The Best Checking Account To Take Advantage Of This Year

Over the last few years, changes have been introduced to the banking world that has been quite helpful for many consumers. One of these new features is the concept of receiving a cash back bonus for opening a new checking or savings account, usually with a bank you’ve never done business with.

While it may sound like a bad financial bargain for a bank to offer large cash bonuses in exchange for opening a new account with only a $100 initial balance, it makes sense for the banks to offer this just to get the continued business.

Let’s look at a few offers from various banks that could wind up putting some extra money into your pocket.

cash from opening checking account

You do have to be careful when choosing a new bank to open an account with, as some banks that offer bonuses for opening new accounts can have monthly fees which would, over the course of the first year, negate the money you receive back as a “sign up bonus”.

The other aspect of this plan by the banks involves playing “the long game”; enticing you to open an account with a cash reward from them makes you more likely to stay with that bank, and makes you more open to other products that the bank may offer like credit cards, loans, and mortgages.

Capital One

Capital One Bank has a checking account called “360 Checking” that offers a $25.00 cash bank bonus 50 days after your new account is opened, assuming you meet the requirements. Those requirements include an initial deposit of $250 and at least three debit card purchases within 45 days.

While the $25.00 bonus is one of the lowest sign-up bonuses offered by various banks, this Capital One account does come with some advantages over most new accounts with cash rebates…there are no monthly fees, overdraft fees or ATM surcharges associated with this account, and it’s one of the few accounts that also offer interest on your account balance with no minimum balance before that interest kicks in. (1)

Chase Bank

A 100% return on your investment sounds like a fantastic deal, and that’s what’s offered with the chase total checking account. New customers that open an account with $100 and set up direct deposit to that account can qualify for $200 back from Chase Bank.

As always, there are requirements that must be met to qualify for the $200 cash bank incentive; this offer is only available to new accounts, you must keep the account for six months, use Chase’s online Bill Pay feature and participate in Online Banking to qualify.

This account does have a monthly service fee, but it can be avoided if a direct deposit of $500 or more is made, or the account keeps a minimum daily balance of $1500. (2)

HSBC Bank

This bank has several different account bonuses available at any given time, ranging from $200 all the way up to $750 cash back. Qualifying for these various cash-back bonuses depends on many factors, including the amount of your initial deposit; the largest bonuses require a $100,000 or greater initial deposit to your new checking account.

There are many different banks that offer signup bonuses for new accounts. You must do your research and compare the features and requirements of various accounts with different banks to decide which one is best for you.

Remember to take into consideration how much of an initial deposit is needed to open the account to qualify for cash back bonuses, whether or not there are any fees on a monthly basis with any or all of the accounts you’re considering, and how convenient it will be for you to use the services of whichever bank you choose to go with.

Banks are launching different cash back deals for new accounts on a daily basis, so start your search now and you could wind up making money by opening a new checking account. (3)

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Sources
(1) https://www.capitalone.com/bank/checking-accounts/online-checking-account/
(2) https://personal.chase.com/personal/checking
(3) https://www.us.hsbc.com/checking-accounts/

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