It has been determined which national, regional, and online banking institutions offer the best deals for the month of February 2023, including sign up bonus.
It’s getting more difficult to ignore flashy bank account sign-up bonuses. Both Citi and Chase are currently offering $2,000 for rolling over your cash through their Citi Priority and Chase Private Client accounts, respectively (details below). They’re not the only ones who offer large bonuses these days, either.
Banks’ Sign Up Bonus
According to experts, while sign-up bonuses are unquestionably something to think about, you should also consider whether you might be able to earn greater rewards over time by using something like a high-yield savings account.
In fact, a lot of these accounts are currently paying more than 4% guaranteed, which is the highest rate in about 15 years. As you can see,
Bankrate’s Ted Rossman, a senior industry analyst. Take into account the bonus’s size and the conditions in detail.
Also keep in mind that, depending on the offer, most banks demand that you take certain actions or engage in a certain level of activity before you can receive a cash reward.
Examples of these actions or steps include setting up direct deposit, using your debit card a specific number of times per month, or keeping your money in the bank for a specific amount of time.
Read more: $800 Tax refund available this week to eligible Americans; Here’s how to claim yours!
Can You Fulfill These Conditions?
Do the math and compare what an account pays in interest to a large bonus that might have a lower interest rate to what that might amount to over the long term.
You typically need to be financially prepared to qualify for those large bonuses, which is a significant potential barrier.
At first glance, a sizable $5,000 offer from Chase for opening a high-yield savings account seems fantastic, but you need to have at least $1 million to be eligible for that reward.
Although you won’t need seven figures to be eligible for the $2,000 welcome bonus that comes with that Chase Private Client checking account, not everyone has the $250,000 minimum account threshold necessary to participate or the $300,000 or more needed for that Citi Priority account.
Other Checking Bonuses
- Earn a $600 cash bonus when you open a new Huntington Bank Platinum Perks Checking account with qualifying transactions by June 7, 2023, for eligible new customers.
- Earn a $500 bonus when eligible new customers open an HSBC Premier checking account and engage in certain activities.
- Earn a $400 cash bonus by opening a new Huntington Bank Perks Checking account by June 7, 2023, if you’re eligible, and engaging in qualifying activities.
- Earn $400 when $5,000 is deposited directly into your PNC Virtual Wallet with Performance Select within the first 60 days.
- When you open a new US Bank SmartlyTM Checking account, carry out qualifying activities, and satisfy the cash bonus requirements for a U.S. Bank Standard Savings Account, you could receive a bonus of up to $300.