Banks in the USA offer bonuses for opening an account: you can get up to $2000

To attract new customers, many banks are now offering lucrative cash bonuses ranging from $100 to $2000 for simply moving money into various savings and checking accounts. MarketWatch.

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A recent Reddit thread highlighted dozens of first-hand accounts where people make thousands of dollars by transferring their money to various bank accounts for bonuses and then moving on. But while some options may seem tempting and moving your money around can pay off, pros say looking at the fine print can help you decide if there are pitfalls like minimum balance, mandatory direct deposits, etc. which often cost a significant amount of money.

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Use the bonus only as one of the factors when choosing a bank.

But in many cases, bonuses come as one-time payments and aren't the best long-term strategy, says Margaret Burnett, a banking specialist at NerdWallet. “Even after you receive your bonus funds, which may take a few weeks, you may not want to look for another offer right away. If you try to close an account that has been open for less than six months, the bank may charge you an early account closure fee,” she says.

Top 5 Savings Account Bonuses

Alliant Credit UnionA: Earning free money with Alliant may require a little work, but you are eligible to earn $100 after holding an Ultimate Opportunity savings account for a year and making deposits of at least $100 for 12 consecutive months. Current Alliant members are not eligible, so this offer is a one-time offer.

BMO HarrisA: New members who open a Savings Builder account can earn $5 per month or $60 per year by contributing $200 each month for the first 12 months.

Discover: launch your savings account and receive a $150 bonus when you deposit at least $15 and $000 when you deposit at least $200 to your new Discover Online Savings Account. The offer, however, is not valid for existing or previous Discover Savings customers, so this is essentially a one-time deal. Accounts must also be kept for 25 days to qualify.

CI Bank: Get one year of Amazon Prime worth $139 for free when you open a CIT account using promo code AMZN22. Some caveats include a minimum account balance of $15 that must be reached within 000 days and held for 15 days to qualify. The offer must also be activated by March 60, 24.

Regions Bank: set up automatic transfer from your regional check to your LifeGreen savings account and earn up to $100 annual bonus. Regions Bank is only available in certain states and the program requires some work, so be sure to read the fine print.

Top 5 Checking Account Bonuses

Citi: Earn $2 when you deposit and maintain a $000 account balance, and $300 for depositing and maintaining a minimum balance of $000. While this may seem like a lot of balance, a $1 balance also earns $500 with other offers available on a sliding scale between them.

BMO Harris: If you do not already have a BMO Harris checking account, you may be eligible to receive bonuses ranging from $200 to $350 by opening a Smart Advantage Account, Smart Money Account, or Premier Account. There is a limit of one account per customer, which must be opened between October 1st and December 30th.

Sofi: sign up, set up direct deposits and earn up to $250 once it's in your account. This process, according to SoFi, takes two to four weeks. Those who deposit between $1000 and $4999,99 are eligible for a $50 cash bonus, and those who deposit over $5000 can earn $250 if they do so within the required 25-day trial period.

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TD Bank: New TD Beyond Checking customers can earn up to $300 by making $2500 direct deposits within 60 days until October 31, 2023. This offer ends October 31, 2023.

Huntington National Bank: Make a minimum deposit of $25 and earn $000 by opening a new Platinum Perks checking account. Apply by February 300, 23 to qualify.

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