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The 10 Best Bank Sign-Up Bonuses and Perks

The 10 Best Bank Sign-Up Bonuses and Perks 12.09.2019Leave a comment
The Best Bank Sign-Up Bonuses and Perks

Many banks offer sign-up rewards in the form of cash bonuses when opening new savings or checking account. To qualify for this perk, you will most likely be required to open a deposit account and hold it open for at least a couple of months.

Now let’s see what the most favorable market offers are, with the highest sign-up bonuses some even worth up to a couple of thousands of dollars.

The banking and financial industry is very competitive these days, so they are continually developing new attractive offers for customers to move around their financial assets. Some banks may offer you a bonus for adding an account to your current one.

Others may even attract their potential customers by opening new accounts for them and offering bonuses. Bank sign-up bonuses vary in size and their requirements. So, it would be advantageous for you to research many different options before making your final decision.

Note that many of the bank sign-up bonuses require a minimum amount of deposit in a certain period. It means you have to deposit a minimum amount needed for the bank and hold it as long as the bank requires it.

Many people think having sign-up bonuses offered by the bank means they immediately get the cash and can move their money around. This is a common misconception and by fulfilling all of the requirements is the only option you can get the sign-up bonus.

What Factors Should Be Considered Before Applying?

Sign-up bonuses are a great way for banks to distinguish themselves in today’s competitive market. These bonuses are usually offered for new customers while they open new checking or savings accounts.

However, there are specific criteria you should meet and specific factors you should watch out for before you can qualify for bonuses. Let’s see what some of the common requirements are:

When you apply for new checking or savings account, read the terms of minimum requirement carefully. Most of the banks require you to have a certain amount of money in your account for given consecutive months to be able to receive bonuses.

Such requirements may include points about having $15,000 within the first two months of opening your account life. And note that whenever you breach the term and close your account, bonus points will be returned back to the bank.

If you are going to make a deposit in the bank, make sure your annual percentage yield is among the highest in the market. There are many banks offering you bonuses and rewards if you open a new savings account with them.

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However, is it really worth to receive a one time bonus and have your savings at a lower yield?

Probably not.

Consider different market options, and maybe you will find the one offering both favorable sign-up bonus and higher annual percentage yield.

When you apply for a new checking account, banks will offer you bonus points if you make purchases within the mentioned time.

However, if you do not have that many expenses and let’s say don’t need to make $5,000 worth of expenses in two consecutive months after your account opening, you should probably consider other options.

If you think of your financial well being, read the checking account terms and conditions carefully to understand whether you really need that account or not. If you are applying for a checking account just to get a sign-up bonus, you are on the wrong path.

As far as we have discussed, you can see that earning sign-up bonuses is not that easy and you do not get the perks right after opening your account. Now let’s see what the current market offers are and which one is more suitable for you.

Discover Online Savings

If you haven’t opened any savings account with Discover, your first time may bring you a perfect opportunity to earn some bonuses. Here is what you need to become qualified for Discover’s online savings bonuses and perks.

Discover Online Savings
Discover Online Savings

You cannot have previously opened savings account with Discover or any other co-branded or affinity savings account provided by Discover. You can open an account online or by phone. There is no monthly fee, and the annual percentage yield is 1.9%.

If you initially put $15,000 in your savings account, you will earn a $150 bonus.

HSBC Advance Checking

With HSBC you can earn bonuses if you open a deposit account through their promotional page. The requirements for your qualification is that you should not have any HSBC consumer bank account from July 2016 to July 2019.

HSBC Advance Checking
HSBC Advance Checking

Your deposit amount should be at least $5,000 to be able to receive bonuses. At the time you receive the bonus, your account should be open and in good standing. For applying online, you should be a U.S. resident for the past two years. After all the requirements are met, your bonus will be deposited to your account after eight weeks sharp.

If you qualify for the requirements as mentioned earlier, HSBC Advance Checking is just the right option for you, where you can earn up to $350 bonus.

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Chase Total Checking

Do you want to enjoy up to $350 bonus by just opening a checking account with Chase?

Here is how you can do it. You need to open a Chase checking account online through their promotional page.

Chase Total Checking
Chase Total Checking

To be qualified for the bonus, you must not have had a checking account with Chase, any negative account, or the fiduciary one within the previous 90 days. After your application is approved, the bonus will be deposited to your account in ten business days.

Note that the account must remain open for six months; otherwise, the reward will be deducted when you close your account.

Capital One 360

Whether you want to get a credit card or start a deposit, Capital One offers diverse options for you, all of them having sign-up bonuses and rewards. Let’s see what the possibilities are.

If you want to take credit, open a new Capital One 360 checking account with the value of at least $250. You should make at least three debit card purchases within 45 days and earn a $25 bonus, which will be deposited to your account on the 50th day.

Capital One 360
Capital One 360

Another option of receiving rewards is the money market account provided by Capital One 360. If you deposit from $250 to $9,999, you will earn $25 worth of bonus. If you deposit more than $10,000, you will receive a $100 reward, which will automatically be transferred to your account.

The last option offered by Capital One 360 is its savings account. Your minimum initial investment with this account should be $250, which will allow you to earn a $25 bonus which will automatically be deposited into your savings account.

Wells Fargo Checking and Savings Bonus

Wells Fargo offers its customers two bonus opportunities valued up to $650. If you open a checking account with Wells Fargo, set up a direct deposit with a cumulative monthly total of $3,000 for three consecutive months, you will be able to earn a bonus of $400.

Note that the bonus offer is applicable only for certain checking accounts, excluding Teen Checking, Greenhouse account, and Prepaid Wells Fargo EasyPay credit. Additionally, if you open an eligible saving account in any Wells Fargo Branch, you will receive a $250 savings bonus after you deposit $15,000 within ten days after your account is opened.

