Bank Bonuses – Sign Up For Free Money

One of the ways to get free money is with bank bonuses. These bonuses are usually offered to attract new customers and give them an incentive to open a new account. Each bank bonus would have its own set of requirements. One example could be that the new customer must open the account with a minimum initial deposit in order to receive the bonus. Sometimes the minimum deposit must stay in the account for a period of time. Sometimes the minimum deposit is a reasonable amount ($100-$300); other times it will be a very large amount, like $10,000 or more. Other bonuses might require setup of direct deposit. Others require that a friend refer you in order to get the bonus. But those are good because they often mean that you and your friend will receive a bonus.

Some examples of bank bonuses that I have received include $50 for opening a savings account at Citi Bank, $50 for opening a free checking account at Chase Bank, and $10 for opening a checking account at Bank of America. In each situation I had to be a new customer, open with a minimum initial deposit (anywhere between $1 and $300), and keep the money in the new account for a period of time (usually 30 days). Chase bank required a direct deposit once a month, which I satisfied by transferring money from my PayPal account once a month. I’ve also received bank bonuses from ING Direct (now Capital One 360), Virtual Bank and First Bank (efirstbank.com).

Are Bank Bonuses Actually Free?

In almost every case, bank bonuses do not require any out-of-pocket costs. This means they are actually free, but there may caveats with each particular bonus. Bank bonuses are available for opening savings accounts, checking accounts, and money market accounts. You have to use money to open these accounts, but the money is still yours. All three accounts are generally free, but not always. Over the last few years banks have gradually added more and more fees, and if any bank charges a fee, then their bonus is not actually free. For example, free checking accounts may not be free unless direct deposit is set up or there is a minimum amount kept in the account. Usually, the requirements for avoiding fees are manageable.

There are some who won’t consider bank bonuses because they believe that opening multiple bank accounts will negatively affect their credit score. Opening checking, savings and money market accounts do NOT affect your credit score, only new credit card accounts, and loans.

Credit Card Bonuses

Credit card bonuses are mostly common among retailer credit cards. They may offer you $20-$50 at the checkout if you sign up for their card. These are actually free. If they’re giving you $20, then any $20 purchase is free stuff, and so on for $50 or whatever amount they give you. The caveat is that signing up for multiple credit cards within a short period of time can negatively affect your credit score. Therefore, part of what you have to consider is whether you need a good credit score. If you’re not buying a house or a vehicle any time soon then it really isn’t needed. And when the time comes that you need a good credit score, you can take some steps to improve it. Credit Cards also offer rewards and free services. Read Credit Card Freebies for more information.

Are Bank Bonuses Always Cash? Can I Get Other Free Stuff From Banks?

Quite often bank bonuses are cash. But any particular bank could offer other incentives for signing up. Other incentives that I’ve observed include a free android tablet, an Amazon gift card, a gas gift card, gift cards for other retailers, movie tickets and sports event tickets.

In addition to sign-up bonuses, banks are notorious for giving away free gifts and swag. They might offer you a duffel bag, a laptop case, t-shirts or other promotional products that are often branded with the bank’s logo. See also Free Samples & Gifts.

Where Can I Find Bank Bonuses?

Bank bonuses could be advertised in any of the marketing channels of a particular bank. On a few occasions, I found bank bonus offers in a moving kit envelope from the post office. Those particular ads were targeting new homeowners, but the bank bonuses were available to anyone who asked for them. The bonuses may also be announced in direct mail, other print marketing, in-store displays, internet advertisements (possibly even ones on this page, however Actually Free cannot vouch for them), and the bank’s social media pages. You may also get invited by a friend.

Here are some banks that have offered bank bonuses. Some of them have been bought out by other banks since this article was originally written:

• Amboy Direct
• America’s Credit Union
• Bank of America
• Bank of the West
• Capital One
• Chase Bank
• Compass Bank
• Citi Bank
• E*trade
• FNBO Direct
• Huntington Bank
• iGoBanking
• ING Direct (now Capital One 360)
• Key Bank
• Nationwide Bank
• NASA Federal Credit Union
• M&T Bank
• OptionsXpress
• PNC Bank
• Regions Bank
• Revolution Money Exchange (Acquired by American Express)
• SunTrust Bank
• TD Bank
• TFC Bank
• Virtual Bank
• Wachovia (Acquired by Wells Fargo)
• Wells Fargo
• WT Direct (Not an active bank)

Any of these banks could have a bank bonus offer at any given time, as well as other banks. A simple Google search might reveal others. Whenever bank bonuses are discovered they’ll be added to the Actually Free Blog. You could also try sites like MaximizingMoney.com.

Get Paid to Refer Your Friends So That You Both Get Bank Bonuses

Banks with referral programs are nice because you can get a bonus for signing up and for referring your friends. When you refer a friend and your friend signs up, then you both get a bonus. These are among the best referral programs because they require very little from you or your friend. It’s free money that is actually free, and all they have to do is open a bank account. However, that doesn’t mean all your friends or family will want to sign up. Some people just can’t believe that anything good would come their way. Others may not believe that it’s worth their time.

More Bank Bonus Tips

When signing up for bank bonuses make sure you follow all the instructions for receiving the bonuses. Otherwise, you may not receive the bonus and you’re just wasting your time.

When signing up for any bank account, make sure you follow all the instructions to avoid fees. For example, if they require direct deposit and you don’t set up a direct deposit, then the bank will charge you more in fees than what you’ll make with the bonus.

Sign up for an account with an online bank, like Capital One 360, so you can send yourself money to satisfy direct deposit requirements. (Even if you have a job, it will only satisfy the direct deposit requirement for one account, and you may want to sign up for many to get more free money)

Make sure the website offering the bonus is for a real bank if you’re not already familiar with it.