Banks frequently make cash offers to potential customers in order to encourage them to open a new checking account and bring their banking business to their institution. Cash offers for checking accounts usually range from $25 to $200, and you usually only need to make a minimum deposit and have a direct deposit the first month.
So why do banks offer cash for opening a checking account? It’s simple: Your business is worth it. If a bank can get you to switch for only $100, your likely to also bring your savings accounts over, and maybe even take out a loan from your new bank. In the long run, your business is worth much more than $100, or even $200.
The bigger banks, such as Bank of America, seem to almost always have an offer available. Bank of America will usually give you $100 cash for opening a new account, and with their ongoing Keep The Change promotion you can earn up to $350 the first year just for switching to them ($100 opening bonus, plus $250 KTC match) . Capital One has recently entered the personal banking market, and have really been pushing their $150 cash offer to get customers in the doors. Capital One does not allow customers to open their account online, making the offer less enticing for those who open these accounts just for the perks.
Before opening a new account, decide if you want to work with a local Credit Union (who are less likely to make enticing checking offers) or if you want a large nationwide bank. If you decide to change to a nationwide bank, make sure you get something for your trouble by browsing your list of checking account offers.
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