Looking for a new checking account? Did you know many banks and credit unions offer bonuses to new customers who open an account with them? While some of these bonuses may seem too good to be true, banks give them away to get your business. Perform a search online to learn more.
Checking vs. Savings Account
When you go to open a bank account, you will generally be faced with two options: a checking account or a savings account. Checking accounts are usually used for day-to-day expenses, monthly bills, and income deposits.
On the other hand, savings accounts are designed to help you save money and usually pay more interest than checking accounts. Most people rely on a combination of both accounts.
Bank vs. Credit Union
You’re likely going to have to choose a place to put your money too. There are a lot of options to choose from, but all of them can be categorized as either a bank or a credit union. Banks are large, for-profit companies that provide a range of financial services for their customers.
Credit unions, on the other hand, are non-profit organizations that are owned by the people that bank there. They restrict their customer base to a geographic area, workplace, or organization membership.
SoFi Checking and Savings Account
New SoFi banking customers can qualify for a $250 bonus on a new checking and savings account. Customers can take advantage of no account fees, no-fee overdraft coverage, and up to 15% cash back at local businesses.
CITI Citigold Checking Account
New Citibank customers can cash in on a staggering $2,000 bonus when they open a Citigold checking account. Additional benefits of the Citigold account include complimentary financial planning, preferred pricing and rates on select products and services, and travel benefits.
Chase Total Checking Account
New Chase customers can earn an extra $200. Chase Total Checking customers can get their monthly service fees waived by maintaining a minimum daily balance of $1,500 or by setting up electronic direct deposits totalling $500 or more.
Bank of America Advantage Plus Banking
The Bank of America executives aren’t just going to let all of the other banks scoop up new customers. They’re making it easy to earn extra cash too. Right now you can earn an extra $100 by first opening a new checking account.
TD Bank Beyond Checking Account
Opening a new Beyond Checking account at TD bank could earn you an extra $300. If you plan on maintaining a minimum daily balance of $2,500 you could get your monthly maintenance fees waived, and all of your non-TD ATM fees reimbursed, among other perks.
HSBC Premier Checking
Qualifying new customers can earn a welcome bonus of $500. To qualify, you’ll have to maintain recurring qualifying direct deposits totaling at least $10,000 a month for three consecutive months.
U.S. Bank’s Bank Smartly Checking
To earn this great bonus, new customers must open a U.S. Bank Smartly Checking account, enroll in the U.S. Bank mobile app, and complete two or more direct deposits.
Axos Bank Rewards Checking
Open an Axos Bank Rewards Checking account, enter a promotional code, and set up qualifying direct deposits to earn yourself a $150 welcome bonus.
Get Paid Today!
Banks and credit unions are offering bonuses to attract new customers to their checking accounts. While it’s important to review the requirements to qualify for the bonuses, opening a new checking account can help you earn extra cash.
In addition to the bonuses, many of the accounts offer other benefits, such as no account fees, overdraft coverage, and cash back rewards. By taking the time to review your options carefully and choose the best fit for you, you can enjoy the benefits of a new checking account and earn some extra cash.