Wells Fargo Checking and Savings Bonus
Wells Fargo Checking and Savings Bonus

Note that for keeping, the bonus you should keep your account for at least 90 days. The requirements for these bonuses include opening new, eligible consumer savings account with a minimum deposit amount of $25 until December 31, 2019.

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After your application is approved deposit at least $15,000 in new money; that is the money sourced from outside Wells Fargo and its affiliates. After you meet all of the requirements mentioned by Wells Fargo, you will be able to enjoy the bonuses.

PNC Bank

The Bank offers its customers two separate opportunities to earn bonuses and rewards of up to $300. Two opportunities include virtual wallets called Performance Select And Performance Spend. Let’s see what they are and how they work.

If you open a Virtual Wallet with Performance Spend and open deposits with a minimum amount of $2,000 in it, you will be able to earn $200 bonus points. For that, you need to make at least ten purchases with the debit card linked to your account.

PNC Bank
PNC Bank

After which, you will receive your bonus of $200 within 90 days after you meet all the requirements.

On the other hand, if you want to earn a $300 bonus, you need to open a Virtual Wallet with Performance Select. The other requirement is to arrange total qualifying direct deposits with a minimum amount of $5,000 in your account.

It is very similar to the previously mentioned type of PNC Bank’s offer in a sense that you need to make at least ten purchases with your debit card linked to your account. After fulfilling these requirements, your $300 bonus will be deposited to your account.

Citibank Account Package

If you open a new checking or savings account with Citibank by September 30, 2019, you will be able to get a $500 bonus. Here is what you need to do to qualify for it. First of all, you need to deposit at least $15,000 into your account.

Citibank Account Package
Citibank Account Package

These funds shouldn’t be previously held on a Citibank or any affiliate bank account. Additionally, for at least 60 consecutive calendar days maintain $15,000 in your account, and you will receive $400 in 90 days of completing all the necessary requirements.

For a total of $500 bonus yo will need to make one qualifying direct deposit per month for two consecutive months right after your account is opened.

SunTrust Bank Advantage Checking

New customers of SunTrust Banks can take advantage of a $300 bonus when they open an Advantage Checking Account and complete all of the requirements mentioned by the bank. First of all, you need to open the SunTrust Advantage checking account until the specified deadline.

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Additionally, you need to complete at least $3,000 in direct deposits for two consecutive statement cycles within 3 statement cycles of your account opening. The qualifying direct deposits include salaries, pensions, Social Security, or other monthly income.

SunTrust Bank Advantage Checking
SunTrust Bank Advantage Checking

Once you are done with all of the mentioned requirements, you will receive a $300 bonus within eight weeks.

Elements Financial

If you want to pursue your financial wellness, Elements Financial has an excellent opportunity for you. If you wish to qualify for a $200 bonus from Elements Financial, you need to open a checking account with them.

Elements Financial
Elements Financial

The requirements to get the bonus is that you need to set up a recurring monthly deposit of more than $500 in 60 days right after your account is opened. Additionally, your account should be active for the next six months; otherwise, at the time of your account closure, the bonus will be put back.

This specific offer is designed for Indiana state government with their employees; however, Elements Financial notes that non-employees may be qualified as well.

TD Bank Convenience Checking

TD Bank has two options for you to earn bonuses at the amount of $200 or $300. Here’s how you can get it. You need to open your account online via the Bank’s promotional page.

TD Bank Checking Accounts
TD Bank Checking Accounts​

The requirements include being a resident of certain states (mentioned in the terms), and you need to be a new TD Checking customer. To earn $200 you need to open TD Convenience account and make a direct deposit of at least $500 within the first 60 days as your account is activated.

If you want to get $300, your cumulative direct deposit amount should be at least $2,500 within the first 60 days of your membership.

Liberty Bank Personal Checking Bonus, Business and Student Bonus

You can earn rewards and bonuses of up to $150 with Liberty by meeting their requirements. The deal is available in the states of Connecticut and Massachusetts as well as the following locations: Hampden, Hampshire and Worcester, and Rhode Island residents in Washington.

First of all, your personal checking account should have a minimum deposit (there is no limit specified) and for businesses, the account should be opened in the branches if they want to receive the sign-up bonus.

Liberty Bank Personal Checking Bonus, Business and Student Bonus
Liberty Bank Personal Checking Bonus, Business and Student Bonus

​If you are a student and want to open a student checking account Liberty Bank has an offer for you too. You can receive a $150 bonus by opening MyPay Student Banking checking account and fulfilling the requirements.

You will have to make 5 debit card transactions within 60 days as your account opens.

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Wrapping up

Nowadays, in a competitive market of financial institutions, the majority of the banks and credit unions develop programs to attract new customers. Sign-up bonus and rewards mechanisms are a great way for banks and other financial institutions to improve their portfolio by bringing in new customers.

With this diversifying feature, financial institutions position themselves in the minds of customers and attract them towards their products. Many banks and other financial institutions offer bonuses of up to a couple of thousands of dollars when meeting the necessary requirements.

Such requirements may include depositing a minimum amount of certain money in the account, making purchases and payments of a certain amount at a given period of time or just having your account open in a couple of months.

For the completion of all the requirements, banks provide their customers with bonuses and cash backs from approximately $100 to a couple of thousands of dollars to your account. Once again, if you think of applying for credit or savings just to earn a one-time sign-up bonus, you are probably on the wrong path.

There are various criteria you should consider before applying for any product. You probably don’t want to get a low deposit rate just because of the one-time sign-up bonus. So, make sure you apply for a financial product with a specific reason in mind, after thorough consideration.

If you want to pursue your financial wellness, manage your finances properly, track the trending market offers, which will help you to save up to a couple of thousand dollars.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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