A bank sign up bonus is a promotional offer from a bank. It mainly consists of cash bonuses when you open a particular type of account with the bank. In most cases, if you want to qualify for the perk, you will need to set up a direct deposit with the bank. Furthermore, in most cases, you will need to keep the account open for a specific period of time.
What Is A Bank Sign Up Bonus?
According to the Forbes Advisor,
“A bank sign-up bonus is a financial incentive offered by banks and credit unions to encourage people to open a new account. Typically, bonuses take the form of cash deposits. To receive a bonus, you’ll usually need to either satisfy a minimum deposit requirement or receive qualifying direct deposits.”
You can find a bank sign up bonus by researching the offerings of most banks that interest you. Hence, you need to be aware of the banks’ promotional offerings. Due to various promotions and advertisements from the banks, it is mostly easy to track down the sign-up bonus value.
Best Bank Sign Up Bonus You Must Know
NerdWallet states –
“Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months.”
To learn more about the best bank sign up bonus offers, read on through to the end of the article.
Top 10 Bank Sign Up Bonus (Checking Account) For 2024
The following are some of the best bank sign up bonus for checking accounts that you need to learn about in 2024:
1. Chase Bank (Private Client)
By opening a Chase Bank Private Client Checking account by 24th January, you will be able to earn up to $3,000. If you want to get this bonus, you will need to meet a Private Client Banker within the last date. Then, you will need to transfer at least $250K of money/securities to your Chase account within 45 days.
By opening a new checking account at Citibank, you will be able to get up to $2,000. However, you will need to deposit your funds within twenty days after opening your account. The bonus amount you get will depend on your account balance after 20 days of your opening the account. To get $2,000, you will need to deposit $300K and maintain that balance.
3. Wells Fargo
Wells Fargo offers you a $2,500 account bonus if you open a Premier Wells Fargo checking account with at least a $250,000 deposit. However, you must make the deposit within 45 days into eligible linked accounts at the bank. Furthermore, you will also have to maintain this balance for another 45 days if you want to receive the bonus.
4. Bank Of America
A customer opening a personal checking account can earn up to $200 from the Bank of America. However, the customer needs to open the account online by 31 January. Apart from that, you will also need to ensure that you do not have a Bank of America personal checking account within the last 12 months. Furthermore, there are additional requirements to fulfill.
5. Huntington National Bank
Huntington National Banks offers two options, one for consumers and the other for business owners. In the first case, if you open a Perks Checking account. Here, you will need to make cumulative deposits of at least $1,000 within 90 days to get $400. On the other hand, you will get $600 for opening a Platinum Perks Checking account. However, you will need to make $25K in cumulative deposits within 90 days.
6. PNC Bank
PNC also offers you a bonus of up to $400. However, here, you will need to open a Virtual Wallet with Performance Select. In this case, you will need to make direct deposits of $5,000. On the other hand, if you open a Virtual Wallet with Performance Spend with a $2,000 deposit, you will receive $200. Moreover, if you open a Virtual Wallet with direct deposits of $500, you will get $100.
Customers opening a Smart Advantage Checking account, Relationship Checking account, or Smart Money Checking account are eligible to receive a bonus of up to $400. However, qualifying direct deposits in those accounts include payroll, Social Security, pension, or other government payments.
8. Axos Bank
If you open a new Axos Bank checking account, you can earn $300 by making direct deposits of at least $5,000. However, you will need to make those deposits into the Rewards Checking account for seven consecutive months. Furthermore, you will also need to make your first deposit within the first thirty days.
9. U.S. Bank Smartly
If you open a US Bank Smartly streamlined checking account, you will receive $800. However, you will need to meet the requirements. Furthermore, you can earn additional bonuses if you open a savings account. This offer is valid through 12 March 2024.
SoFi Bank offers customers $300 once they open a Checking and Savings account. To earn the bonus, a customer needs to make a direct deposit. The bonus you receive will depend upon the amount of your total qualifying direct deposits during the bank’s 25-day evaluation period.
Why Do Banks Offer “Bank Sign Up Bonus”?
With the help of bank sign-up bonuses, various banks try to distinguish themselves from other banks and financial institutions in the industry.
According to BankRate.com,
“Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.”
Apart from that, many banks offer other benefits than mere bank sign up bonuses. However, qualifying for multiple bonuses like these is not always possible. These bonuses are mostly available for new checking accounts.
Hope this article was helpful for you in getting a better understanding of bank sign up bonus offerings. However, before you choose to open a checking account with any bank, make sure to read the information-related documents and terms carefully. Do you have further suggestions? Consider sharing your ideas and opinions with us in the comments section below.