NEW YORK ( MainStreet) -- Sign-on bonuses aren't exclusive to credit cards (or pro football players, for that matter), as banks are also increasingly offering select customers free funds to get them to open a checking account.
"Interest rates are so low that bonuses are the new way for
|Banks are increasingly offering select customers free funds to get them to open a checking account.|
The bonuses typically range between $100 and $150, but similarly to credit card sign-on bonuses, the funds are usually subject to some restrictions buried in the fine print. Here's what you need to know before taking a bank up on the deal:
They're only worth pursuing if you plan on actually banking with the institution.
Checking account sign-on bonuses are typically contingent upon you depositing a certain amount of money into your new account, whether it is by transferring funds from an existing account or linking the new account to direct deposit of your paycheck.