Are you a fan of receiving free money? We believe you could be. And it appears that many banks share the same belief. This is why they are currently enticing customers with enticing bonuses to encourage them to open a bank account. Banks are eager to gain your patronage, and as a result, many of them have promotions that may seem almost too good to be true.
A whopping $600 just to initiate an account? What's the catch, you might wonder? Typically, there are a few terms and conditions to be aware of, such as the duration the funds must remain in your account or a minimum balance requirement. Nevertheless, it's safe to say that banks are essentially handing out money in order to attract new business.
If you're in the market for a new banking option, we invite you to explore the list of the eight highest-paying checking account bonuses below. These offers promise a substantial boost to your account balance.
Checking vs. Savings Account
When you decide to open a bank account, you will typically have two primary options: a checking account or a savings account. While there are various types of each, let's keep it straightforward for now.
Checking accounts are generally used for day-to-day expenses, covering monthly bills, and depositing income. You can also issue checks from these accounts. They are specifically designed to accommodate numerous transactions and serve as a convenient repository for funds you intend to use in the near future.
If your goal is to save money, then a savings account is the way to go. These accounts often impose monthly limits on transactions and withdrawals, but they offer higher interest rates in return.
Many individuals rely on a combination of both types of accounts. It's quite common to maintain a checking account for everyday expenses and a savings account to earn additional interest on funds you don't anticipate needing immediately.
Bank vs. Credit Union
You're likely faced with the decision of where to entrust your money. There are numerous options available, but they can generally be categorized as either a bank or a credit union. You're probably familiar with how banks operate, and while credit unions share some similarities, let's explore a few of the key distinctions.
Banks
Banks are sizable, for-profit financial institutions that offer a wide array of financial services to their clientele. Banks typically boast a more extensive network of branches and a greater number of ATMs compared to credit unions.
When it comes to online services, banks often excel in this department as well. Leveraging their size and available resources, banks tend to offer more user-friendly websites and apps. Conducting transactions with a bank can often be more convenient, which is a significant reason why the majority of Americans prefer them.
Credit Unions
Conversely, credit unions are non-profit organizations owned by their members. They restrict their customer base to specific geographic regions, workplaces, or membership in certain organizations. However, regardless of your location in the U.S., you can typically find a nearby credit union.
These smaller, community-focused institutions often shine in areas such as customer service, fee structures, and interest rates. Since credit unions do not need to generate profits, they are able to offer more competitive interest rates and lower banking fees compared to larger banks. Furthermore, credit union members have the opportunity to participate in the decision-making process by voting on new policies and operational matters.
SoFi Checking and Savings Account
Bonus: Up to $250
New customers of SoFi's banking services have the opportunity to earn a bonus of up to $250 when they open a new checking and savings account. Claiming this bonus is straightforward—simply open a qualifying account with SoFi and have at least one eligible direct deposit.
Beyond the enticing sign-up bonus, a SoFi Checking and Savings account offers additional benefits. Customers can enjoy no account fees, no-fee overdraft protection, and the opportunity to earn up to 15% cashback at local businesses.
CITI Citigold Checking Account
Bonus: Up to $2,000
You've read it correctly. New Citibank customers have the opportunity to claim an impressive $2,000 bonus upon opening a Citigold checking account. To qualify for this bonus, a minimum deposit and balance of $300,000 or more are required, while deposits and balances of $10,000 can earn a $200 bonus.
In addition to the substantial bonus, the Citigold account offers a range of added benefits, including complimentary financial planning, preferred pricing and rates on select products and services, as well as travel-related advantages. It's a premium account that is significantly enriched by a variety of premium features.
Chase Total Checking Account
Bonus: Up to $200
New customers at Chase can effortlessly earn an additional $200. All you need to do is open a new checking account and establish a direct deposit within 90 days. For Chase Total Checking account holders, monthly service fees can be waived by either maintaining a minimum daily balance of $1,500 or setting up electronic direct deposits totaling $500 or more.
Bank of America Advantage Plus Banking
Bonus: Up to $100
Bank of America is not willing to let other banks take all the new customers without a fight. They are simplifying the process of earning some extra cash as well. Currently, you can earn an additional $100 by initially opening a new checking account. Afterward, you'll need to set up and receive qualifying direct deposits totaling $1,000 or more within 90 days of account opening.
TD Bank Beyond Checking Account
Bonus: Up to $300
By opening a fresh Beyond Checking account with TD Bank, you have the chance to pocket an additional $300. The process is straightforward: just enroll and receive qualifying direct deposits totaling $2,500 or more within the initial 60 days after account opening.
Moreover, if you intend to sustain a minimum daily balance of $2,500, you can have your monthly maintenance fees waived and enjoy other benefits such as reimbursement for non-TD ATM fees.
HSBC Premier Checking
Bonus: Up to $500
HSBC's Premier Checking accounts provide customers with both local and global benefits, including free international account opening, no HSBC fees, and no foreign transaction fees when using your Premier debit or credit card, among other advantages.
New qualifying customers can also receive a generous welcome bonus of up to $500. To be eligible, you must maintain recurring qualifying direct deposits totaling at least $10,000 per month for three consecutive months.
U.S. Bank's Bank Smartly Checking
Bonus: Up to $600
To secure this enticing bonus, new customers should open a U.S. Bank Smartly Checking account, enroll in the U.S. Bank mobile app, and complete two or more direct deposits. The bonus amount starts at $200 for direct deposits totaling $3,000 but can go as high as $400 for those whose direct deposits reach $6,000 or more.
Furthermore, you can earn an additional $200 by opening a Standard Savings account and maintaining a minimum balance of $25,000 for a specified period. It's a worthwhile return for a relatively simple online transaction.
Axos Bank Rewards Checking
Bonus: Up to $150
By opening an Axos Bank Rewards Checking account, using a promotional code, and establishing qualifying direct deposits, you can receive a welcoming bonus of $150. In addition to the bonus, Axos Bank also offers competitive interest rates, a user-friendly banking app, and a fee-free structure to make the deal even more enticing for new customers.
It's Time to Seize the Opportunity!
With a plethora of choices available in the search for a financial institution, banks are vying for customers' attention by presenting enticing bonuses for opening new accounts. If you're in the market for a fresh checking account, you have the chance to capitalize on some of these offers. While certain promotions may necessitate substantial deposits and minimum balances to qualify for their bonuses, others may only require a modest sum.
Never underestimate the significance of excellent customer service when selecting a bank or credit union. Take the time to carefully evaluate your options and opt for the one that aligns best with your needs. If everything falls into place, you could find yourself enjoying a substantial bonus just for becoming a member.