Banks want your business, and they have promotional offers for new customers opening up savings and checking accounts. Promotional offers for new bank accounts are typically cash. In most cases, you will need to deposit at least a certain amount, such as $250 to $250,000, to receive the free cash. With minimum deposit requirements, you will have a set number of days to submit the funds.
Some banks will give a cash bonus when you set up recurring deposits or direct deposit with your employer. Often this is how the financial institution prefers you to deposit the minimum amount. For example:
Chase Bank will give you $150 if you fund your new savings account with at least $10,000 within 90 days. If you close the account within 90 days, the bank will deduct the amount from your balance.
Citibank will give you $700 for opening new checking and savings accounts. You must deposit $50,000 or more in the accounts and maintain the balance for 60 consecutive days.
Bask Bank offers 1,000 Bonus AAdvantage Miles when you deposit $5,000 into your new savings account. You will need to have a $5,000 minimum balance for 90 consecutive days within the first 120 days of opening the account.
SunTrust Bank’s cash bonus amount depends on how much you deposit and maintain in your new account. For less than $10,000 in your account, you can get a $300 cash bonus. You could get up to a $1,000 bonus for depositing $100,000 or more.
The bank can take weeks to months after you fulfill the requirements to deposit your promotional funds.