Banks That Give You Money For Opening An Account In 2024

Are you curious to know the Banks That Give You Money For Opening An Account? Your search ends here.

There is nothing more enticing than free money. Would you be interested in opening a new bank account for $50? How about $100? It is common for banks and credit unions to offer new customers that much or more in reward for becoming customers.

The feeling of receiving a bonus is always nice, regardless of how big or small it is. Bonuses can be earned with little effort, so it’s all the better if you can do it easily. You can earn the highest bonus by depositing up to $200,000 at some banks, for instance. It goes without saying that most people can’t accomplish that.

You can get large bonuses from some banks, but they require a high standard of achievement to reach them, while you can get a small bonus from others that is easier to obtain. 

The purpose of this article is to inform you about Banks That Give You Money For Opening An Account, as well as the best bank for you. 

Without further delay, let’s get started.

What Are Bank Sign-Up Bonuses?

Financial incentives are offered by banks to encourage people to open new accounts. Bonuses are usually deposited as cash. Bonuses are typically awarded upon meeting a minimum deposit requirement or receiving a qualifying direct deposit.

Are Bank Account Bonuses Worth It?

The reward can make it worthwhile to open a new account and add money if the requirements are reasonable and the rewards are substantial. You should understand what fees might be incurred and the time it might take for you to receive the bank bonus before signing up for a new account. 

Why Do Banks Offer Sign-Up Bonuses?

It might seem strange to you that banks offer sign-up bonuses. Is there any reason why they would give away ‘free money’?

There is only one answer – marketing.

How likely are you to open a bank account if you don’t receive a sign-up bonus or if you receive a couple hundred dollars?

To increase their customer base, banks offer sign-up bonuses. Providing bonuses helps the bank make money on the new account, as well as on other banking services you may use.

Top Banks That Give You Money For Opening An Account

There are several Banks That Give You Money For Opening An Account, some of which are given below:

The promotion code AXOS300 at Axos Bank will give you a $300 bonus to open an Axos Bank Rewards Checking account.

Your account must be funded within 30 days of opening. You must also receive at least $5,000 in qualifying direct deposits each calendar month during the first seven months your account is open, as well as maintain a minimum daily balance of $7,000. When you meet the direct deposit and average daily balance requirements, you will receive $50 a month.

It requires a minimum opening deposit of $50, but there is no minimum balance requirement, and there are no maintenance fees on the high-yield savings account.

Eligibility

In order to qualify, one must open a new Axos Rewards Checking account within the promotional period. There is a fee of $300 if the account is closed earlier than 210 days, which is equal to the amount of the total bonus earned.

PNC Bank

You can receive a $400 cash bonus from PNC Bank if you register for a Virtual Wallet with Performance Select and make qualifying direct deposits that exceed a certain threshold. PNC Virtual Wallet new account holders can earn $50, $200, or $400 in bonuses before July 1, 2023. A link on the bonus offer page allows you to open the Wallet package online. Spend accounts need to be credited with $500, $2,000, or $5,000 within 60 days to receive bonuses.

The first three statement cycles should contain transactions made with a PNC Bank Debit Card. Once you have met the requirements for the bonus, it will be credited to your account within 90 days.

Eligibility

Businesses with revenues under $5 million are eligible. It is necessary to open the new checking account between January 1, 2024 and March 31, 2024

Citibank

The bank is offering customers up to $2,500 when they open a new checking account before July 8, 2024. A deposit must be made within 20 days of opening the account in order to qualify for the bonus. It is determined by the balance of the account after 20 days. Make deposits to your recurring paychecks, pensions, retirement payments, and more. Once you have met the requirements, your cash bonus will be deposited into your open checking account 30 days later. Consider Open Business Checking Account Online No Chexsystems, tailored for those without Chexsystems history, for convenient banking.

Eligibility

The bonus is available when you make two Enhanced Direct Deposits directly into your new checking account within 90 calendar days of opening your account. You must have at least $1,500 in combined Enhanced Direct Deposits. Yo

Huntington Bank 

As a consumer or business owner, Huntington Bank offers two checking account bonuses. Until June. 7, 2024, you can apply to earn:

• A $400 bonus is available to new Perks Checking account holders who make cumulative deposits of $1000 or more within 90 days of opening the account.
• The Platinum Perks Checking account holder receives a $600 incentive if he or she opens a Platinum Perks Checking account and deposits at least $25,000 within 90 days.
• You may only use these offers if you live in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin.

Eligibility

 This account requires a minimum of $1,000 in direct deposits in the first 60 days. A $200 bonus will be awarded if you meet that requirement.

TD Bank

 A $200 bonus can be earned when you open a TD Signature Savings or Simple Savings account within 20 days and deposit $10,000 outside TD Bank within 90 days. If you open a Convenience Checking or Beyond Checking account with TD, you will also get up to $300 through October 31, 2023. TD Convenience Checking account offers $200 for $500 in qualifying deposits, and TD Beyond Checking offers $300 for $2,500 in qualifying deposits within 60 days. In the event that you have previously received a personal checking, savings, or money market account bonus, you will not be eligible.

Eligibility

A calendar year may include ten bonuses (up to $500) for customers who refer others. There can be no previous or existing personal checking accounts with TD Bank for the referred person within the last 12 months. Cross-border banking customers and TD Bank employees are ineligible. The bonus amount will be deducted at account closure if the checking account is closed within six months of account opening by the new customer or TD Bank.

