Most people would like to be saving more money, and one way to do this is by taking advantage of bonuses from your bank account. However, you need to be smart about how you use these, or else you might end up spending the money and not saving it, which defeats the purpose. Here are some of the best bank account bonuses out there, so you can get the most out of your money in 2022.
How would you like to save on your banking fees this year? Just by opening a new account, you can earn money for free just for doing what you normally do! To help you get the most out of your money, we’ve put together the best bank account bonuses in 2022 to help you save as much as possible on banking and financial fees. These offers will change often over time, so be sure to bookmark this page or check back here frequently to see if you should switch your banking services to one of these fantastic companies!
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What are bank account bonuses?
The purpose of a bank account bonus is to lure you into opening an account with their bank. Depending on where you live, there are different types of bank accounts that can offer bonuses. For example, if you open a checking account at one particular bank, it might offer $200 as an incentive for doing so. If you take advantage of a bank account bonus and open up an eligible checking account and keep a certain amount of money on deposit for some time (usually three to six months), you can get access to those extra funds. When choosing which account to sign up for and which bonus is best, make sure they fit your lifestyle, as well as other needs or goals. Also look at what is required to obtain the said bonus, such as direct deposits or online bill pay transfers.
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Best bank account bonuses in 2022
A surprising number of Americans don’t use banks, but if you’re among the majority who do, it’s not too late to maximize your returns. Right now, there are some amazing banking offers out there that can easily put hundreds or even thousands of dollars in your pocket—literally—if you know where to look.
Here are the best bank account bonuses available in 2022:
What are checking account bonuses?
Checkbook-receipt bonuses are relatively new, but they’re quickly becoming a popular way for banks to attract new customers and keep old ones. Just like cash back or credit card rewards, checking account bonuses help you stretch every dollar further. To get them, simply maintain a certain balance or make a certain number of debit card transactions within a time frame. Bonus amounts vary widely by the bank—they’re often anywhere from $50 to $300 and can apply to anything from simple checking accounts to premium high-yield accounts. The best part is that you won’t have to change how you use your money (or even open an account) in order to take advantage.
Here are the Checking Account Bonuses:
- Citibank: up to $1,500 bonus
- Fifth Third Bank: $375 bonus
- BMO Harris: up to $350 bonus
- TD Bank: up to $300
- M&T Bank: up to $250 bonus
- Chase Bank: $200 bonus; $100 bonus for college students
- Huntington National Bank: up to $300 bonus
- Bank of America: $100 bonus
What are savings account bonuses?
Savings account bonuses are rewards that banks and credit unions give to customers who open savings accounts with certain amounts of money. The amount you get can vary depending on how much you deposit, where you’re opening an account and what kind of savings account it is. Savings account bonuses are typically offered as promotions, meaning they’re only available for a limited time and might change if circumstances change (such as market conditions). They might also be seasonal—for example, banks might offer higher bonuses during tax season when many people are looking to meet their quarterly savings goals. Regardless, savings account bonuses offer a way to potentially boost your bottom line for a relatively small amount of effort.
Here are the Savings Account Bonuses:
What are referral bonuses?
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Referral bonuses, sometimes called snowball bonuses or buddy bonuses, are a popular way for banks to incentivize customers to refer their friends and family. They often pay you a percentage of any deposits or fees paid by people you refer. Many offer rewards as high as $150 per referral—and, these days, many require less than a dozen referrals before they kick in. In other words, you can earn a significant amount quickly. Referral bonuses are one way to get more bang for your buck. If you see them available at your bank or credit union, be sure to ask about them—they could be exactly what you need to set yourself up for success next year.
Here are the Referral Bonuses:
- American Airlines Federal Credit Union: $25 for each family member referral up to $250
- Axos Bank: $20 for a referral and $20 to the referred customer
- Chase Bank: $50 for each referral up to $500
- Chime: $100 for a referral and $100 to the referred customer
- TD Bank: $50 for a referral and $50 to the referred customer
Sign up for high-yield savings accounts
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Many banks offer savings accounts with impressive interest rates, but you’ll need to do some research. For example, if you’re currently being offered a 1% rate by one institution, but know another bank has recently offered 2%, it’s worth making sure you don’t leave free money on the table. Not only can a high-yield savings account help your balance grow faster, but it can also protect against inflation. When shopping around for a high-yield savings account, there are a few things to keep in mind: Look for top interest rates and fees that won’t make it difficult to maintain at least six figures (or $100k) in the available balance.
Why banks have sign-up bonuses
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Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.
While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.
Some banks offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.
Money management is one of those things you can never really get enough education on. If you want to take control of your finances, there are some great apps, tips, and tricks that will make it easy. Best bank account bonuses in 2022 will give you an excellent way to build wealth and consolidate debt.
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Don’t let anyone tell you that it takes too much work or takes a long time to see results with investment accounts—they’re only excuses for people who don’t know how to manage their money well enough. Once you understand what makes up a portfolio and start implementing ways to save, like those listed above, all you have to do is wait for the dividends from compound interest over time!
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