The Best Checking Account Promotions To Take Advantage Of Now
If you think there’s no such thing as free money, you might be surprised. Banking is a competitive business, and some banks will pay up to $500 to open a new bank account.
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You might be thinking, what’s the catch? Well, often times you must meet certain requirements, like making a minimum opening deposit, and typically the account must be open for a set period of time – at least long enough to qualify for the cash bonus. But other than that, banks basically give free money to get business.
Checking Account vs. Savings Account: What’s the Difference?
There are usually two choices available when opening a bank account: a checking account or a savings account. There are several variations of each, but for now, let's keep it simple.
Checking accounts are typically used for monthly bills and daily expenses. Money will go in and out of this account pretty regularly. As the name implies, you can also write checks from the account. If you intend to use the funds in your account to make purchases or pay bills, this is the account you can open.
Saving money is the sole purpose of a savings account. Both the number of transactions you can make with this account each month and the number of withdrawals you can do are often limited by monthly limits. Savings accounts have the advantage of paying more interest than checking accounts.
Many people have both kinds of accounts and move money back and forth from their savings account into their checking account to cover everyday expenses or pay bills.
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Credit Union vs. Bank
After you've settled on a checking or savings account, your next choice will be between a bank and a credit union, or both. While credit union operations are pretty similar to those of banks, which you're presumably already aware with, let's take a closer look at some of the significant differences.
Credit Union
Credit unions are non-profit institutions that are owned by their members (the people that bank there). No matter where you live in the United States, you can locate a credit union nearby. Credit unions restrict its consumer base to a particular geographic area, organization membership, or workplace. Although credit unions often offer fewer products than big banks, they are more than enough for daily financial needs.
Lower fees, better interest rates and all-around superior customer service are the main advantages credit unions have over banks. Compared to big banks, credit unions can provide better interest rates and cheaper banking costs since they are not obligated to make a profit.
Bank
Banks are major for-profit organizations that offer financial assistance to their customers. Banks often provide a bigger network of locations and more accessible ATMs as compared to credit unions. For their online services, banks often provide more simplified and user-friendly websites and mobile apps. One major advantage that banks have over credit unions is accessibility.
Now let’s dive straight into the eight checking account bonuses with the largest payouts for 2022.
PNC Bank $500 Bonus
You might get up to a $500 bonus if you open a new PNC checking account by October 30, 2022. The $500 bonus is yours if you create a new PNC Treasury Enterprise Plan or Analysis Business Checking account and maintain an average ledger balance of $30,000 over the course of your first three statement cycles.
PNC Bank $200 Bonus
You can earn a $200 bonus if you open a new PNC Business Checking or PNC Business Checking Plus account and maintain an average ledger balance of $5,000 over three statement cycles. You must use your new account to make at least 20 debit card transactions in order to qualify for this offer.
Citibank $1,500 CitiGold Checking Account
If you meet the criteria, Citibank will give you up to $1,500 when you open a CitiGold Checking Account as a welcome bonus. You can be eligible for one of Citi's bonuses if you are at least 18 years old, have not had a checking account with them in the previous 180 days, and live in one of their "qualifying locations."
First, you will have to open a Citi Checking Account before October 1, 2023. The account must be created online or over the phone. Next, on the same day that you open your new account, sign up for the New to Citi Checking Cash Bonus Offer. You will be qualified for the bonus so long as you keep a balance of $15,000 for each day of the 60-day period beginning 21 days after you open the account.
A $300 bonus is yours if you keep your balance between $15,000 and $49,999. You will get a $700 bonus if you keep your balance between $50,000 and $199,999. Finally, you will receive the $1,500 bonus if your balance stays above $200,000.
Huntington $300 25 Checking Account
You can get $300 from Huntington if you open a new Huntington 25 Checking Account, deposit $25,000 cumulatively within 60 days of starting the account and maintain your account open for 90 days. You will receive a complimentary $300 bonus after meeting these requirements.
If you maintain a balance in this account of at least $25,000, there are no monthly fees. You will be charged $20 monthly fees if your balance falls below this amount.
TD Bank $300 Bonus
Open a new account with TD to receive $300 if you don't already have one. In the first 60 days after opening a TD Beyond Checking Account, receive direct deposit amounts totaling $2,500 or more to qualify for a $300 account bonus.
TD Bank $150 Bonus
In the first 60 days after opening a TD Convenience Checking Account, you will receive an extra $150 if you receive direct deposit money totaling $500 or more into the account.
Accounts must be open for a minimum of six months for TD to keep the bonus in your account.
Chase $200 New Customer Checking Account
New Chase customers enjoy a $200 bonus when they open a Chase Total Checking account and set up direct deposit. To get this money, you must open a Chase Total Checking Account, set up direct deposit within 90 days, and keep your checking account for six months after receiving the bonus.
The Chase Total Checking account has no monthly fees as long as your balance remains above $1,500 each month. As part of the direct deposit arrangement, a payment from your employer or from government benefits must be deposited.
HSBC $500 Premier Checking
You might be eligible to receive $500 if you open an HSBC Premier Checking account by February 15, 2023. This offer is available only online for applications completed using the "Apply Now" button that can be reached via the link.
Your account must have qualifying direct deposits totaling at least $10,000 per month for three consecutive months after it is opened. You have two months to set up direct deposits after your account is opened. A $500 Welcome Bonus will be automatically deposited to your account if these conditions are met.
Conclusion
Banks are trying to attract customers by offering them bonuses to open a new account because there are so many options to select from while shopping for a financial institution. You can benefit from some of these deals if you're looking for a new checking account. While some options have minimum balance requirements and relatively high deposits, some have lower requirements.
Customer service should not be taken for granted when selecting a bank or credit union. Choose the option that best fits you after carefully analyzing your offers. If everything goes as planned, you can receive a large bonus simply for signing up.
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