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Are you ready to discover some exciting opportunities to earn extra money when you switch banks? We'll dive into the world of bank account sign-up bonuses, why they are on the rise, and whether they're worth considering. Plus, we'll provide you with a list of the top 10 sign-up bonuses.
Why Are Sign-Up Bonuses So Generous?
In recent times, you may have noticed that banks are offering substantial sign-up bonuses to attract new customers. This trend can be attributed to the Federal Reserve's response to rising inflation by increasing interest rates.
As these rates go up, it becomes more expensive for banks to pay off their own debts. To address this, financial institutions are taking bold steps to raise funds.
Some banks are opting to offer higher interest rates on various savings products, such as high-yield savings accounts, checking accounts, money-market funds, and CDs. Others are luring customers with hefty sign-up bonuses. These bonuses are designed to entice you, but it's crucial to examine the details.
Are Bank Bonuses Worth It?
While sign-up bonuses can be enticing, it's essential to be cautious about potential fees. Some accounts may offer impressive bonuses but come with high fees that could offset your earnings. Elizabeth Ayoola, a personal-finance expert at NerdWallet, advises potential customers to pay close attention to these fees.
Katie Catlender, Chief Customer Officer at Cambridge Savings Bank, emphasizes that a quality bank should prioritize various aspects of the customer experience, including convenience, reliability, ease of use, and personalized support. She suggests that customers should not solely focus on attractive deals when choosing a bank.
Moreover, it's important to consider the terms and conditions associated with sign-up bonuses. Some bonuses may have requirements that align with specific banking behaviors.
To make the most of these offers, customers should evaluate whether these requirements match their usual banking habits and consider the potential for a long-term relationship with the bank.
Top 10 Sign-Up Bonuses for September 2023
If you're in the market for a new bank account and have funds available to make the switch, here are the top 10 bank account sign-up bonuses available right now. Remember to read the fine print and ensure you meet all the requirements for these offers:
1. Tastytrade. Earn up to $25,000 by funding your investment account with at least $5,000 before March 31, 2024. Maximum bonus for accounts with over $5 million.
2. M1 Retirement Account: Transfer at least $50,000 of retirement assets within 14 days of opening an account to potentially earn up to $5,000.
3. Citi Personal Wealth Management Account. Open with at least $50,000 in new-to-bank funds before Sep. 30 and earn a bonus ranging from $500 to $5,000.
4. Chase Private Client Checking Account: Transfer $500,000 or more within 45 days to receive a $3,000 bonus by Oct. 18.
5. Wells Fargo Premier Checking: Deposit $250,000 within 45 days of opening the account and maintain the balance for 90 days to qualify for a $2,500 bonus.
6. Citigold Checking Account: Make a minimum $300,000 deposit within the first 20 days and maintain the balance for 60 days to earn up to $2,000.
7. Citi Priority Checking Account: Depending on your asset level, earn a cash bonus of up to $2,000 by enrolling before Jan. 9, 2024.
8. U.S. Bank Checking and Savings Bonus: Open both a Smartly® Checking account and a Standard Savings account to potentially earn a total of $1,000.
9. J.P. Morgan Self-Directed Investing Account: Transfer over $250,000 of new-to-bank funds to earn up to $700.
10. Huntington National Bank Platinum Perks Checking℠: Qualify for up to $600 by depositing a minimum of $25,000 within 90 days (available in select states).
These sign-up bonuses can provide a financial boost, but remember to evaluate each offer carefully to determine if it aligns with your financial goals and banking preferences.