Bank savings rates remain historically low, currently at 0.06%. But one-way consumers can earn more for their money is through a checking account bonus offer.
Banks use checking account bonus promotions as an incentive to get you to sign up for a new account.
There are many bank promotions currently offered, but not all checking account bonus offers are a good deal for everyone’s budget. Some have high minimum balance requirements and monthly fees that could eat into your bonus. For example, Citi is offering a $500 checking account bonus but you must deposit $50,000 to take advantage of that bonus.
This month BBVA Bank stands out in its $200 checking account bonus offer because they make it fairly easy to meet basic requirements to earn the bonus. You are only required to open a free checking account and make ONE direct deposit of $500 by October 31, 2020.
Plus, People with ChexSystems or EWS records can find it difficult to open a new bank account plus earn a checking account bonus. However, BBVA offers people in ChexSystems a second chance checking account called “Easy Checking,” which is available for the $200 checking account bonus also.
Earn a $200 Checking Account Bonus
BBVA Online Checking Account doesn’t charge monthly fees. BBVA’s free checking account is available online to residents in ALL States. Branch locations operate in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. BBVA is the 30th largest bank in the United States. The $200 checking account bonus is available to new BBVA customers until August 21, 2020.
Details to earn the Checking Account Bonus:
- New Customer: You must be a new BBVA consumer checking customer who has not had a BBVA consumer checking account open within the last 12 months.
- Minimum to open a new account: A $25.00 deposit.
- Requirements to earn the checking account promotion: By October 31, 2020, make at least ONE direct deposit of your paycheck, pension or government benefits (such as Social Security) in the amount of $500 or more to your new checking account.
- The $200 checking account bonus will be deposited into your checking account within 90 days of meeting the bonus requirements described above. The account must be open and in good standing with a balance greater than or equal to $0.00 at the time of payment to receive the checking account bonus.
- Account fees: There are no monthly account fees.
BBVA Online Checking Account Features:
- Apply with only a $25 opening deposit.
- No monthly Service Charge.
- Complimentary Online Banking and Mobile Banking, Bill Pay, and Online Statements.
- 64,000 Free ATMs Nationwide that allow withdrawals, cash and check deposits at any BBVA or Allpoint® ATMs.
- BBVA USA, Member FDIC.
- Once your account is open, you can set-up mobile check deposits.
- Earn cash back rewards for everyday debit card purchases with Simple Cash Back.
Earn an extra $50 Savings Bonus
In addition to the $200 checking account promotion, you could also earn an extra $50 savings account bonus by opening a BBVA Online Savings Account. But you must first open the BBVA Online Checking Account to qualify for the $50 savings bonus.
How to qualify for the $50 Savings Bonus:
- You must first meet stipulations for the $200 Checking Bonus to be eligible for the $50 Savings Bonus.
- The savings account must be opened at the same time as the checking account.
- You must be a new BBVA savings customer who has not had a BBVA consumer savings account in the past 12 months or closed due to negative balance.
How do online-only customers handle banking transactions
For online customers, representatives are available to help you find the right financial tools for your online bank account. Online banks offer customers just about every service traditionally available through a local branch, including deposits, which is done online or through the mail, and online bill payment.
BBVA Bank offers money market accounts, personal, mortgage, business and auto loans, and wealth management products in addition to checking and savings accounts. It’s a great place to build a lifetime banking relationship.
The above bank bonuses can and do change frequently. Be sure to confirm the terms and conditions of checking account bonus offers directly with the financial institution.