Are you looking for a way to boost your savings and get the most out of your banking experience? More and more banks are offering checking account sign-up bonuses to entice new customers. Some checking account bonuses can amount up to $1,000 or more! However, the devil is in the details as they say. With so many bank options, it can be confusing to understand how these bonus offers work and which ones are best for your financial goals. Here we’ll break down the pros and cons of various checking account sign-up bonuses, from cash-back rewards to money market accounts - arming you with everything needed to make an informed decision when selecting your next banking partner!
7 Essentials to Consider
- Fees: Be sure to check for any monthly maintenance fees, overdraft fees, ATM fees, and other charges that may be associated with the account as these can often supersede any bonus you may receive.
- Minimum balance requirements: Some checking accounts will require a minimum balance in order to open and maintain an account. Accounts under the minimum balance may be subject to a penalty.
- ATM access: If you ever deal with cash, you want to make sure you can access it ant any time. Check for the number of ATMs available in your area, and also be aware of any ATM fees charged by the bank.
- Interest rates: Some checking accounts offer interest on the balance in the account, but these are often low, negligible rates.
- Online and mobile banking options: Online banking is the most convenient way to access your money. Check if the bank offers online and mobile banking options, including the ability to check balances, make transfers, and pay bills.
- Customer service: You’ll also want to Consider the quality of customer service provided by the bank, including the availability of 24/7 customer support. There’s nothing worse than being faced with a banking problem and having to wait until the next business day for your urgent issue to be resolved.
- Additional features: Some banks offer additional features such as rewards programs, free checks, and fraud protection. Evaluate which features are important to you and if the cost-benefit is in your favor. This is where sign-up bonuses come into play.
What’s the Catch?
Sign-up bonuses can provide you with an instant cash when you’re in need of funds. And who doesn’t like free money? Some sign-up bonuses can be worth hundreds of dollars, which can be especially appealing to those who are living paycheck to paycheck. Additionally, banks often offer promotional interest rates or fee waivers for a certain period of time, which can help you save money in the long run. But its important to remember that everything comes with a catch.
Sign-up bonuses often come with certain strings attached, such as minimum account balances, direct deposit requirements, or other conditions that you might not have met otherwise. If you fail to meet these requirements, you could forfeit the bonus and end up with no cash and a new checking account you don't really need. On top of that, some banks might require you to pay a monthly account maintenance fee, which could end up canceling out any benefits you get from the sign-up bonus. Before signing up, it's important to read the fine print.
Best Checking Account Bonus Deals
If you are looking for a checking account where the sign-up bonus will be the most cost-beneficial to you, the following accounts are your best bet. But realize that no one account will work for everyone.
City Priority Account
The Citi Priority Account offers a sign-up bonus of up to $2,000, but to get that bonus, Best Wallet Hacks clarifies that you’ll need a minimum balance of at least $300,000. Of course, not everyone has that but if you have at least $75,000, you can get a sign-up bonus of $1,000. For the minimum bonus of $200, you’ll need to have at least $10,000 in your account.
This is the full breakdown:
- $10,000 to $29,999 - $200 Bonus
- $30,000 to $74,999 - $500 Bonus
- $75,000 to $199,999 - $1,000 Bonus
- $200,000 to $299,999 - $1,500 Bonus
- $300,000 and above - $2,000 Bonus
The minimum amount needed must be deposited within the first 20 days of opening the account and you must maintain that balance for a minimum of 60 consecutive days. If you fall below that balance, you will drop to the lower bonus tier or entirely forfeit your bonus altogether. After you have met all the requirements, you’ll get your bonus within 30 days.
It’s also important to note that the account comes with a $30 monthly service fee if you cannot maintain an average monthly balance of $30,000 or more. On the plus side, Best Money notes that Citi offers convenient access to over 70,000 ATMs across the country with zero fees in the United States.
Chase Private Client
Chase Private Client accounts offer up to $3,000 in sign-up bonuses. However, to take advantage of these offers, you’ll have to have even more money to your name. The minimum account balance qualifications are as follows:
- $150,000 to $249,999 - $1,000 Bonus
- $250,000 to $499,999 - $2,000 Bonus
- $500,000 or more - $3,000 Bonus
You have 45 days from opening the account to meet these qualifications for the bonus. You may transfer qualifying funds or securities to a combination of eligible checking, savings or J.P. Morgan Wealth Management non-retirement accounts. Chase business checking and savings accounts are exceptions. Your bonus tier will be determined on the 45th day and you must maintain that for 90 days, after which you will receive your bonus within 40 days.
Capital One 360 Performance Savings
Capital One 360 Performance Savings lets you get that nifty $1,000 cash bonus for less, but you only have 15 days to do it. To qualify for a bonus, you must have at least $10,000 in your account within the first 15 days and you must maintain it for 90 days. The cash bonus tiers are as follows:
- $10,000 to $49,999 - $100 Bonus
- $50,000 - $99,999 - $500 Bonus
- $100,000 or more - $1,000 Bonus
This promotion also comes with the stipulation that you do not have any other 360 Savings account with Capital One. Check out the Capital One website for more details.
