When it comes to your personal finances, there are a lot of different options out there. Some are great, and some are not so great. Because of that, it’s important to do your research before signing up for a new checking account. That way, you know you’re getting a good deal.
In this article, we’ll detail some of the best checking accounts with signup bonus offers and how you can find one that works for you. You see, not all checking accounts are created equal. In fact, not all of them are worth their monthly account fees.
That’s why most banks offer signup bonuses as an incentive to get new customers to open an account. Once they have a checking account, they’re more likely to keep it due to the bonus. That’s what we’re here to explain today. Let’s get started.
What Is a Signup Bonus?
A signup bonus is a small incentive for new customers to sign up for a bank or credit card. On top of that initial bonus, the bank or card company often gives you ongoing rewards, such as cash back or points.
It’s common for banks to offer signup bonuses around the holidays when people are looking to open new accounts. In fact, you’ll see a ton of new signup bonuses around Black Friday and Cyber Monday.
These bonuses can be a great way to get started with a new bank. So, which banking checking accounts offer the best signup bonuses? Let’s explore.
Citibank Checking Account with up to $1,500
Citibank has a generous signup bonus going where you can earn between a $300 and $1,500 bonus for opening a new checking account. You get 20 days to meet Citibank’s deposit requirements. And depending on how much you deposit, Citibank will reward you with bonus money.
It’s worth noting that the requirements are a bit steep and not for everyone. For example, depositing $15,000 to $49,000 will get you a bonus of $300. Depositing $50,000 to $99,999 will get you a bonus of $700. And depositing $200,000 will get you a bonus of $1,500.
In addition, you have to maintain the minimum balance that you deposited according to Citibank’s requirements to get your bonus money. [1]
Axos: Rewards Checking Account
A checking account won’t typically earn you much interest. Rather, it’s the high-yield savings accounts that you want if you’re looking for friendly interest rates. Axos Rewards Checking bucks this trend and offers clients an impressive—and rare—1.25% APY.
So, how does it work? Well, the road to 1.25% APY isn’t a straight path. But don’t let that deter you from getting there. First, you have to deposit at least $1,500 to get Axos’ bonus offers. This might be a problem for some people, but if you can swing it, the rewards are worth the effort.
For starters, Axos will reward you with a $50 signup bonus. Then, via Slickdeals (but still through Axos), you’ll get $100 in Slickdeals bonus points on top of that. So that’s a grand total of $150—just for depositing $1,500 into your new checking account. The nice thing about that deposit is that it doesn’t have to be made in one fell swoop.
As long as you deposit the $1,500 in a single calendar month, you’re good to go. Moreover, you get three months to meet that requirement. So maybe the first month you can’t deposit that much, but you can the second or third.
And don’t forget, you get 1.25% APY (Annual Percentage Yield). For many people, yes, the bonus money is nice, but the APY is the real incentive here. You just don’t see that with checking accounts, making Axos Rewards Checking one of the best bonuses around.
Keep in mind that this is a rarity. Other checking accounts with bonus offers are likely to be similar but without the added APY bonus. [2]
Huntington Bank Asterisk-Free Checking
Perhaps you’re looking for something a bit less costly to open a checking account, but you still want a reasonable bonus. For that, Huntington Bank Asterisk-Free Checking is worth a look. The appeal here is that you can earn a no-nonsense $150 when you deposit $1,000.
You don’t have to make that deposit all at once, either. Instead, you can do so over the course of 60 days. Simply keep adding money to your Asterisk-Free Checking Account until you hit $1,000. Keep your account open for 90 days, and Huntington Bank will give you $150. It’s easy, and it works.
The only real downside is that Huntington Bank is limited in its availability to customers. As such, you must be a resident of the following states to qualify for an account:
- Pennsylvania
- West Virginia
- Kentucky
- Michigan
- Indiana
- Illinois
- Ohio
What’s more, you can’t transfer money from an existing Huntington Bank account to this new checking account. In other words, it has to be new cash that you’re depositing. Still, limitations aside, Huntington Bank is an excellent option that doesn’t make you jump through a bunch of hoops to get the signup bonus.
Chase College Checking Account
While somewhat convoluted, Chase has a checking account with signup bonus offer that rewards you with $100 once you make 10 qualifying transactions to your new College Checking Account.
These transactions include debit card purchases, Zelle, ACH credits, online bill payments, and Chase QuickDeposits. Also, you have to be between the ages of 17 and 24. So this one is definitely for the younger crowd, as the account name implies. The nice thing about that is that your age alone will qualify you for no monthly service fees for up to five years.
Conclusion
As you can see, banks have a wide variety of requirements to which you must comply in order to get your signup bonus. Some are easier than others, but at the end of the day, you’re getting free money just for opening a new account and making various deposits.
You’ll need to read the fine print to see what each bank requires of you to get your bonus. So be sure to compare offers until you find one that fits your needs—and your budget.
References:
[1] https://banking.citi.com/cbol/checking/tiered/1500/default.htm?BT_TX=1&ProspectID=6C8CC14961FA4682B91FFEF80524C2F7
[2] https://www.axosbank.com/Rewards-Checking-account