Bonuses offered by banks for opening accounts: selecting the right one

20 December 2017

To lure customers for opening accounts and purchasing other financial services or products, banks do their best and widely market their incentives and perks provided in exchange for some activity or transactions. While some perks may be of benefit, others may entail a long chain of hassle and extra costs.

Chase checking accounts

Chase checking accountsChase appears to be one of the most generous banks in the United States offering a wide range of bonuses for customers wishing to open a checking or savings account, as well as other bonuses for students and borrowers. The two remarkable bonuses provided by Chase include a $300 bonus for opening a Premier Plus Checking account and a $200 reward for Total Checking account. The difference between these accounts is in the service fees and average daily balances.

In order to be able to qualify for the above bonuses customers need to open either account with a deposit of at least $25 placed within 60 days. The deposit should be direct: it may be electronic transfer for paycheck, pension benefits or government privileges. In order to claim the bonus customers need to get a free coupon from the bank’s website by specifying their email address, where the coupon will be sent. After that customers take the coupon and go to any of the physical locations where Chase operates. The bonus is credited to the customer’s account within 10 days, but it may be cancelled, if the account is closed before the expiry of a six months period.

TD Bank checking accounts

TD Bank checking accountsTD Bank offers checking account bonuses similar to those of Chase: $300 for Premier Checking account, and $150 for Convenience Checking account. In order to apply to any of the bonuses customers will also need to go to the website of the bank and file an application for the checking account online. The bonus is provided for the residents of the United States and Canada.

After a customer opens an account, a direct deposit should be made within 60 days at an amount exceeding $2,500 for Premier Checking, and over $500 for Convenience Checking. Monthly maintenance fee is $25 and $15 for Premier and Convenience accounts, respectively, however, this fee is waived if a customer supports a daily balance of at least $2,500 or $100.

Citi account packages

Citi account packagesCiti is deemed as one of the most expensive banks in the United States with a great number of customers expressing their displeasure about the service, to say the least. Maybe, this opinion has its grounds, as Citi offers bonuses only to people with high balances on their accounts. Thus, for applying to Citi Priority Account Package customers get a $500 bonus, and $300 bonus is provided to customers applying to Citi Account Package.

The tricky part about both bonuses is their high balance requirements: it is a $50,000 deposit for the Priority package, and $15,000 for the Account package. These balances should be kept for 60 days with one direct deposit required to be made within 2 consecutive calendar months after opening an account. In order to be eligible for the bonus customers need to register online.

Bank of America checking accounts

Bank of AmericaBank of America is providing bonuses both for existing and new customers opening eligible checking account with the perk amount standing for $300 and $100, respectively. In order to claim the $100 bonus a customer needs to open a new checking account and sign up for direct deposit, after which two deposits should be made at an amount of at least $250 within the 90 days period. The bonus will be credited within 60 days after all requirements are satisfied.

Existing customers may apply for a $300 bonus if they are already using financial products of the bank, such as credit cards, but they don’t have a checking account yet. To claim the bonus they need to apply for Core Checking or Interest Checking account and select a direct deposit, transferring an amount starting from $4,000 within 90 days from opening the account.

Citizens Bank College Savings

Citizens BankProvidence-based Citizens Bank offers a $1,000 bonus to customers opening College Savings account aimed to help parents to achieve their goals to save money for paying the college tuition. The account features interest, and if it is opened before the child’s age of 12 with some amount saved (from $25 to $50) every year, parents will be eligible for a $1,000 bonus, when their child grows to the age of 18.

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