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 2013)
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. Chase Bank – $125 Bonus
This offer is good until July 6, 2013. Open a Chase Total Checking account with at least $100, enroll in direct deposit, and Chase will apply a $125 bonus to your account within ten business days of receiving your first direct deposit. You can apply for this account online or Chase can email you a coupon for the $125 bonus that you can take to a local branch. Fees may apply to your account so be sure to research this before opening your account.
3. PNC Bank – $150 Bonus
Open a personal checking account with PNC Bank by July 27, 2013. Then set up direct deposit and make one payment through PNC’s Online Bill Pay within 60 days. After $2,000 worth of direct deposits are received, you’ll get a $150 bonus deposited into your account within the following 60 days. You can open the account online or have a coupon sent to you via email which you can use to open the account at any PNC branch. This offer is limited to residents of the following states: AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, OH, PA, SC, VA and WI.
4. 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.
5. 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.
6. 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.
7. 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.
8. PerkStreet Financial – Up to 2% Cash Back on Purchases
Open a checking account with PerkStreet Financial and you’ll receive a PerkStreet Platinum Debit MasterCard that can actually earn you cash back. You can earn 2% cash back at stores such as Walmart, Best Buy, and Target, and 1% cash back on all non-PIN purchases everywhere else. The account comes with free online bill pay, free checks, and free electronic money transfers. You can also use your debit card at over 40,000 ATMs across the country free of charge.
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?