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.
May 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 May.
Top Bank Account Promotions (May 2015)
1. Capital One 360 – $50 Bonus
Open a new Capital One 360 checking account, then make three debit card payments or Person2Person payments within 45 days. Your $50 bonus will be deposited into your account on day 50. You can also earn additional bonuses for different accounts at Capital One 360: $25 bonus for opening a 360 Savings account, $25 bonus for a Kids Savings Account, and $25 for a MONEY account for teens.
2. Chase – Up to $250 Bonus
Open a new Chase Total Checking account by entering your email address here. You’ll be sent a coupon you can take to your local Chase branch to open your account. Once the account is opened with a minimum of $25 and a qualifying direct deposit is made within 60 days, you’ll receive a $150 bonus within 10 business days. If you open a new Chase Savings account and deposit at least $10,000 within 10 business days and maintain a $10,000 balance or more for 90 days from when the deposit was made, you’ll receive a $100 bonus within 10 business days. Offer expires on July 14, 2015.
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. Nationwide Bank – $200 Bonus
Open a new E-checking account at Nationwide Bank by June 30, 2015 with the offer code 03110473 ($50 minimum opening deposit required). Then set up a qualifying monthly direct deposit of at least $200 within the first 60 days of opening the account. To get the bonus, your account must remain open for at least 90 days. Your bonus will be deposited into your account within two weeks after those 90 days.
5. SunTrust – Up to $150 Bonus
When you open a new checking account at SunTrust using the promo code SUNNYEDC150L ($100 minimum opening deposit required), you can earn a $150 cash bonus. To receive your bonus, make one qualifying direct deposit of at least $1,000 within the first 60 days of opening the account. Once the requirement is met, your bonus will be deposited into your account within 10 weeks. Offer expires July 17, 2015.
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 – $300 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, WI, and District of Columbia. Open a new Virtual Wallet account online or click on the link to have a coupon emailed to you in order to open an account at a branch and get up to a $300 cash bonus depending upon the type of account you choose. Have at least $5,000 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 June 30, 2015.
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 – $300 Bonus
Open a new checking account at Bank of America by May 29, 2015, complete two qualifying direct deposits of at least $2000 within the first three months of opening the account, and your bonus will be deposited into your account, usually within 60 days. The minimum required opening deposit is either $25 or $100 depending upon the account type you choose.
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.
12. Discover Bank – $50 Bonus
Existing Discover credit card holders who open a new Cashback Checking account will earn a $50 bonus simply by opening the account. Your bonus will be issued to your account by July 31.2015. Offer expires on June 30, 2015.
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?