Chase

Earn a welcome bonus of up to $3,000 by opening a Chase Private Client Checking account by July 19, 2023. Moreover, you must meet with a private client banker within 45 days of the promotional deadline and transfer $150,000 in cash or securities from outside the bank. Once the money is received, it should be kept for 90 days. If you set up direct deposit within 90 days of opening a Chase Total Checking account, you will receive a $200 bonus. To claim the offer, you must use the coupon on Chase’s website.

Eligibility

It is necessary for the referred person to be a new Chase checking customer. It is not possible for the referred person to:

• You must already have a Chase checking account
• A 90-day window has passed since the referral was made
• Within the last three years, closed an account with Chase with a negative balance

M&T Bank

There’s a new account promotion from M&T Bank that’s easy to take advantage of. In April and May of 2024, open new checking accounts and maintain an average monthly balance of $10,000. Depending on the account type you open, you will receive a bonus. Once the direct deposit has been made, you’ll get the bonus deposited within 90 days.

Eligibility

If you open your account within 90 days of making a direct deposit, you must make at least $500 in direct deposits within that time period. In order to receive the bonus, the account must still be open at the time. Upon closing an account within 180 days, there is a $50 fee.

How To Qualify For Banks That Give You Money For Opening An Account?

There are different requirements for qualifying for Banks That Give You Money For Opening An Account. If you want to qualify for the program, you need to read the fine print. Account opening is not the only requirement at most banks.

You may be required to complete a minimum number of transactions or make a direct deposit. Check the bonus dates closely before choosing a bank bonus, and ensure that you’re able to meet the requirements.

Banks usually specify the number of days or a specific date for the minimum balance to earn the bonus, if there is one.

Rules That Apply For Banks That Give You Money For Opening An Account?

The following steps might be required in order to earn a cash bonus when you open an account:

• Deposit a minimum amount.
• A minimum of one year should be kept open for the account.
• Make direct deposits at least once a month.
• Make sure your balance is at least minimal.
• You may have to wait weeks or months before receiving your bonus.
• Accounts can be opened online or in person.
• Promo codes can be used.

Depending on your account activity, you may qualify for a waiver of monthly account maintenance fees. Depending on the type of account and the bank, fees may differ.

How To Choose The Best Banks That Give You Money For Opening An Account?

You can find these account features when checking out bank account promotions:

Bonus Requirements

There is typically a minimum deposit requirement of $10,000 for the best bonuses. A certain time frame may be required, or you may need to set up qualifying direct deposits of at least $500. If you plan to open an account, make sure you will be able to meet these requirements easily.

High APY

 If the bonus is for savings, check for a high APY account with no minimum balance requirements above the national average of 0.47%. A checking account that offers an APY greater than 0.07% is the one you should look for.

Minimal Opening Balance

 You should find out how much money you need to open the account as well as whether there is a monthly minimum balance or a direct deposit requirement.

No or Small fees

 A monthly fee may be charged by some banks if your account balance falls below a certain level. Free accounts are a good option if you can’t maintain a high minimum balance.

Pros and Cons of Banks That Give You Money For Opening An Account

Banks That Give You Money For Opening An Account has advantages as well as potential drawbacks, just like any promotional offer.

Pros

• A motivating factor for saving. The possibility of receiving a signup bonus could encourage you to open an account and begin saving.
• More interest could be generated. First-time account holders should take advantage of the introductory interest rate offered by their banks in order to put as much money into their savings accounts as possible.

Cons

• There is a possibility that the account is substandard. Even though the bonus offer might seem appealing, it will only last for a short time. If you are considering signing up, take note of all the details, including the fine print.
• Signup bonuses usually don’t arrive right away. You may need to wait a certain amount of time before receiving your signup bonus from many banks. Using this method, people will not have to open several accounts on the same day just to receive cash and then close them the following day.
• Taxes apply to bonuses. Taxable income includes checking account bonuses. During tax season, this can complicate things and reduce the amount of money you can keep.

Alternatives To Banks That Give You Money For Opening An Account

There are many ways to put your money to work for you, but Banks That Give You Money For Opening An Account are one of the easiest ways to earn more money. A few options are listed below:

Investments

The process of investing is easy for anyone, even if you don’t earn guaranteed returns like you would with an FDIC-insured bank account. 

Credit Card Bonus

 Signing up for a new account and spending some money within three months can result in a credit card bonus from many banks. 

Bonuses On Savings Accounts

 Several banks also offer bonuses for new savings accounts that meet the reward requirements.

A Passive Income

 You can develop small income streams with minimal effort by following the many passive income ideas and how-tos in the blogosphere.

Savings and CDs With High Yields

The rates offered on these two types of accounts are high at many banks, particularly online banks. It’s not a bonus in the strictest sense, but in the long term, your returns are likely to be even higher. To find out what you could earn, look at high-yield savings accounts and CD rates.

FAQ

Conclusion

It’s great to get free money, but you need to pay very close attention to certain things when it comes to bank promotions. You may want to start by checking out our guide to bank account bonuses. In this way, you’ll know how to make sure you get your bonus.

Additionally, choose a bank that provides all the services you require. There is nothing wrong with bonus money as long as your bank gives you exactly what you need.