Checking Account Sign-On Bonuses 101
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 [financial] institutions to entice consumers to bank with them," says Alex Matjanec, co-founder of MyBankTracker.com.
|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.
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