Buzz
Let’s imagine your bank isn’t treating you well, and you’re fed up. Ready to move on? As you search for a better financial home, keep in mind that some banks offer you money just for switching.
That’s right, numerous banks give you sign-up bonuses. Think of them like credit card sign-up rewards, except you get actual cash instead of points. However, not all bank bonuses are created equal. Some come with tricky terms, like monthly maintenance fees. You don’t want to jump from one bad bank to another, so we’ve reviewed the most popular offers to help you find the best options.
Chase Bank
By opening a Chase Total Checking account and setting up direct deposit, you could snag a $200 bonus. While this account does have a monthly fee, it’s much easier to avoid it compared to other accounts. According to Chase, you can have the $12 monthly fee waived if you meet any of the following criteria:
Direct deposit of $500 or more into this account
Alternatively, maintain a balance of at least $1,500 at the start of each day in this account
Or keep an average daily starting balance of $5,000 or more, spread across this account and any linked qualifying deposits
If your job offers direct deposit and you earn at least $500 monthly, this could be a worthwhile switch. To qualify for the bonus, deposit at least $25 into your new account, keep it open for six months, and open it at a Chase branch nearby. If you also open a savings account with them, you could earn another $150. More detail here.
TD Bank
TD Bank offers a generous $300 sign-up bonus for their Premier Checking account. To qualify, you’ll need to have $2,500 in direct deposits within 60 days. There’s a $25 monthly fee, but you can get it waived by maintaining a minimum balance of $2,500. While I’m not a fan of banks that require a minimum balance, if you’re sure you can meet that requirement, this could be worth it—the $300 bonus is among the best I’ve seen.
They also offer a $150 bonus if you sign up for the TD Convenience account, which has simpler requirements. You only need to receive $500 in direct deposits within 60 days. The $15 monthly fee can be waived as long as you keep a $100 minimum daily balance. For both offers, the accounts must be opened online. More details here.
SoFi Money
SoFi, a company we’ve mentioned before for online loan refinancing, is about to launch SoFi Money. When you open a SoFi Money account and set up direct deposit, you’ll get $100 in your Money account and another $100 in a Wealth account.
The best part is, SoFi Money includes many of the same advantages as other online banks: no fees, higher interest rates (currently 0.92%), and free access to ATMs. More detail here.
Santander Checking Account
When you open a Santander checking account, you’ll get a $150 bonus. To qualify, you need to direct deposit at least $1,000 within 90 days of opening the account. Keep in mind, this offer is only available in certain states: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Pennsylvania.
Santander’s Simply Right checking account doesn’t require a minimum balance, but it does charge a $10 monthly fee. Fortunately, the fee is easily waived if you complete at least one transaction per month—whether it’s a deposit, withdrawal, transfer, or payment. So, as long as you use the account, the fee won’t apply. This offer expires on March 31st. More details here.
U.S. Bank
U.S. Bank introduced the S.T.A.R.T. savings program to help customers save more. To participate, open a Silver, Gold, or Platinum checking account and link it to a money market savings account. You’ll earn a $50 goal reward when you save $500. Plus, you can earn a 1% bonus (up to $50) on gas or grocery purchases using your debit card. While not a huge reward, it’s a nice incentive for achieving your savings goals.
Even the Silver checking account comes with an $8.95 monthly fee ($6.95 if you choose to opt out of paper statements), but this fee can be waived if you have at least $1,000 in direct deposits each month or a combined average balance of $1,500. More details here.
It’s also worth mentioning that many credit unions offer bonuses as well. While these bonuses may not be as high as those from some of the bigger banks, their terms are generally better, and they don’t require a minimum balance to avoid fees. While you may need to qualify for membership, we’ve shared how to find one here. Start your search at aSmarterChoice Credit Union Finder.
Lastly, while a bonus is a nice perk (who doesn’t like extra cash?), it shouldn’t be your only reason for switching banks. After all, breaking up with a bank isn’t easy. You don’t want to trade one bad bank for another.
