Not counting once-in-a-life crashes like the financial crisis of 2007-8 (1), banks are always looking for ways to attract new customers and grow their business. Nothing new, you might say, but did you know that you could get quite a few big sign-up bonuses this way? When you open a new checking account, you will often get offers for things like car loans, credit cards, and savings accounts, because banks these days are desperate for your business.
This is especially true when it comes to online banks that have to compete with brick and mortar locations. Banks do this by transferring the savings to customers, since they don’t have to pay for rent, furnishings, and all the employees that come with your typical walk-in bank. What this translates into are customer bonuses worth hundreds of dollars just for opening a new account. If you’re interested, read on and find out about three big bank sign-up bonuses you cannot afford to miss.
Bonus amount: $750
If you haven’t owned an account with HSBC bank since Nov 2nd 2017, an HSBC Premier Checking Account promotional offer is waiting for you on their website. How can you qualify for this offer? You have to place a deposit totaling no fewer than $100,000 and then spread this money around your HSBC savings and checking accounts. Be quick, though, because you need to do this within 30 days after signing up for a premier checking account. Another thing to remember is that you can’t let your balance dip below $100,000 for 90 calendar days. But with that out of the way, you will receive a $750 in another two months, which will be deposited to your account. (2)
Bonus amount: $600
There are three different bank bonuses available from Citibank. To take advantage of this offer, you will have to first make a new checking or checking and savings account and then deposit $50,000, $15,000, or $5,000 to get bonuses of $600, $400, and $200, respectively. The only condition for these bonuses is that you maintain the initial balance for a period of at least 30 days. Customers, who want another $100 bonus, will have to set up a direct deposit to their new Citibank account and receive one payment for two months consecutively. (3)
Bonus amount: $200
If you are just like most people and don’t have anywhere from $5,000 to $100,000 laying around, you will probably be interested in the bank sign-up bonus from Chase bank Those, that open a Chase Total Checking Account and deposit $25, can receive a hefty $200 reward, which is nothing to sneeze at. There are some conditions that you need to fulfill in order to qualify, but they’re nothing out of the ordinary. First off, you have to receive a direct deposit to your new Chase account within 60 days after signing-up. Other than that, new accounts must be used or open for no less than 6 months. When all these requirements are met, you will get $200 within 10 business days after qualifying. (3)
Why Do Banks Give Such High Sign-Up Bonuses?
The question most people want to know is why do banks have such bonuses and promotions. The answer is quite simple. When you and many other people deposit funds into their accounts, banks use those deposits to make more money through various investments. And since competition between banks is now fiercer than ever, they’re inclined to share more of the profits they would otherwise get a lion’s share of. Besides, running a physical business is much more costly than running an online banking website, which is also a reason why we’re seeing so many good incentives to sign-up.
However, don’t think that it’s only the biggest banks that have these kinds of bonuses – smaller banks also have many special offers. That makes it well worth your while to always ask whether a bank is running a special promotion that you might be eligible for, or which goes along well with your shopping and banking habits.
Get Your Bank Sign-Up Bonus Today!
The banks and their sign-up bonuses presented above are just a small percent of what’s available if you take the time to do some research online. You can find many other, perhaps even better, bonuses and offers, if you have some time, along with a computer and internet connection. Find and compare multiple offers, see which ones you qualify for, and find your bank sign-up bonus today!