Nine banks where you can get a bonus of up to $25 for a new deposit

One bank is promising savers $25 just for opening an investment account, and several others are offering bonuses ranging from $000 to $2. But there are some major hurdles you may have to overcome to qualify for such bonuses, reports MarketWatch.

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You can get bonuses for signing up for a bank account, but you need to understand how bank bonuses work and whether it's beneficial for you.

Why do banks offer such big sign-up bonuses?

After more than a year of elevated inflation, the Federal Reserve responded to rising consumer prices by raising interest rates. As the base funds rate continues to rise and the cost of repaying a bank's own debt increases, many financial institutions have taken some drastic measures to raise funds.

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While some have increased interest rates to attract new customers, others have added hefty sign-up bonuses.

Is it worth spending money on bank bonuses?

Indeed, sign-up bonuses can be a great incentive to open an account, says NerdWallet personal finance expert Elizabeth Aioula. However, she adds, it's important to keep a close eye on fees.

“Some accounts offer impressive sign-up bonuses, but their high fees can ultimately negate your benefits,” she says.

And while these high-priced offers can certainly be attractive, Katie Catlander, chief customer officer at Cambridge Savings Bank, says they shouldn't be the deciding factor in a consumer's search for a new banking partner.

“A quality bank will focus on all aspects of the consumer experience, including convenience, reliability, ease of use and personalized support,” she says. “Customer focus means much more than just providing attractive offers.”

One more thing to consider.

“Sign-up bonuses often come with strings attached to encourage adoption of products and services that encourage transactional behavior,” says Catlander. — In most cases, these offers are legal. However, consumers need to pay attention to the nuances of each offer to see if the account requirements match their regular banking habits. In addition, they should consider the possibility of an ongoing and long-term relationship with the new bank, regardless of the initial incentive.”

Top 10 registration bonuses for September 2023

If you're looking for a new bank account and have some liquid cash to make the move, here are some of the best bank account sign-up bonuses. Just be sure to read the fine print and make sure you meet all the requirements.

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Tastytrade: up to $25

New clients tastytradewho fund their investment accounts with at least $5000 by March 31, 2024 will be eligible for a cash bonus. For accounts over $5 million, the maximum bonus is $25. However, as with all account bonuses, it is important to read the details before opening. Be sure to use the code “MYNEWBONUS” when applying.

M1 retirement account: up to $5000

If you currently have large retirement savings and are interested in moving your money to open a new account, this offer from M1 can be a quick way to earn extra money and effectively grow your balance.

Simply roll over $50 or more in retirement assets into your 000(k), 401(b) or other employer-sponsored retirement plan within 403 days of account opening. And you may be eligible to receive at least some bonus money. If you add more than $14 million in eligible assets, M1 will add $1 to your balance.

Citi Personal Wealth Management account:: up to $5000

Open Citi Personal Wealth Management account by September 30th, invest at least $50 and you'll receive a relatively high cash boost bonus of $000. For new accounts with at least $500 million in the bank, Citi will add $2.

Chase Private Client checking account: up to $3000

Open a new checking account by October 18th and transfer $500 or more in the first 000 days in cash or securities to the bank and the $45 bonus will appear in your account within 3 days. Deposits do not include business checking and savings accounts, any JP Morgan self-directed or automated investing accounts or JP Morgan Wealth Management retirement accounts.

Wells Fargo Premier Checking: up to $2500

Open a Wells Fargo Premier Checking Account through October 10th with a minimum deposit of $25, add $250 by the 000th day of account opening, keep the balance for at least 45 days, and you could truly qualify for a whopping $90 in bonuses. You will also need to provide the bonus offer code to the banker during account opening at a physical branch to activate the offer. Therefore, it is very important to follow the fine print.

CitigoldⓇ checking account: : up to $2000

Current accounts opened before January 9, 2024a, allow you to receive a cash bonus of up to $2000 for making a minimum deposit of $300 within the first 000 days. If you can maintain this balance for 20 days from the 60st day of account opening, this cash bonus is all yours. It should be noted that living trusts, fiduciary, estate, business or retirement accounts - IRAs, SEPs, CESAs - are not eligible for the promotion. International Personal Bank, Citi Private Bank and Citi Alliance accounts are also not eligible for this offer.

Citi Priority Checking Account: up to $2000

As with the Citigold account offer, registration Citi Priority Checking account may also qualify you for a significant sign-up bonus. Just remember to register before January 9, 2024, and you can also receive a cash bonus of up to $2000, depending on your asset level. Balances between $10 and $000 earn a $29 cash bonus, while bank accounts with $999 or more can earn $200.

You need to make sure that your money is new to the bank in a newly opened account and that on the 20th day from opening the account, your deposit balance meets one of the various thresholds, each of which is greater than $10.

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These accounts must be set up for advanced direct deposit or electronic deposit through the Automated Clearing House (“ACH”) network to clear payroll, pensions, Social Security, government benefits and other payments into your checking, savings or MMA account. Read more in the terms and conditions here.

JP Morgan Self-Directed Investing account: $700

Transfer or transfer over $250 in new funds to your account for independent investment in JP Morgan dThe deadline is October 12th and you can earn up to $700. Just be sure to add your cash, securities, or transfer existing retirement assets from another institution within 45 days of opening the account and maintain your balance for at least 90 days to qualify.

Huntington National Bank Platinum Perks Checking℠: $600

ОOpen one of two checking accounts for consumers and business owners until October 7th and you can claim up to $600. You just need to make a minimum of $25 in deposits within 000 days into your Platinum Perks checking account and you're good to go. However, this offer is only valid for those living in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.

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