Get a $900 bonus for opening a checking account.

Get a $900 bonus for opening a checking account.

Get a Bonus for Opening a Checking Account

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You might as well get a bonus for opening a checking account these days. To lure customers, many banks and credit unions dangle cash bonuses for those who open an account and meet certain requirements. But before you jump on the bandwagon, it’s important to understand the terms of the bonus and any hidden fees or downsides of the new account.

Before you begin, know your motives. Changing your checking account can be arduous, especially if you have set up many automatic payments and deposits that would need to be transferred to a new bank. That’s why banks offer rewards to new customers; they want to make it worthwhile to switch. However, you should consider if you want to commit to transferring your whole financial life to a different bank. If you have a significant amount of cash that you are considering investing, opening a checking account with other services, such as a savings account with a large deposit, may yield a far bigger bonus. It’s essential to ensure that the account you choose meets your needs and aligns with your financial goals.

Check your credit cards. Some rewards credit cards send special offers to their customers promoting banking or investing products. These offers may include bonuses or special rates. It is worth exploring these offers to maximize your benefits.

When considering these bonuses, it is essential to weigh the costs and benefits. Most bonuses require you to contact your employer or another steady income source and arrange for automatic deposits into the new account. You will also need to monitor the account and maintain a certain balance for a specific period, typically two to six months. Consider the value of your time and determine if the extra effort involved in getting a bonus is worth it for you. Additionally, keep in mind that these bonuses are treated as taxable interest, which will lower the net amount of your bonuses depending on your tax status. It might be worth considering opening a high-yield savings account, a CD, or a Treasury Bill, which also offer potential financial benefits.

Know thyself. If you are not highly organized or able to maintain the minimum balance required for the bonus, it’s best to pass it by. Opening an account entails responsibilities, and if you aren’t confident in meeting those requirements, it may not be the best option for you.

Hot tip: Some smaller banks and credit unions offer a service called ClickSWITCH, which automatically moves your automatic payments and deposits to your new bank. Be sure to ask your new bank if they have this program.

Stand-Out Bonuses

Capital One — Earn $350

  • The threshold for direct deposits is only $250 per deposit, making it more attainable compared to other banks.
  • The interest rate is 0.1% on accounts with less than $50,000.

To get the $350 bonus, open a 360 Checking account with code BONUS350 by October 18, 2023. Then set up and receive at least 2 direct deposits, each of $250 or more, within 75 days of account opening. Make sure to read the fine print and understand the specific requirements and conditions.

Chase Bank — Earn Between $200 and $900

  • Some Chase credit card customers can combine bonus offers for a total bonus of $900 in just over three months, with a deposit of $15,000.
  • The interest rate on the Chase Savings account is only 0.01%.

To receive the $200 bonus (or $300 for current Chase credit card customers), new customers may open a new Chase Total Checking® account by October 18, 2023. Arrange for your direct deposit to be in the account within 90 days of enrollment. Chase will deposit your bonus in the account within 15 days. Remember to keep the account open until the bonus is received. Chase Total Checking accounts charge a monthly $12 fee unless you meet specific requirements like maintaining a minimum balance.

To get an additional $200, new customers may open a new Chase Savings℠ account by October 18, 2023. Deposit a total of $15,000 or more into the new savings account within 30 days of enrolling and maintain at least a $15,000 balance for 90 days from account opening. Chase will deposit the bonus in your account within 15 days.

By invitation, Chase credit card customers can potentially earn a total of $900 by opening both checking and savings accounts with their invitation code. Eligibility may be limited based on account ownership.

Bottom Line

Choose an account that makes sense for the long run. If you end up paying a monthly fee, it could cancel out any bonus. Over time, you may earn more by choosing an account with a high-interest rate, especially if you hold a substantial balance.

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