Welcome to the world of bank account bonuses! It’s a place where you can earn hundreds of dollars just by opening an account and keeping it open. But what are they, exactly? And how do they work? This guide will answer all your questions, so you can start earning money on your new account today.
What are bank account bonuses?
Bank account bonuses are an easy way for banks to compete with each other, and they’re a way for banks to attract new customers. If a bank offers a $200 bonus for opening a checking account, you may be able to use that money from the bonus as an incentive to switch over from another bank.
For example, maybe your current bank offers $100 cash back on debit card purchases but only has branches in the suburbs. Your best options might be switching over to another branch of your current bank or finding another option altogether—like opening an account at one with more locations closer to home. With online platforms like SoFi, you don’t have to worry about this. They also offer a wide range of bonuses on different services. For instance, “for a limited time, get a $300 bonus with qualifying direct deposits”.
The other reason why banks offer checking account bonus is that they want people who already have their accounts open to stay longer than they would normally do so without some kind of incentive—hence the name “bonus”; you’re being rewarded for sticking around by being given free money!
Who can claim them?
If you meet the requirements and are an existing bank customer, you can claim the bonus. To be eligible for this reward, you must open a new account with them (whether it’s a checking account or something else). The only exception is that some banks will offer customers who’ve had their accounts for over three months an incentive to keep using them.
After opening your new account, the bank will deposit your bonus into your account within two weeks. It’s important to note that some banks require you to maintain certain balance levels on their accounts in order to keep receiving this benefit. If this is the case with yours, make sure that you follow these guidelines!
How do the bonuses work?
Bonuses are usually in the form of cash or gift cards. They require a minimum deposit and a certain number of transactions, such as your first purchase or a $50 deposit. Most bonuses have an expiration date, so make sure you’re aware of when it expires before taking advantage of one.
Why offer them?
Banks and credit unions offer bonuses because they are vested in attracting new customers and increasing the number of accounts, products used, referrals and transactions. The more people bank with a particular institution, the more money they make.
If you’re looking for a new account or product, it makes sense to look into which banks are offering bonuses, as this could be an added incentive to open up an account with them.
It’s clear that the banking industry will continue to offer new and exciting ways for its customers to earn extra money for doing what they already do—and it’s great news for everyone who wants a little extra cash.
In addition, bank account bonuses can help you make more informed financial decisions by providing unbiased information about your current bank account or credit card options without being influenced by sales pitches or advertising campaigns.
