The Federal Open Market Committee (FOMC) has recently voted to lower the federal funds rate for the second time in 2023, effectively signaling a shift away from the unprecedented high-interest rates that have influenced the market. While this decision can adversely affect savers by diminishing the benefits of interest-bearing deposit accounts, it presents alternative opportunities for boosting one’s account balance through various cash bonuses available from banks and credit unions. These institutions often promote limited-time offers to attract new customers, allowing individuals to benefit from substantial one-time bonuses that can be garnered by opening new checking or savings accounts and fulfilling specified requirements.
Several banks are currently offering enticing bonuses for new customers. For instance, Bank of America provides a $300 cash bonus in exchange for opening one of its eligible personal checking accounts and setting up qualifying direct deposits totaling $2,000 or more within the first 90 days. Customers need to use an offer code and can expect to receive their bonus shortly, provided all terms are met by the stipulated deadline of January 31, 2025. Similarly, BMO Bank offers a promotion where customers can earn $300 by depositing at least $4,000 in qualifying direct deposits into their new Smart Advantage or Smart Money accounts within 90 days of opening.
Chase Bank has a range of promotional offers for various checking accounts, including a substantial bonus that depends on the amount transferred into a new account. For the Chase Private Client Checking account, bonuses range from $1,000 for balances of $150,000 up to $3,000 for values exceeding $500,000, provided the designated amounts are transferred within 45 days. Moreover, customers can earn different bonuses based on their activities, such as $100 for completing ten qualifying transactions or $300 with direct deposits totaling $500 or more within 90 days for the Chase Total Checking account.
In addition to Chase, Citi is also rewarding new customers with a bonus of $325 for enrolling in enhanced direct deposit services, which include services such as Zelle and PayPal. To qualify for this bonus, new customers must deposit at least $3,000 in total through two enhanced direct deposits within 90 days. Discover Bank is also offering a lucrative savings account bonus, awarding customers up to $200 based on deposited amounts. Customers who deposit $15,000 can earn a $150 bonus, while those who deposit $25,000 can earn up to $200 within the similar timeframe.
Other banks like Fifth Third Bank and Huntington National Bank are introducing robust promotional bonuses for those who open new accounts. Fifth Third offers a generous $400 bonus contingent on a direct deposit of at least $500 within 90 days, while Huntington allows customers to receive bonuses varying from $200 to $600 depending on the account type opened and the amounts deposited. These bonuses demonstrate the competition among banks to attract new clients, particularly in the wake of changing interest rates, highlighting an ongoing trend where financial institutions are incentivizing deposits through attractive offers.
Finally, U.S. Bank and TD Bank also provide significant bonuses for new account holders. U.S. Bank offers up to $450 based on the total amount deposited in direct deposits, while TD Bank’s customers can earn bonuses ranging from $200 to $300 based on direct deposits that are configured within a specific timeframe after account opening. These promotions reflect the evolving landscape of banking where financial institutions are focusing on customer acquisition and engagement through cash bonuses, presenting an opportunity for individuals to enhance their financial standing despite the challenges posed by lower interest rates.