6 Best Checking Account Bonuses to Take Advantage Of
An attractive bank account bonus can add a dazzling touch to the experience of opening new checking, savings or money market accounts. But it is essential to remember monthly fees as well as FDIC insurance protection – before jumping at such offers!
Opening and closing accounts frequently leads to account churning, which raises red flags with banks and can even cancel out your bonus. Avoid these mistakes to maximize your bank bonus!
1. Associated Bank
Associated Bank offers one of the best checking account bonuses. To be eligible for this reward, direct deposits totaling $500 or more within 90 days after opening an Associated Access or Balanced Checking account are necessary to qualify for it.
Associated Bank is a regional bank offering personal banking locations in Wisconsin, Illinois and Minnesota. Additionally, savings accounts and certificates of deposit (CDs) may also be offered; however, these don’t typically offer high interest rates.
From now until March 31st 2024, new Associated Brewers Checking accounts, Balanced Checking accounts or Choice Checking accounts could earn you up to $600 when opened within 12 months and closed within that same timeframe. In such a scenario, any bonus money would be deducted from your account balance as per their rules.
2. Bank of America
Bank of America is one of the country’s premier banks with over 4,300 branches and 1,600 ATMs across its footprint. Offering basic checking accounts, business accounts and savings/investment accounts – Bank of America provides customers with plenty of banking solutions that best suit them.
They provide a mobile app to track spending and gain cash back with Keep the Change program purchases. Their business accounts come equipped with efficiency tools compatible with Zelle. However, their savings and CD rates tend to be on the lower side.
Bank account bonuses often have certain criteria that must be fulfilled to receive them, ranging from meeting minimum direct deposit requirements to agreeing on spending limits for debit cards.
3. BMO Bank
BMO Bank provides its new customers with various bonus and perk features and benefits when opening a checking account, such as reduced or no monthly service fees, no-fee savings accounts, and cash back credit cards.
Savings Builder Account of Bank of America offers customers a generous interest rate when they make at least $200 in qualifying direct deposits each month, but charges $5 for ATM withdrawals or pre-authorized debits.
Bank of America also offers three checking accounts that are free to maintain with paperless statements and maintaining at least $5,000 balances each month; the Relationship Checking Account, however, features below-average APYs and charges overdraft fees.
4. Wells Fargo
Wells Fargo is an excellent option for those who prioritize physical banking locations and prefer banks with nationwide presence, offering competitive interest rates on savings accounts or CDs. They also provide a good checking bonus and various ways to waive monthly fees – although you might find better interest rate offerings elsewhere.
Wells Fargo provides its Premier Checking account, with a maximum APY of 0.50% and offering premium benefits such as waived ATM withdrawal fees from non-Wells Fargo ATMs and banking services, at no cost. However, the bank also charges a monthly fee and has less-than-competitive savings and CD rates.
5. Chase Bank
Chase Bank is a large financial services institution that offers consumers a suite of products for consumer banking needs, from checking accounts to certificates of deposit (CDs) and credit cards. Their products enjoy consistently high customer satisfaction scores as well as being supported by an outstanding mobile app.
Chase offers two savings accounts with competitive annual percentage yields and low monthly fees, as well as its auto-save feature to help consumers set goals effortlessly save.
Chase offers an attractive refer-a-friend program, providing generous bonuses to new customers who open qualifying accounts and meet certain requirements. However, be wary of opening and closing multiple accounts rapidly as this could raise suspicion.
6. TD Bank
TD Bank, located on the East Coast, provides straightforward checking accounts paired with excellent customer service and offers retail investing products through TD Ameritrade.
Bank offers five distinct checking account types, such as TD Beyond Checking which waives ATM fees and overdraft payback, while earning interest. They also provide Convenience Checking accounts specifically targeted to people over 60 as well as interest-bearing CDs.
These promotions are only available for a limited period and have specific qualifications; typically you’ll need to meet a minimum deposit amount or direct deposit threshold before qualifying. Any cash received as bonuses from these bonuses will be reported and taxed by the IRS as income.
