With many financial institutions experiencing a decrease in profits, banks are vying for your business. This is good news for you, because instead of just offering standard perks like no fees, free checking, or a free pen when you sign up for an account, some banks are raising the stakes with cold hard cash, giveaways, and great interest-bearing products.
July is a good month for bank promotions from both big and small banks. Banks are giving away a lot of free cash to attract new customers and get them to open up accounts. The banks listed below have some pretty sweet deals that you should take advantage of if you are in the market for a new bank.
Don’t want to miss out? Here are the best bank promotions for the month of July.
Top Bank Account Promotions (July 2014)
1. Capital One 360 – $50 Bonus
Formerly known as ING Direct, Capital One 360 is continuing the $50 bonus promotion. Open a 360 checking account and make three debit card purchases or three Person2Person payments (or any combination of the two) within 45 days of opening your account. You’ll receive a $50 bonus, deposited into your account on day 50.
2. U.S. Bank – Up to $150 Bonus
Open up a new consumer checking account from U.S. Bank between now and September 14, 2014 with a minimum deposit of $25. Enroll in Direct Deposit (with at least $500 in deposits made by October 31) or complete at least three online bill pay transactions by the same date. Your bonus will be deposited within the following 60 days. To find out your bonus amount, click here and follow the instructions. You’ll receive a promo code for $100, $125, or $150. You can then continue on to complete your account set up. You can also get a promo code sent to your phone by texting MYSUMMER to 40691.
3. U.S. Bank – $100 Bonus
If you enroll in U.S. Bank’s S.T.A.R.T. savings program, you could earn up to $100 in bonuses. You would need to open both a Package Checking account ($50 minimum opening deposit) and a Package Money Market Savings account ($25 minimum opening deposit). Set up recurring transfers from the checking to the money market account, and when you reach $1,000, you’ll get a $50 Rewards Visa card. Keep your balance at $1,000 or more for one year, and you’ll receive another $50 card.
4. Citibank – Up to $100 Bonus
Apply for a new Citibank checking account or enroll your current Citibank checking account by July 31, 2014. For each month you utilize one of the following services: online bill pay, mobile check deposit, or outgoing Popmoney transfer, you will receive a $10 bonus credited to your account within 60 days. You can make eligible transactions good for the $10 bonus through December 31, 2014, although the reward is capped at $100. For new account holders, fees may apply depending on the account you choose.
5. First Trade Union Bank – $100 Bonus
Open a new First Trade checking account – $100 minimum opening deposit required. Set up direct deposit and First Trade will deposit $10 into your account for each of the next five months, as long as a qualifying direct deposit is received in each of those months.
Use First Trade’s new mobile app, FT Pay, at a participating LevelUp merchant, and if you’re eligible to receive a discount on goods or services, First Trade will match that discount, up to $25. Then open a First Trade high-yield savings account, now earning a 1.00% APY on balances of $2,500 or more – $10 minimum opening deposit required. The account also comes with free online and mobile banking and no monthly service fees. Send your savings earned from the FT Pay app transactions to your savings account, and First Trade will also match the first $25.
6. Salem Five Bank – $100 Visa Gift Card
Open up a checking account with Salem Five Bank and you can receive a $100 Visa reward card by completing any one of the following three requirements: set up direct deposit and complete two deposits of more than $250, make six online bill payments of more than $25, or make 20 debit card transactions of more than $5. The requirement you choose must be met within 60 days of account opening. Once the requirement is met, you’ll receive your reward card with 4-6 weeks.
7. BankDirect – AAdvantage Miles
Open a BankDirect Mileage Checking Account and earn American Airlines AAdvantage miles. You’ll receive 1,000 miles just for opening an account, 5,000 miles for initiating direct deposit, 2,000 miles for using BankDirect’s bill pay service for one year, and 1,000 miles for referring a friend. There are other ways to earn miles as well, and some restrictions apply. Be sure to investigate the offer thoroughly for full program details.
8. PNC Bank – $200 Bonus
This offer is good for residents of the following states: AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, and WI. Open a new Virtual Wallet account at PNC bank and get a $200 cash bonus. Have at least $2,000 transferred into your account via direct deposit within the first 60 days and make at least one payment via online bill pay. Your bonus will be deposited into your account within the following 60 days. This offer is valid until August 29, 2014.
9. Santander Bank – $240 Bonus
Open up a new extra20 checking account with Santander Bank and set up direct deposit. For every month you have at least $1,500 in direct deposits credited to your account, you receive a $10 bonus. For each month you make at least two online bill payments, you receive another $10. That’s as much as a $240 bonus each year. You need to open an extra20 savings account as well – your bonuses are applied there. Fees apply if you don’t have $1,500 in direct deposits in a month ($10).
10. Bank of America – $100 Bonus
Open a new personal checking account at Bank of America using the promo code BAW100N by 12/31/14. Set up direct deposit and as long as you make at least $2,000 in direct deposits each month for three months, you’ll receive a $100 bonus. If you currently have a checking account with Bank of America you are not eligible for this offer.
11. Citizens Bank – $1,000 Bonus for College Savings
Citizens Bank is currently offering a $1,000 bonus for those who sign up for a CollegeSaver savings account, an easy, manageable savings plan that will help your meet your college savings needs. It is an interest bearing account, and if you open it before your child’s twelfth birthday and save the monthly minimum amount every year, you’ll receive a $1,000 bonus when your child turns 18. Opening an account earlier than when your child turns twelve will only increase the savings.
When choosing a bank, it’s important to find one that suits your needs – whether that’s favorable interest-bearing accounts, no fees, or free checking. It’s also a big bonus when you can get great perks along with good banking. Be on the lookout for and take advantage of freebies like cash and giveaways, and your banking experience will be all the more pleasurable.
Which bank promotions will you be taking advantage of this month?