Banks have a long-held tradition of offering various promotions and deals to those interested in opening a new account. The promise of a cashback bonus is a strong incentive, especially so in recent times, and banking institutes use these as incentives to bring in new customers and distinguish themselves from competitors1. Thankfully, Online banking has made accessing these deals easier than ever and we’ve scoured the internet to compile a list of our top choices for you. Here are the Banks that are currently offering sign-up bonuses for opening a new savings account with them.
CIT- $150 or $300
Through May 30th CIT Bank is offering bonus packages, for both new and current customers of their establishment, when creating or joining their Savings Builder Account. For those completely new to the bank, you’re required to open the account with a $100 minimum deposit along with the input of the promo code “Spring20”2. If you fund your account within the next 15 days, you will be eligible for the bonus; a $25,000-$49,999 deposit maintained for another 90 days will earn you the $150, and a deposit of $50,000 or more also maintained for another 90 days will grant you the $300. For those already enrolled with the bank looking to enroll with the program, the process is much the same; the only difference is that no promo code is required, and the minimum balances for the $150 and $300 bonuses must be maintained for 30 days after the original 15 day period, instead of 90.
Chase- $200-$600
Chase has an ongoing deal for its Chase SavingsSM account running until 4/27/2020 where you can earn a $200 bonus3. To qualify for this promotion you must be a new customer not previously enrolled with a savings account through the bank. The minimum deposit for the account is $15,000, in new money, which must be deposited within the first 20 days of the accounts creation. This minimum deposit must then be maintained for an extra 90 days to qualify for the bonus. An additional promotion is ongoing for their Chase Total Checking account, a set up of which can earn you $300; however, the biggest bonus comes from opening both of these accounts in conjunction, an action that would offer you both the $300 and $200 bonus from both promotions, along with an extra $100-bringing you up to a full $600 bonus.
Capital One-$100-$600
Capital One is also offering a generous bonus package for their 360 Performance Savings account for those looking to enroll; the only difference for this promotion, compared to the others, is the nearer deadline for enrollment. This Capital One offer will end on 4/15/2020 but is just as worth your while as the other promotions included on this list. To qualify for this bonus you must first create a new account with the bank, using the promo code “NEW500”4. Within the first 10 days of the accounts creation, you must deposit $10,000-$50,000, and maintain this amount for an additional 90 day period to earn the bonus. This bonus package, in particular, offers a wider range of bonus options depending on the amount you deposit and maintain within the account; for a $10,000 maintained minimum you’ll qualify for a $100 bonus, for $20,000 a $200 bonus, $30,000 for $300, $40,000 for $400, and finally $50,000 for a $500 bonus. Though the timeline for enrollment is ending fast, this package offers many more bonus options for the consumer to qualify for.
Citi- $400 and $700
Citibank currently has two ongoing promotional packages that involve opening a savings account. The Citibank Account Package requires that you open a new checking and savings account with the bank, during the period between 4/01/2020 and 6/30/2020. Within 30 days of the account creations, you must deposit $15,000 between them and maintain this as a minimum balance for 60 days, which will earn you the $400 bonus5. The Citi Priority Account Package is also offered during this time period, requiring many of the same basic baselines to qualify; the creation of both a checking and savings account, a 30-day time limit to deposit the specified funds, and maintaining this minimum balance for 60 days. The only difference is the aforementioned minimum deposit, which for this plan is $50,000. Following these guidelines for the Priority Account Package will net you a $700 bonus.
Online Banking Advantages
With all the uncertainty going on in the world, online banking has become something of a necessity, and these banks are stepping up to the plate to offer as many advantages as possible to make the transition easier for people stuck at home. With any luck we’ll be back visiting our banks in person but, in the meantime, take advantage of these premium cashback bonuses while you can!
[1] Dixon, Amanda. “Best Bank Account Bonuses For April 2020.” Bankrate. Bankrate.com, April 2, 2020.
[2] CIT Bank. “Save Big. Earn Big.” Up to $300 Bonus – 1.75% APY Tiered Interest Rate Savings Account | Savings Builder | CIT Bank. Cit.com. Accessed April 5, 2020.
[3] Chase Bank. OPEN YOUR CHASE ACCOUNT TODAY. Chase.com. Accessed April 5, 2020.
[4] Capital One Bank. “360 Performance Savings: Earn Up to $500: Capital One.” Capital One Credit Cards, Bank, and Loans – Personal and Business. Capitalone.com. Accessed April 5, 2020.
[5] Citi Bank. “Don’t Miss out on This Limited-Time Offer.” Citi.com. Accessed April 5, 2020.
