There are several steps to take to earn any of the best bank account bonuses.
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Earn hundreds, even Thousands, dollars to open a checking or savings account? It’s a promise many banks are doing these days. And while nearly everyone wants extra cash (up to $3,000 in some cases), these accounts often run into obstacles. “Banks believe that most people won’t really comply with all the terms and conditions, which often requires you to keep a large balance at the bank for a long time, even if the interest Their rates are no longer competitive.” MaxMyInterest CEO Gary Zimmerman said.
That’s why experts say most of you would be better off having a savings account without much of a problem. And we have good news there: Many high-interest savings accounts are paying more than they’ve had in a decade — and you can see some of the highest paying savings accounts here.
That said, if you can stick to the terms and conditions of an account with a large bonus amount, by all means, do it. Here’s what to know before you open one of these accounts, and here are the 10 best bonuses we found this month.
Read fine print
British poet Ted Hughes once famously said: “Nothing is free. Everything has a price to pay.” And the signup bonus is no different. For those with a lot of cash and who are facing the growing challenges that come with them, Zimmerman says it’s important to take a close look at the requirements. “Some banks have direct deposit requirements or minimum open deposit requirements, which can sometimes be difficult to meet,” says Zimmerman. (You can view some of the highest paying savings accounts here.)
Don’t forget bonuses are taxable
Even after you’ve crossed all those hurdles, Chanelle Bessette, banking expert at NerdWallet, says there’s still another caveat at the end of the winding road: taxes. “Bonuses are generally considered income by the IRS, so you will likely have to pay taxes on your bonuses.” Zimmerman goes as far as to say, “you probably won’t keep the full bonus” because of them, he explains.
Avoid unnecessary fees
Another important area that is hard to avoid is fees. And they can start to add up, eventually eating away at any qualifying rewards. The average overdraft fee, for starters, is $29.80 in 2022, according to Recent Bank Rates survey. Meanwhile, the out-of-network transaction fee at ATMs is $4.66 and the out-of-network fee is $3.14. Matthew Goldberg, consumer banking correspondent at Bankrate, says anyone switching to a new bank on the basis of an account sign-up bonus should compare their current bank’s fee structure in advance.
“Make sure you don’t pay any fees,” says Goldberg. “And the rewards on an account may be worth it at the moment, but sometimes a higher yielding account can turn out to be a better trade. Every situation is different. But here are the things to consider to find the account that works best for you.”
Bessette adds that other account bonuses also come with account closure penalties. “So if you are trying to open an account just to take the bonus and leave, you could be charged for doing so,” says Bessette.
Top 10 bank account bonuses
If you’ve read all the fine print and you’re still not up for the challenge, we’ve rounded up the best savings and checking account bonuses available for January 2023. the first are the best savings account services and the latter five are for checking accounts. (You can view some of the highest paying savings accounts here.)
5 best savings account bonuses
Citi® Savings Account: The more savings you can add to your Citi® Savings Account, the better. bonus. For existing Citi customers who open a new savings account with “Citibank new money” before January 9, 2023 and have $1 million to do so, will be eligible for the $3,500 bonus la. For those who are less, of course, there is a sliding bonus scale. For example, balances between $10,000 and $29,999 will only qualify for the $40 bonus, while accounts between $500,000 and $999,999 are eligible for $1,750. In addition to the tiered bonus platform (found in fine print), there are, of course, several rounds involved. For starters, savers with qualifying savings accounts and living in certain states must transfer their funds into the account within the first 20 days and maintain that balance for 60 consecutive days. Bonuses will also be affected if the amount falls below the minimum threshold at any point during that time period.
BMO Harris PremierTM account: Open a savings account by January 6 with $7,500 in qualifying direct deposit within the first 90 days of account opening and you can take home a $350 bonus. These qualifying deposits include wages or other personal income, such as salaries, pension payments, Social Security payments, or other government benefit payments that are paid out. deposited into an electronic account from an employer or similar third party, according to the terms.
Check and save SoFi: This bonus offer couldn’t be more transparent. Take home $250 in cash when you open a savings account and maintain a balance of more than $5,000 for 25 consecutive days. However, accounts with balances between $1,000 and $4,999 will only be eligible for the $50 bonus. Deposits here must also be made through ACH from a registered member’s employer, payroll, or benefit provider.
TD Signature Savings / Simple Savings TD: These two savings accounts from TD have some different features, but the rewards are simple. Deposit $10,000 or more in newly deposited funds in the bank within 20 days of opening a TD Signature Savings or TD Simple Savings account, maintain that balance for 90 days and take home your bonus $200 clean with this offer.
Discover online savings banking: Deposit at least $25,000 and earn a $200 bonus when you open a new savings account with Discover. Deposits of at least over $15,000 will earn a bonus of $150.
You can see some of the highest interest savings accounts here.
5 best checking account bonuses
Citibank: Act by January 9th and earn up to $2,000 cash bonus for making a minimum deposit of $300,000 in the first 20 days of a newly opened account. If you can maintain that balance for 60 days from the 21st, the cash reward here is yours.
Chase checks individual customers: Open a new checking account by January 25th and transfer a total of $250,000 within the first 45 days in new money or securities to the bank and a $2,000 bonus will appear in your account within the first 45 days. within 40 days, the bank said. Deposits here do not include business checking and savings accounts, any JP Morgan Self-Directed & Automated Investing accounts, JP Morgan Wealth Management retirement accounts and CDs.
Checking out Huntington Platinum perks: Deposit a cumulative deposit of at least $25,000 into a new Huntington checking account within 90 days, keep an eligible product open for those 90 days, and you can take home a $600 bonus . You also need to be a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin to be eligible.
Check out HSBC Premier: Open a checking account with a qualifying monthly recurring direct deposit of $10,000 for three consecutive calendar months and earn a $500 bonus with this offer. Eligible deposits here must be electronic deposits of regular ACH recurring payments, such as wages, pensions, Social Security, or other regular employer monthly income. external agency or agency.
Citizens checking accounts: Open your first personal checking account with Citizens by January 20th and make a direct deposit of $500 or more within 60 days and earn a $300 bonus. You can earn an extra $100 in $2 increments by making eligible debit transactions posted and cleared within 60 days.
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