Bank accounts are one of those things many of us take for granted. They are a place we store our money and sometimes get a small interest rate on from our bank. But there is more to it than that. In fact, banks have a number of strong motivations to get you to open an account at their institution—and this sometimes results in significant sign up bonuses and savings.¹
See It From The Bank’s Point-Of-View
A bank is not just a place where people put money: it is a business that offers many services such as loans, credit cards, funding and various savings accounts. Banks want you to sign up at them and put your money there because it also makes it much more likely that you will use their other services and center your business and other aspects of your financial life at their company.
This can translate into attractive offers if you open a savings account at a bank, especially an online bank that does not have the usual expenses of running a physical branch. In other words, online banks can afford to be quite generous in return for your business, including offering very competitive and high interest rates.²
Here are some great banking options worth considering.
Discover Cashback Checking Account
It’s a great idea to look into opening a cash back checking account. The Discover Cashback Checking Account, for example, gives you one percent of your monthly purchases back on up to $3,000 in spending. If you do the math that is up to $360 dollars back per year, which is not bad at all.⁴
Citibank’s Checking and Savings Account Combo
Citibank’s checking and savings account combo package is another banking option worth your attention. It has a very hefty signup bonus of between $200-$1,500 depending on how much you deposit. If you hold a minimum balance of $5,000 you get $200, if you hold $15,000 you get $400, if you hold $50,000 you get $700, and if you hold $200,000 you get $1,500. The minimum balance must be held for 60 days in the bank to earn the bonus.⁵
Chase Total Checking Account
Another bank which leads the pack in terms of its signup advantages is Chase. The Chase Total Checking account offers a $200 welcome bonus and is perhaps the easiest bonus to take advantage of. To qualify you must receive a direct deposit within the first 90 days of opening the account, and the direct deposit must be a paycheck, pension, or government benefit. That’s it. There’s no hefty minimum balance required, so it’s definitely a bonus to take advantage of.⁶
HSBC
The HSBC Premier Checking account has the a respectable sign on bonus of $475, however it is a bit harder to get and requires a higher deposit amount, namely $75,000 put in before the end of the first month.⁷ If you have this amount of funds available, this account would be your optimal choice, certainly, but it is not a given for many people nowadays, particularly in today’s unstable economy.
Finding The Best Online Bank
There are many more options when it comes to finding a great place online—or in person—to get a savings or checking account and take advantage of great bonuses and incentives.
Finding the best online bank to open a savings account at is quite simple. Performing a search online to compare the different options is all that needs to be done. You can then choose the bank that looks most attractive to your own specific needs. As always, be sure to research carefully and pick wisely to ensure that your next bank account is the perfect choice.³
[1] https://www.discover.com/online-banking/banking-topics/multiple-savings-accounts-save-more/
[2] https://www.forbes.com/sites/moneybuilder/2011/12/12/three-key-advantages-to-banking-online/#3ea8757b4276
[3] https://money.usnews.com/banking/online-banks
[4] https://www.discover.com/online-banking/banking-topics/4-benefits-of-a-rewards-checking-account/
[5] https://banking.citi.com/cbol/citigold/offer/default.htm?Promo_ID=4FWVDEFPBWCCMG&BT_TX=1&ProspectID=FC055BF2FBB340689B7C15CD729FE9A4
[6] https://accounts.chase.com/consumer/banking/online/seo
[7] https://www.us.hsbc.com/checking-accounts/campaigns/offers/