, you’ll also need to keep funds there for at least a few months. You’ll find some of the best checking account offers below. 

Types of new bank offers

The most common type of new bank account bonus is cash, ranging from $100 to $500 but sometimes as much as $3,000.  

Some new savings accounts offer a higher interest rate as a savings account bonus. Long term, this can build greater wealth, although even the best savings account interest rates aren’t usually enough to combat current inflation rates. 

Banks with signup bonuses

Banks usually offer a signup bonus for a specific period of weeks or months. The offers below extend into 2023. In addition to the list below, you can check with your preferred bank about its best new checking account bonus offers or savings account bonuses. Here are some of the best checking account offers and savings account bonuses right now. 

Bank of America

Founded in 1998, Bank of America is Federal Deposit Insurance Corp. (FDIC) insured and serves about 68 million consumers and small businesses. It has 3,900 branches plus a network of about 16,000 ATMs. 

Bank of America is running several offers through the promotion code DMF100CIS. If you open one of the three bank account types as a new customer, you’ll qualify for a $100 bonus. The offer is valid through June 30. 

Accounts that qualify for this offer:

• Bank of America Advantage SafeBalance Banking: This requires only $25 for an opening deposit and a $4.95 monthly fee. 
• Bank of America Advantage Plus Banking: This requires a $100 minimum opening deposit. The $12 monthly fee is waived with direct deposit or by meeting daily balance requirements.
• Bank of America Advantage Relationship Banking: $100 is the minimum opening deposit. There’s a $25 monthly fee, but it’s waived with direct deposit or by meeting daily balance requirements.

Discover Bank

Discover Bank is an FDIC-insured financial institution known for more competitive interest rates on savings than many traditional brick-and-mortar institutions. Discover customers can access funds through more than 415,000 ATMs in its network. 

Discover is running a savings account bonus that is valid until March 15. You’ll need to enter offer code WH323 when applying. With Discover’s savings account bonus offer, you’ll earn $150 on a deposit of at least $15,000 within 30 days of account opening. You’ll get $200 if you deposit at least $25,000 within 30 days of account opening. 

The offer is only valid for new customers. It’s a good offer for anyone saving up for a mortgage down payment or other large savings goal and already has at least $15,000 in savings. 

HSBC Bank 

HSBC Bank is one of the world’s largest banking and financial services institutions in the world. U.K.-based HSBC has 159 U.S. branches and is FDIC-insured. 

HSBC is offering a $500 welcome deposit for new customers opening a new HSBC Premier checking account. To qualify, you’ll need to make qualifying direct deposits that total at least $10,000 per month from a third party, such as your employer. 

You’ll need to receive these direct deposits for three consecutive months after the account opening. This offer is good for anyone making more than $10,000 through employment or other third-party income. 

Chase Bank

Chase Bank is one of the largest U.S. banks, with locations in the 48 contiguous U.S. states. This FDIC-insured bank serves about 62 million U.S. households. 

Chase is currently running several offers that are great for customers with all sizes of income. You can take advantage of these offers even if you don’t have large savings. The current offers are valid until Jan. 25, but Chase regularly has new offers. 

With the Chase Total Checking offer, you’ll get a $200 new bank account bonus when you open a new account and set up direct deposits within 90 days. There’s a $12 monthly fee, but it’s waived if you have monthly direct deposits of $500 or more, or you keep a balance of $1,500 or more. 

With Chase Secure Banking, you can get $100 if you open a new account and make 10 qualifying transactions within 60 days of opening the account. These include debit card purchases, online bill payments, and ACH credits.  

PNC Bank

PNC bank is the sixth-largest bank in the U.S. It is an FDIC-insured bank that has more than 2,600 locations and 12 million consumer and small-businesses clients. Its signup bank account bonus and savings plans are good for consumers of all income levels. 

With PNC bank you can earn $200 when you open and use a new Virtual Wallet Checking Pro account. PNC’s virtual wallets are like traditional checking accounts, although they offer savings account options as well. You’ll also get 4% annual percentage rate (APR) on a Virtual Wallet Checking Pro Growth account. 

To qualify for the $400 account signup bonus, you’ll need $5,000 or more in qualifying deposits within 60 days of account opening. You can get $200 with $2,000 in direct deposits within 60 days, and a $50 account signup bonus by receiving monthly direct deposits of $500 or more.

Albert

Albert is a banking service provided by Sutton Bank, an FDIC-insured bank. With Albert’s promotional bank account bonus offer, you can get $150 when you open a “genius bank account” and receive a qualifying direct deposit of at least $500 within 45 days of account opening and use your debit card to spend $200 on goods and services every 30 days for three months. 

This offer is great for anyone looking to make a little extra cash and doesn’t require large deposits. There are no stated geographic restrictions or expiration dates. 

Citizens Bank

Citizens Bank is an FDIC-insured, U.S.-based bank. Citizens Bank has about 3,300 ATMs and approximately 1,200 branches in 14 states in New England, the Mid-Atlantic and the Midwest. 

With the current offer from Citizens Bank that expires Jan. 23, new customers will get a $400 new checking account bonus if they meet a few conditions. To qualify, you must receive a direct deposit of $500 or more within 60 days. That will get you $300. You’ll also get $2 for every debit card purchase, up to $100, within 60 days of account opening. 

This offer is only available in Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Washington D.C.

Wells Fargo 

Wells Fargo Bank is an FDIC-insured, U.S.-based bank with 8,050 branches and 13,000 ATMs. Wells Fargo is one of the “big four” U.S. banks. At Wells Fargo, consumers can get a $325 bank account welcome bonus when opening a new Wells Fargo Everyday checking account. 

To qualify for the new checking account bonus, you need to deposit $25 or more and then receive $1,000 or more in qualifying direct deposits into the checking account within 90 days. There is a $10 monthly fee, but that is waived if you maintain a daily balance of at least $500 or meet one of three other conditions. 

CitiBank

Citi is one of the leading banks in the U.S. and is FDIC-insured. It was founded in 1812 and has 723 U.S. branches as well as locations in 19 countries. 

With the Citi Priority Account, you can earn up to $2,000 for a new checking account bonus. To take advantage of this offer, you must deposit a minimum of funds that were not previously in another Citi account within 20 days of account opening. You have to maintain the minimum balance to qualify for the bonus for 60 consecutive days from the 21st day after account opening. 

Citi offers tiers for this bonus. The minimum tier is a deposit of $10,000 to $29,999, which gives you a $200 bonus. To get the $2,000 bonus, you’ll need to deposit $300,000 or more. This offer is best for a consumer with large savings. 

Final thoughts on new bank account bonuses

Opening a new bank account to take advantage of a bank account bonus is a simple way to get some extra cash. Most major banks offer regular checking account bonuses and savings account bonus offers. 

Be sure to keep an eye on interest and fees, and choose an account with low or no fees and a high-interest rate on savings or checking to maximize earnings.

Frequently Asked Questions

The post What Bank Pays You To Open An Account? by Jacinta Sherris appeared first on Benzinga. Visit Benzinga to get more great content like this.