Banks and credit unions are always looking to attract as many new customers as possible.
The more new money that these financial institutions can bring in, the more overall profit they make.
One of the most popular ways that banks lure in new customers is by offering account opening bonuses, which are financial
incentives you can get for opening a new account and meeting certain terms and conditions.
These new account offers are a win-win for the bank (or credit union) and customer.
They’re attractive to customers because it’s free money. And for banks, it’s a prime opportunity to bring in new customers,
who are likely to stay on board for many years down the road. How are bank bonuses paid out?
Most of the time, it’s in the form of a cash bonus that the bank puts directly into your new account.
The bonus payment might also be handed out in other forms, such as a Visa Gift Card or rewards points that you can use to make online purchases.
Once you’ve met all the requirements, it’ll usually take a few business days for your cash to show up in your checking or savings account.
Most bank offers will clearly state when and how to expect your cash bonus, so again, read the fine print.
How much money can you get?
Sign-up bonuses typically range from a couple hundred to a thousand or more dollars, depending on the bank, how much
money you deposit, or how strict the requirements are.
New account bonuses are typically offered for opening a traditional checking account, but you can also find them for opening
a new business checking account, money market account, savings account, credit card, or investment account.
How do I avoid monthly fees?
A monthly maintenance fee is a fee charged by a financial institution simply for having the account. This is typically bundled
with premium features such as interest on your deposit balance.
This is different from other account fees like atm surcharges, overdraft fees, or early account termination fees.
Fortunately, most of the time, the monthly service fee can be waived by meeting certain requirements such as receiving
qualifying direct deposits, or maintaining a minimum balance requirement.
If you can’t meet the thresholds necessary to waive the monthly fee, fear not.
Many banks offer a checking account bonus even for opening one of their totally free checking accounts.