It’s no secret that banks want to provide incentives and bonuses for signing up for new accounts.
We searched for these opportunities high and low, and brought some of the top we’ve found. That’s why a lot of banks provide $300 or more sign-up bonuses to can open an account with them.
Even better, online banking is widespread, and customers are spared the savings of not having a physical location. After all, once a new account is open, there is the possibility to use it to get a credit card, purchase a car, start a savings account, or use any number of services from the same bank.
The Top Bank Account Bonuses in 2020
1. Chase Total Checking – $200 Bonus
To qualify for the Chase Total Checking bonus, open a new account, leave a $25 deposit, and finally arrange a 60-day direct deposit. Getting a $200 bonus in the new account after that, and 10 business days afterwards.
2. Chase Savings – $150 Bonus
Chase Bank provides an enticing $150 bonus without committing a substantial sum of money. However, at $10,000 is required within 20 business days to qualify after an in-person or online sign-up. To avoid a $5 monthly maintenance fee, always keep a $300 balance and tie the account to a regular scheduled direct deposit.
3. Citibank Checking and Savings Account Package – $500 Bonus
The Citibank bonuses are among the largest that we’ve been able to find, and they don’t have a significant deposit requirement. There is a deposit needed within 30 days to the tune of $15,000 to get $400 to sign up for their checking and saving account package. If the money stays in the account for a total of 60 days while making a direct deposit for two consecutive months, it’s possible to receive an additional $100.
4. Discover Cashback Checking – Max $360 Bonus per Year
The bonus provided with a sign-up to Discover Cashback Checking is among the easiest to get. To be eligible, open the new account, make a deposit of any amount, and begin making daily purchases with the included debit card. This can net a cash back bonus of 1% with a $3,000 monthly limit ($36,000 per annum) and this is automatically put back into the account without any hidden terms or a catch.
5. HSBC Premier Checking – $750 Bonus
The granddaddy of bonuses comes from HSBC with their Premier Checking account on that if which $100,000 is deposited within the first 30 days. It doesn’t matter whether it’s a saving, checking, or investment account that the deposit ends up in.
Advantages of Online Banking
The use of online banking is incredibly convenient with a mobile device and an internet connection, which can be used anywhere. And since there are no associated with branches of physical banks, they can use that money to subscribe bonuses.
[1] Brian Martucci. “21 Best New Bank Account Promotions & Offers – July 2020.” Money Crashers, 1 July 2020. https://www.moneycrashers.com/best-new-bank-account-promotions-offers
[2] Chris Moon. “Average Bank Interest Rates in 2020: Checking Savings, Money Market, and CD Rates.” ValuePenguin. https://www.valuepenguin.com/banking/average-bank-interest-rates
[3] Nick Clements. “The Best High-Yield Online Savings Accounts in July 2020.” Magnify Money, 7 July 2020. https://www.magnifymoney.com/blog/best-of/the-best-high-yield-online-savings-accounts-in-july-2020