This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Banks Willing to Pay Up for Your Cash

NEW YORK ( TheStreet) -- Banks may not be lending to you, but they really, really want you to hand over your money to them.

So much so, that they're offering consumers cold, hard cash rewards to open depositary accounts, or enroll in additional services.

Since the start of the year, banks of all shapes and sizes have been upping the ante when it comes to offering incentives. Bank of America (BAC - Get Report), the country's largest bank, has offered bonuses of up to $100 to open a new checking account, as well as a $35 reward for using its online bill payment service, and free equity trades for opening a brokerage account. HomeStreet Bank, a private, Seattle-based entity with just $3.2 billion in assets, is offering customers $215 to open an account in certain states.

>>>>Bank Upping the Promotional Ante

JPMorgan Chase (JPM - Get Report) is perhaps the most aggressive flaunter of dollars for deposits. The bank has been emailing and snail-mailing customers coupons for $50-to-$125 rewards. In a clever move, it also uses its extensive ATM network to spit offers out at customers who don't yet belong to the Chase family.

"We view checking accounts as the core of a customer's relationship," says JPMorgan spokesman Tom Kelly. "If you have a checking account with us, you touch us everyday -- to make purchases, to make payments, for direct deposit, to write checks... That gives us the opportunity to do more business with them."

David Seaman, a fellow reporter at, is one of those who took Chase up on its offer.
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.41 -2.40%
C $45.57 -2.40%
COF $71.92 -2.30%
JPM $62.30 -2.30%
WFC $49.88 -1.40%


Chart of I:DJI
DOW 17,764.74 -126.42 -0.71%
S&P 500 2,062.53 -18.90 -0.91%
NASDAQ 4,770.89 -46.7040 -0.97%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs