10 Best Rewards for Opening Bank Account

A recent survey by Nerdwallet highlights that 64% of Americans are motivated by rewards and bonuses when choosing a new bank. To encourage people to create new accounts, a lot of banks provide rewards for opening bank accounts. These rewards which are intended to make banking rewarding, frequently consist of cash bonuses and high interest rates.

These benefits can have a big impact on your decision-making when it comes to banking services as you become more informed about your financial possibilities. You may maximize the banking benefits and make more informed decisions by being aware of and taking advantage of these offers. 

10 of the best rewards for opening bank account are listed below, so you may make the most of your earnings and choose the one that best suits your needs.

10 reward for opening bank account

Cash bonuses

Cash bonuses are one of the most enticing rewards for opening a bank account. To qualify for these bonuses, the new account holder usually needs to fulfill several requirements, like opening a new checking or savings account, depositing a minimum amount, and setting up direct deposits within a certain time frame. 

Depending on the bank and the kind of account, cash bonuses might range from small sums like $100 to larger offers exceeding $1,000. Terms and conditions, such as keeping the account active for a specific amount of time or maintaining a minimum balance, are sometimes attached to these bonuses.

Cash bonuses are a popular option for customers who want to optimize their financial advantages from routine banking operations because of their ease of use and quick value.

Examples of banks offering lucrative cash bonuses

Chase total checking - $300 bonus

Chase Bank is renowned for its attractive sign-up bonuses. One of the most popular offers is the $300 bonus for new total checking account customers. 

You must use the promotion code you received via email to open a checking account in person or online in order to be eligible for the welcome bonus. 

After that, you have ninety days to set up a direct debit. Your bonus will be credited to you instantly.

Bank Of America advantage banking account - $200 bonus

When you open an Advantage Banking Account, you can get a welcome bonus of $200.  After completing the promotion requirements, you are expected to get your bonus within 60 days.

You must open the account with the promotional code "TWA200CIS" and make at least $1,000 in direct deposits within 90 days in order to be eligible for the bonus. 

Bonus points or miles

Many banks offer bonus points or miles as a reward for opening bank accounts. Although credit cards are usually linked to these benefits, checking and savings accounts are also becoming more and more connected to them. Redeeming bonus points or miles may bring many advantages, including cash back, gift cards, and travel.

To qualify for bonus points or miles, newly opened accounts must fulfill certain requirements, like reaching a certain balance threshold, completing a predetermined amount of debit card transactions, or setting up direct transfers. These points or miles have different values, but for those who make the most of their redemption possibilities, they often have substantial value.

Examples of banks offering attractive bonus points & miles rewards

Citi Bank’s American airlines-  AAdvantage

After spending $500 during the first three months of opening an account, new users of CitiBank's AAdvantage MileUp account can get 10,000 bonus miles.

For frequent travelers, this is an excellent option because the miles can be redeemed for flights, seat upgrades, or other travel-related expenses.​

Chase Sapphire Banking - 75,000 ultimate rewards points

After spending $4,000 on the Chase Sapphire Preferred Card within the first three months, users can get a welcome bonus of 75,000 points.

When you use Chase Travel to redeem these 75,000 points, you may book any kind of travel, including hotels, flights, and rental vehicles, for over $900 in total value. 

Transferring Chase points to its airline or hotel partners, however, may increase their value even further.​

Interest rate boosts

An appealing incentive banks use to draw in new consumers is an increase in interest rates. For a limited time, these bonuses offer checking, savings or money market accounts interest rates that are higher than typical. Encouraging customers to make larger deposits and keep their account balances higher is the goal.​

Increases in interest rates are typically based on some restrictions, like fulfilling monthly transaction requirements, maintaining a minimum balance, or establishing direct deposits. Customers can benefit from higher interest rates which can be many times higher than regular rates, once these requirements are satisfied, this will increase the growth of their funds.​

Examples of banks offering competitive interest rate boosts

SoFi checking and savings - Up to 4.50% APY

For new users of its checking and savings accounts, SoFi is offering an amazing interest rate hike. A customer's savings amount can earn as much as 4.50% APY when they set up direct deposits.

Because this rate is so much higher than the national average, savings are greatly increased. 

Customers must have qualifying direct deposits made throughout a 30-day assessment period of at least $5,000 in order to be eligible.​

Fee waivers

Banks lower the cost of banking for new account holders by waiving a variety of fees, which improves the attraction of their services. These exclusions may apply to overdraft, ATM, monthly maintenance, and even foreign transaction costs. Offering a reasonably priced banking service that motivates clients to open and keep accounts is the major objective.​

Fee waivers are very helpful for clients who wish to stay away from the regular fees connected with conventional banking. Customers can choose accounts that offer charge exemptions to save money and have a simpler banking experience. ​

Examples of banks offering fee waivers for specific accounts

Bank of America advantage plus banking - waived monthly maintenance fees

Customers who maintain a minimum daily balance of $1,500 and register in Preferred Rewards or have at least one qualifying direct deposit of $250 or more are eligible to waive the $12 monthly maintenance fee on Bank of America's Advantage Plus Banking account. 

This gives users several options for avoiding costs and having a more economical banking experience. 

Capital One 360 Checking - no fees for everyday services

The 360 Checking account from Capital One is renowned for having no regular fees. Capital One ATMs are free to use, and there are no minimum balance requirements or monthly maintenance costs. 

Furthermore, Capital One is an affordable choice for regular banking because it doesn't impose fees for overdrafts provided users have enough money in a linked account to cover the overdraft. 

Free checks or ATM withdrawals

Some banks entice consumers with free checks or ATM withdrawals, which improve the banking experience. These advantages can offer convenient access to cash without incurring additional expenses, as well as a significant reduction in banking fees. 

These benefits, which include limitless free checks and ATM withdrawals, accommodate a range of budgetary requirements and preferences.

Examples of banks offering enhanced free check and ATM benefits

Ally Bank’s free check services 

With its Interest Checking Account, Ally Bank, which is well-known for its customer-friendly philosophy offers an endless supply of free checks. Consumers can enjoy the comfort of writing checks without worrying about fees by ordering ordinary checks at no additional cost.

Furthermore, Ally reimburses ATM expenses across the country up to a predetermined amount, allowing users to take out cash from any ATM without paying extra fees.

Charles Schwab Bank

The High Yield Investor Checking Account from Charles Schwab Bank, which is well-known for its services aimed towards investors, comes with limitless ATM fee refunds across the globe. Consumers don't have to worry about incurring extra fees when they take out cash from any ATM.

While physical checks are not offered, account members can manage their money easily with Charles Schwab Bank's free online bill payment and electronic cash transfers.

Sign-Up bonuses for additional products

Banks offer attractive incentives, such as sign-up bonuses for extra products, to encourage customers to extend their banking relationship. Customers who join new accounts in addition to their primary banking products, such as credit cards, investment accounts, or savings accounts, are usually rewarded with these bonuses. Customers can diversify their financial portfolios and gain great benefits by taking advantage of such rewards.

By taking advantage of sign-up bonuses for additional products, customers can earn cash bonuses, bonus points, or miles that can be redeemed for a variety of prizes like gift cards, goods, travel, or statement credits. 

Examples of banks Offering attractive sign-up bonuses for additional products

Wells Fargo bonuses and promotions

Wells Fargo offers sign-up bonuses to encourage consumers to open new accounts. Get a $325 bonus when you open a new everyday checking account with a $25 minimum start deposit and get $1,000 in eligible direct deposits throughout the first ninety-day period.

Bank of America sign-up bonus 

Sign-up bonuses are offered by Bank of America for a range of banking products, such as credit cards and checking and savings accounts.

Create a new online personal checking account with Bank of America Advantage Banking. Then, within 90 days of the account creation, set up and receive qualifying direct deposits into the account totalling $2,000 or more to be eligible for a $200 reward.

Investment account credits

Banks provide significant rewards in the form of investment account credits that motivate clients to investigate investment alternatives and accumulate money over an extended period of time. 

With the money from these credits, clients can strengthen their current portfolios or launch new ones by applying the funds straight to their investment accounts. Banks hope to encourage clients to take proactive measures towards financial prosperity and stability through smart investing by rewarding them with credits to investment accounts.

Examples of banks offering investment account credits

E*TRADE credits 

For new account openings, E*TRADE offers credits for investment accounts, usually in the form of cash bonuses or commission-free trades. Credits of $100 to $4000 may be available to customers, based on the kind of account and amount deposited.

Merrill edge cash bonus

For new clients who open self-directed accounts, Merrill Edge offers credits for investing accounts. Customers may receive credits ranging from $100 to $600 depending on the promotion, depending on the type of account and the amount deposited.

Gift cards or merchandise

Banks also provide additional incentives, such as gift cards or retail prizes, to their clients as a way of rewards for opening a bank account. Such prizes give customers a range of options in place of typical cash bonuses. 

These options include gift cards to well-known merchants, goods from well-known companies, or even experiential rewards like holiday vouchers. Banks improve the entire experience of their customers and accommodate their unique tastes and interests by offering a wide variety of appealing gift cards or item rewards.

Example of banks offering diverse and desirable gift cards 

US bank rewards

Gift cards are occasionally offered by US Bank as incentives for creating new accounts. After completing the requirements to open and fund a qualifying account, customers may be eligible to receive gift cards from well-known retailers or merchants.

Referral bonuses

Banks offer referral incentives as a way to reward current clients who recommend friends or family to open new accounts. In addition to increasing the bank's clientele, these benefits incentivize clients to tell others about their satisfying banking experiences.

Current account holders can introduce their family and friends to the advantages of banking with the same organization and earn prizes, such as cash bonuses, account credits, or gift cards, by recommending new clients.

Examples of banks offering referral bonuses 

Ally Bank customer referral

Through a popular referral program, Ally Bank allows its current clients to suggest friends or relatives to create a new account. After the New Friend enrolls, opens, and funds the Eligible Account, the Referrer will get a $50 Referral Reward transferred into their Ally Bank account for each of the up to five new friends that create and fund a savings account. 

TD bank 

Through TD Bank's referral programme, current clients can suggest friends or relatives to open new accounts. The referrer and referred party may receive cash bonuses or account credits of $50 upon fulfilling certain requirements

Relationship rewards

Relationship rewards are incentives that banks offer to their customers who achieve specific requirements, including minimum balances or transaction activity, or who maintain numerous accounts. 

As a means to show clients how much the company respects their long-term relationships, these rewards give them special benefits, discounts, or upgraded features in exchange for their ongoing involvement and loyalty. Banks want to build mutually advantageous collaborations, increase client retention, and deepen engagement through relationship rewards.

Example of banks offering relationship rewards

Chase bank relationship rewards

Through its Chase Sapphire Banking and Chase Private Client programmes, Chase provides relationship benefits. Benefits including eliminated fees on specific services, increased ATM withdrawal limits, devoted customer support, and access to unique banking and investment possibilities are available to customers who maintain specific qualifying balances throughout their Chase deposit and investment accounts.

Conclusion

Get your reward for opening bank account! 

Selecting a bank that offers appealing rewards has several advantages, ranging from short-term cash bonuses to long-term ones like increased interest rates and reduced costs. Customers may get the most out of their banking experience and feel valued and partnered with their preferred bank by carefully assessing rewards.