This may sound too good to be true but there are banks out there that want to pay you just to open an account.
How does the process work?
The process is relatively simple. Your local bank or credit union will offer a cash bonus when you open up a savings, checking, or even a CD (certificate of deposit). Most of them will have restrictions and most of the restrictions are the same—things such as a required minimum deposit, and you will most likely have to make a few purchases that tie into that account.
For example, my local Chase Bank offered to pay me $125 in bonuses when I opened a checking account. I had to be a first time applicant, deposit $100, and make five purchases with my debit card, and keep the account in good standing for at least 90 days. It’s not a bad bonus just for opening up a checking account.
How can I find these accounts?
The best place to search is online. I like a few sites such as DepositAccounts.com and FatWallet.com. On websites such as this, you can find up-to-date bank deals that from all over the United States. I have mainly found that the Internet banks will generally offer the best deals. There are threads on the message board that show some people making $1,000 – $3,000 a year. That’s not bad for bank bonuses!
Other places that you can check are your newspaper, or the free circulars that come in your mailbox. Major bank’s such as Chase, Bank of America, and others, love to advertise their bonuses. It’s important to make sure that the bonus is worth it and to make sure you don’t have to jump through a bunch of hoops in order to get it.
What do you recommend in a bonus?
Every bonus is going to have some terms and conditions. You can’t just open up an account, collect your $150 and leave. In my opinion, a good bonus is one that has very few restrictions. You will most likely have to put in a minimum amount, set up direct deposit, or make a few purchases. If the restrictions require you to do more than this then I would consider another bonus.
There are plenty of bonuses out there. If you’re in the process of trying to find a new checking and/or savings account, this is the way to go. You’re already opening up an account, so why not get paid to do so?