With the New Year upon us, 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.
February 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 February.
Top Bank Account Promotions (February 2012)
1. ING Direct
ING Direct frequently runs many of the best bank perks in the market. ING Direct is giving away $50 to anyone who opens up an Electric Orange Checking account. Getting the $50 bonus requires you to make a total of 3 card purchases from your account. If you don’t want to do that then you can qualify by making three Person2Person Payments. You can do any combination of three purchases and payments if you wish. You will receive a $50 bonus automatically in your account on day 50.
2. Bank 2
If high interest is what you’re looking for, Bank 2 is currently offering a 3.01% APY on checking, and 2.01% APY on savings accounts. The checking account option comes with no minimums and no monthly fees, along with free e-statements and free online banking.
To qualify, you must make 12 check card purchases each month, sign up for online banking and e-statements, and establish direct deposit. These requirements also must be met to qualify for the savings account interest rate. If you fail to meet the requirements, the rate drops to 0.10%, and if you go over $15,000 in checking or $35,000 in savings, the rate drops to 1.01%.
3. First Bank
Just in time for the holidays, First Bank is giving away an Amazon Kindle, a Garmin GPS, or an iPod Touch to new account holders. Their Free Checking account comes with a $0 minimum balance and service charge and no direct deposit requirements. Plus, almost all banking options are available online.
To qualify for one of the free gifts, your account must be in good standing, and you must enroll in online banking, have a direct deposit of at least $300, and make three bill payments. These requirements must be met within 60 days of opening the account.
4. Valley National Bank
Valley National Bank is now offering a $150 bonus for opening any one of their customer-friendly checking accounts. You get free checking for one year, a free order of checks, and free online banking, eStatements, mobile and text banking, debit card, and banking by phone.
If you open a checking account with Valley National Bank, you get $75 when you sign up for mobile banking, and an additional $75 when you enroll in online bill pay or start a monthly direct deposit. You must do this within 60 days of opening the account, and the money will appear within 90 days.
5. Citizens Bank
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.
6. Chase
If you’re a new Chase customer, you can sign up for their Chase Total Checking and receive a $125 bonus just by setting up direct deposit. They offer free online billing and a free debit card. There is a $12 monthly service fee, but you can avoid it by having at least $500 going into the account via direct deposit each month, maintaining a daily balance of at least $1,500, and keeping an average balance of $5,000 through this account and all other qualifying Chase accounts. This offer expires on 2/25/2012.
Final Word
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?
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