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Tips for Cashing in on New Bank Account Offers

By on May 2, 2017
Tips for Cashing in on New Bank Account Offers

Nobody likes junk mail and one of the most common things that goes straight to the trash pile is those new bank account offers. If you already have a bank account or two, you probably don’t even both to look at these offers. Before you throw them out, however, it might be worth your time to consider it – keep reading to learn some simple tips for cashing in on these offers.

Why Do Banks Offer These Promotions?

Banks are businesses just like anything else and they do what they can to gain new customers. In the same way that a retail store might offer customers a discount on their first purchase, many banks offer promotions for opening a new checking or savings account. These offers can range from $50 to more than $250, depending on the bank. But how do these promotions actually benefit the bank? If you put $100 into a new checking account and get a promotional offer of $200 back, that’s a 300% return on your investment. That sounds like a pretty good deal for you, but what does the bank get? The bank gets to cash in on as many as thirty fees such as monthly maintenance fees and dormant account fees.

How to Take Advantage of Bank Promotions

Most banks aren’t going to offer you free money – you’ll have to open a new account and there may be some requirement for making a certain number of deposits or withdrawals before you get the money. Before you try to cash in on any of these offers, be sure to read the fine print so you know exactly what you’re getting yourself into. You should also keep in mind that many of these promotions won’t cash out in less than three to six months – only use the promotion if you can afford to have your money tied up for that long. If you have some extra cash and want to make it work for you, try some of these promos:

  • TD Bank – This bank offers a number of different promotions including $300 for opening a new premier checking account or $150 for opening a new convenience checking account. Just be mindful of the minimum account balance requirement.
  • Chase Bank – This bank frequently offers promotions for $200 when opening a new checking account and an additional $150 for opening a new savings account. Minimum balance requirements apply.
  • Capital One – This bank offers a $50 bonus to new customers who open a 360 checking account and make three debit card purchases within 45 days of opening.
  • Key Bank – To earn a credit of $150, open one of any six checking accounts and make at least $1,000 in direct deposits within the first 60 days of opening.
  • PNC Bank – This bank offers up to $400 for opening a PNC Virtual Wallet account – minimum balance requirements apply.

If you’re not afraid to get creative, there are some simple ways you can make your money work for you. Taking advantage of new bank account offers could earn you $200 or more for each, so think quick and act fast!

Frugal Village

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