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.
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 2016)
1. Chase Checking + Savings – Up to $250 Bonus
This offer is made up of two parts: a $150 bonus for Chase Total Checking and a $100 bonus for Chase Savings. Open a new Chase Total Checking account with a minimum of $25 and a qualifying direct deposit made within 60 days. You’ll then receive a $150 bonus within 10 business days. 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. In order to receive these bonuses, you’ll need to enter in your email here and take the coupon to a local Chase branch. Offer expires on April 13, 2016.
2. Chase Premier Plus Checking – $300 Bonus
There is a separate bonus offer of $300 for the Chase Premier Plus Checking account, which is a step up from the Chase Total Checking account mentioned above. The Premier Plus account has a monthly service fee of $25, but it is waived if you either keep an average daily balance of at least $15,000 between all of your Chase accounts (checking, savings, and other balances), or you set up automatic payments to your qualifying Chase mortgage.
To qualify for the bonus, open a new Chase Premier Plus Checking account with a deposit of at least $25, and have a direct deposit (electronic transfer for paycheck, pension or government benefits) made to the account. (You can either apply online using the link above, or enter your email on the linked page to receive the coupon to take to your local Chase branch.) Once these steps are taken, you should receive the bonus in your account within 10 business days. Offer expires on April 13, 2016.
3. Capital One 360 – Up to $50 Bonus
Open a new Capital One 360 checking account with a qualified minimum deposit of $250 or more, make at least three debit card or Person2Person payments within 45 days of opening the account, and a $25 bonus will be deposited into your account 50 days after meeting the requirements. Partner that with a new Capital One 360 savings account (also with at least a $250 qualified opening deposit) and you’ll get another $25 bonus after opening the account.
4. Discover Bank – Up to $120 Bonus
Existing Discover credit card holders who open a new Cashback Checking account can earn as much as $120 each year. Open the account with at least $25, then you earn ten cents in rewards every time you write a check, pay a bill online, or make a debit card purchase. You receive this reward on up to 100 transactions per month.
5. Citibank – $500 Cash Bonus
You can earn a $500 cash bonus by opening a new consumer checking account at Citibank under the Citigold Account Package by February 29, 2016. Make $50,000 worth of qualified deposits within 30 days of opening the account. Maintain a $50,000 balance for at least 30 days and your bonus should be deposited within 90 days of meeting the requirements. You can open the account online, visit a branch, or call 1-866-535-3906 and mention promo code 43BWK6L7UU.
6. Wells Fargo – $100 Bonus
Earn a $100 bonus at Wells Fargo by opening a new checking account ($25 minimum opening deposit required if opening the account online, $50 in store) by February 22, 2016. Then within 60 days of account opening, either set up qualifying direct deposit or make ten debit card transactions (payments or purchases). Your bonus should be deposited into your account within 45 days of meeting the requirements. You can also open the account by phone – call 1-800-932-6736 ($25 minimum opening deposit required for phone transactions).
7. BMO Harris – $200 Cash Bonus
Open a new, qualifying BMO Harris checking account by April 30, 2016, with a minimum opening deposit of at least $100 and set up a qualifying direct deposit of at least $300 monthly within 60 days of opening the account. You can apply online or get a coupon emailed to you which you can take to a local branch. You bonus will be deposited into your account usually within 120 days of opening the account, provided you have met the requirements.
8. Bank of America – $100 Bonus
Open a new qualifying checking account at Bank of America by December 31, 2016 using promo code BAW100N (if you currently have a personal checking account with Bank of America you are not eligible for this offer). Then set up qualifying direct deposits which total at least $2,000 every 30 days from the time you open the account for 90 days. Your bonus will be deposited into your account, usually within 90 days.
9. Salem Five Bank – $100 Visa Gift Card
Open up a checking account with Salem Five Bank using promo code PP2013 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.
10. SunTrust Bank – Up to $200 Bonus
Open a new SunTrust Essential Checking account by March 14, 2016 and make at least $500 in qualifying direct deposits in 60 days or less of opening the account to receive a $100 bonus. Use promo code Q1ESSENTIALOL16. Alternatively, open a new Select Checking account by the same date and make at least $2,000 of qualified direct deposits within 60 days of account opening to receive a $200 bonus. Use promo code Q1SELECTOL16. You’ll need a minimum opening deposit of at least $100, and your bonus should appear in your account eight weeks after meeting the requirements.
11. Charles Schwab – $100 Bonus
Open a new, qualified account at Charles Schwab, using the referral code REFERKRCXV, and make a qualifying deposit of $10,000 within 45 days of enrollment, and receive a $100 cash bonus. You must maintain your net deposit for at least one year or the bonus may be charged back to you.
12. BBVA Compass – $125 in Gift Cards Bonus
Open an NBA Checking account at BBVA Compass Bank and you’ll be eligible to receive up to $125 in gift cards. First, activate the Bill Play game in your online account, make at least three qualifying bill payments of $50 or more within the first 90 days of game activation, and a redemption button will appear in your online account, good for a $100 NBAStore.com e-gift card. Then, activate the Direct Deposit Dash game in your online account, make two direct deposits of at least $300 within 90 days of game activation, and a redemption button will appear in your online account, good for a $15 Amazon e-gift card. Finally, activate the Swipe for Songs game in your online account, make 40 qualifying check card transactions within 30 days of the first check card transaction (this first transaction must be complete within 90 days of game activation), and a redemption button will appear in your online account, good for a $10 iTunes e-gift card.
13. 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.
14. 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.
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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