Unlocking Free Money: Take Advantage of New Bank Account Bonus Promotions!

 


Unlocking Free Money: A Guide to Taking Advantage of Bank Account Bonus Promotions

Looking for some free moneyđŸ’”? Bank account bonus promotions might be the closest thing out there. Many banks offer cash bonuses as an incentive for new and existing customers to open accounts with them. Here’s how you can take advantage of these offers and potentially earn free money. 

Step 1: Research and Compare Offers

Start by researching the best bank bonuses available. Look for promotions that offer the highest rewards with requirements you can meet. Websites like NerdWallet, Slickdeals, Bankrate and CNET regularly update their lists of the best bank promotions, making it easy to compare your options. 

Step 2: Understand the Requirements

Remember, while bank bonuses can be a great way to earn extra money, it’s important to read the fine print and understand the obligations associated with opening a new account. Always consider your financial situation and needs before signing up for a new bank account. Most bonuses require you to:

  • Open a new checking or savings account.
  • Set up a direct deposit from your employer or government benefits.
  • Maintain a minimum balance for a set period.
  • Keep the account open for a few months to avoid early closure fees.

Step 3: Apply for the Account

Once you’ve found an offer that suits you, apply for the account. Ensure you use the promotional link or code to qualify for the bonus (some promotions may require you to open the new account at a branch and provide the bonus offer code at opening). *Pro Tip: See if you're able to double up on the promotion with a spouse of significant other (opening a new account under their name as well).

Step 4: Fulfill the Bonus Criteria

After opening the account, follow through with the necessary actions to secure the bonus. This might include setting up direct deposits, depositing a certain amount, or making a certain number of transactions.

Step 5: Enjoy Your Bonus

After meeting all the criteria, the bonus will be deposited into your account. It’s free money that you can save, invest, or spend as you see fit! If you opened a savings account, make sure to assess if keeping funds in the new account will earn the most interest (usually not) or if you should be moving to a higher yielding account (as we discussed in a prior blog post here).

Tips for Success

  • Keep track of the requirements & timelines to ensure you don’t miss out on the bonus
  • Be aware of any fees associated with the new account that could offset the bonus - make sure you try to meet the criteria to have those fees waived (minimum daily balances, etc.)
  • Consider the account’s long-term value beyond the initial promotion - once you have the bonus in hand, assess whether or not you really need to keep it open (taking into consideration any bonus requirements around keeping the account open for a certain period of time).

By following these steps, you can take advantage of bank account bonus promotions to earn some free extra cash with minimal effortđŸ€‘. Happy banking!

-ItsBigZee 

#moneytips #finance #banking

P.S. Have any other similar suggestions for unlocking 🔐 free money? Let us know in the comments below📣!


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