It’s possible to make $100s by opening a new bank account, but sorting through the best offers can be tricky. There’s no shortage of enticing opportunities for banking clients right now. We’re happy to do the work for you. The Money Crashers team combs through hundreds of bank account deals every month to find you the most lucrative sign-up bonuses – some worth up to $1,000 or more. Don’t want to miss out? Read on for our roundup of the best bank promotions for this month and the requirements you must meet to qualify for each. Most are available to new customers in all 50 states, but a few have geographical restrictions to bear in mind.
Top Bank Promotions
Here are the best new bank account offers for savings and checking account promotions. These include a mix of high-yield checking accounts and high-yield savings accounts. Many are available through popular brick-and-mortar and online banks that also offer competitive yields on other types of deposit accounts, such as money market accounts and certificates of deposit (CDs). And if you’re in the market for a new home loan or personal loan, opening a deposit account with one of these banks could entitle you to special privileges, like reduced closing costs and lower interest rates.
Why Banks Offer Sign-Up Bonuses
You probably wonder why banks offer sign-up bonuses. Why would they give away ‘free money’? Think about which bank account you’d be more willing to open: one with no sign-up bonus or one that pays you a couple hundred dollars to open and maintain. Banks use sign-up bonuses as a marketing tool to get more customers. They figure that by offering the bonuses, they’ll get your business for the new account, plus you might use their other banking services, making the bank even more money.
Qualifying for Bank Bonuses
Each bank has different requirements to qualify for a bank bonus. The key is to read the fine print to understand how to qualify. Most banks require more than simply opening an account. For example, they may require a certain number of transactions or a minimum direct deposit. Be sure you can meet the requirements before choosing a bank bonus, paying close attention to the dates that coincide with the bonus. For example, if a bank requires a minimum balance to earn the bonus, they usually specify how long you must keep the balance in the account either by the number of days or a specific date.
Finding Bank Bonuses
The easiest way to find bank bonuses is to peruse our list of the best bank promotions available. We keep our list updated so you always have the most current offers available. You can also find bank bonuses by searching online for bank promotions near you. Search specifically for the type of account you need, such as checking, savings, or business accounts. Then compare the offers presented to you and choose the one that will pay you the highest bonus.
Bank bonuses, unlike credit card bonuses, are taxed. Just like you’d pay tax on interest earned on your bank account, you’ll pay interest on any bank bonuses, as the IRS considers it interest earned. Don’t worry about remembering to claim the bank bonus. If you earn a bank bonus, the bank will send you a 1099-INT with the bonus included on the statement so you don’t forget to claim it on your taxes.
Managing Bank Accounts
You can have as many bank accounts as you want, but ideally, you should at least have a checking and savings account. The savings account should hold the funds meant for an emergency fund or other financial goals. If you can manage the accounts and find accounts that won’t cost you a monthly maintenance fee, you can have even more accounts. Keeping a separate emergency fund, for example, is usually suggested because it eliminates the risk of spending the money on another goal, leaving nothing for those unprecedented emergencies. However, don’t open more bank accounts than you can manage or have bank accounts that cost you monthly maintenance fees because you have your money spread out amongst the accounts and can’t meet the minimum balance requirements to waive the monthly maintenance fees.
Bank bonuses are always worth it as long as you don’t open accounts that will cost you a monthly maintenance fee. Just ensure you can meet the requirements to meet the bank promotion and waive the monthly fee. Take your pick of these bank promotions. You’ve earned them. But don’t let bank account bonuses have the last word on where you choose to bank. When choosing a bank, it’s important to find one that suits your needs – whether that’s favorable interest-bearing accounts, low or no fees, overdraft protection, access to potentially lucrative cash-back credit cards, or mobile-friendly online banking features. Bank account promotions for new customers are wonderful, but taking advantage of permanent perks is a long-lasting bonus in its own right. You deserve a bank that’s willing to work every day to earn your business.
This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser, and have not been reviewed, approved, or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.