If you’d like to earn a cool $2000 cash just for opening a new bank account you’ve come to the right place. While it sounds too good to be true many banks are offering lucrative cash bonuses worth up to $2000 to new customers who open accounts and meet certain requirements.
With savings accounts paying pittance interest rates these days taking advantage of a big fat bonus can supercharge your earnings on your cash savings. Not only can you rack up bonus cash but you can park that money in a high-yield savings account earning one of the highest interest rates available.
To earn the bonus you typically have to open a new checking or savings account deposit a minimum amount and keep that money in the account for a specified period of time. There may be a few other hoops to jump through but it’s generally pretty simple stuff.
The key is finding the best bank account bonuses high-yield savings rates and accounts with no monthly fees. To make it easy here are some of the most lucrative bank deals available right now:
Chase Premier Plus Checking – $2000 Bonus
The big kahuna. Chase Bank is offering new customers a $2000 cash bonus when you open a new Premier Plus Checking account and complete the following requirements:
- Deposit at least $100000 in new money within 20 business days
- Maintain that $100000 balance for 90 days
- Set up a qualifying direct deposit
- Pay the $25 monthly service fee (waived with $75k balance)
While a $100k deposit is steep you’re essentially earning a 2% cash bonus after 3 months. Chase’s Premier Plus checking also earns a strong 0.35% interest on balances over $250000.
Citi Priority Account Package – $1500 Bonus
Earn a $1500 cash bonus from Citi when you open eitheir the Citi Priority Account (checking) or Priority Citibank Account (package) by completing the following:
- Deposit $50000+ in new money within 30 days
- Maintain a $50000 balance for 60 consecutive days
The Citi Priority account is free with a combined $50k balance across eligible linked accounts.
BMO Harris Premier Account – $1000 Bonus
BMO Harris bank is offering a $1000 bonus on their Premier account when you:
- Open a new BMO Premier Checking account
- Receive $7500+ in direct deposits within 90 days of opening
- Maintain a $7500 minimum daily balance for 180 days
This account does charge a $30 monthly fee but it’s waived by maintaining $60000 across BMO deposit accounts.
Discover Bank – Online Savings 3.30% APY
While not a bonus per se you can earn one of the highest interest rates available on an online savings account with Discover Bank. They’re currently paying a market-leading 3.30% APY with no minimum balance and no monthly fees.
Capital One – 360 Performance Savings 3.40% APY
For an even higher savings rate Capital One’s 360 Performance Savings account is paying 3.40% APY. You only need $1 to open the account and there are no monthly fees.
It’s hard to turn down free money especially when it’s as lucrative as the current crop of bank promotions. The key is meeting the sometimes stringent requirements to qualify and avoid monthly fees. But if you scout the best deals and park that cash in a high-yield account you can easily earn $2000 or more in just a few months’ time.
So what are you waiting for? Do some research and get started on the path to free money from bank account bonuses today!
Watch Out for Requirements & Fine Print
Of course it’s important to read the fine print on any bank bonus or account promotion. Requirements can vary significantly and you don’t want to get tripped up by misleading marketing or miss a step that nullifies the bonus.
For example some banks require you to maintain certain combined balances across multiple account types like checking savings and investment accounts. Or they may require a minimum number of debit card transactions per month. Failing to check all the boxes could mean kissing that bonus goodbye.
It’s also worth considering if you can become a complete newcomer for the bank’s definition or if you have to be totally new to that institution. In some cases having an account there in the past could disqualify you so know the rules.
And be aware of the tax implications. While bank bonuses are considered interest and reported on a 1099-INT you’ll still owe income tax on the amount. So if you earn that $2000 Chase bonus Uncle Sam will want his cut. Be sure to set aside enough to cover the tax hit.
Finally you may need to stick with the new account for an extended period to avoid having to pay back the bonus. Many banks enforce a 6 month or even 1-year commitment to keep the cash incentive after earning it.
Ultimately a little work can really pay off when it comes to scoring a lucrative bank account promotion. As long as you can check all the boxes and meet the requirements why not earn $1000 or $2000 just for opening a new checking or savings account?
Conclusion:
If you want to earn some extra cash in a hurry bank account bonuses are hands-down one of the best ways to do it. With so many banks hungry for new customers they’re willing to pay top dollar to anyone who opens an account. From $2000 checking bonuses to 3.4% high-yield savings rates the deals are out there.
The key is finding the best bank promotions reading the fine print and completing the steps to earn the cash incentives and high interest rates. It takes a little work but if you can meet the requirements you can easily earn thousands just for opening an account and making a deposit. So do your homework take advantage of the best offers and enjoy that free money!
