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Bank savings rates remain historically low, but one-way consumers can earn more for their money is through a checking account bonus.
Banks use checking account bonus promotions as an incentive to get you to sign up for a checking or savings account.
Many banks are currently offering a checking account bonus, but every bank account bonus isn’t a good deal. Some have high minimum balance requirements and monthly fees that could eat into your bonus.
This month, one bank stands out in their checking account bonus offer. BBVA is offering a $200 checking account bonus that only requires you to open a free checking account and make ONE direct deposit of $500 by April 30, 2020.
21. SoFi Money – $50 Referral Bonus
Open a new SoFi Money account, then refer friends to open accounts of their own to earn $50 per referral. The referred party may be eligible to earn a new account bonus, as well. The amount of the referral bonus is subject to change without notice but is currently $50 for both parties. You can earn up to $10,000 with this offer – if you have enough contacts to refer.
To begin referring new account holders to SoFi Money, open the “Refer a Friend” tab in your SoFi Money app and copy your unique link. Then, send the link to whoever you’d like to refer via social media, email, or whatever’s most convenient. For a referral to be successful, the referred party must open and fund a new SoFi Money account with $100 in new money within 14 days of receiving the link.
SoFi Money is a high-yield cash management account. Read all disclosures for current rate and balance information.
Bank of America: $100 bonus
New checking customers can earn $100 from Bank of America when they open an account online. The offer expires June 30. To get the bonus, you must:
Not have had a Bank of America personal checking account within the past six months.
Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
Make an opening deposit ($25 opening deposit for the Advantage SafeBalance Banking account and $100 opening deposit for the others).
Receive two direct deposits of at least $250 each within 90 days of opening your account.
An offer code (PSR100CIS) is needed to qualify for the bonus.
Bank of America is headquartered in Charlotte, North Carolina. It earned 2.4 out of 5 stars in Bankrate’s full review of its products and services.
Chase Total Checking®: $200 bonus
How to get it: Open a Chase Total Checking® account online or in-person using a coupon emailed to you through the promotional page. You must have a qualifying direct deposit into the account within 90 days of opening the account. The account must remain open for six months or the bonus will be deducted at account closing.
Where to open: The account can be opened online or at a Chase branch (find a location near you).
How to qualify: You must not have had a Chase checking account within the last 90 days or had one closed with a negative balance. In addition, you may receive only one new checking account opening bonus every two years from the last enrollment date, and you’re limited to one bonus per account.
When you’ll get it: The bonus will be deposited into your account no more than 10 business days after your first direct deposit.
Monthly fee: $12, avoided by having monthly direct deposits of $500 or more, a minimum daily balance of $1,500, or keeping a daily average balance of $5,000 in your Chase Total Checking® and qualifying linked Chase bank accounts.
HSBC Bank $100 Referral Bonus : $200 bonus
• Get a $225 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities.
• Open your new HSBC Advance checking account online by June 29, 2020; and
• Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening
• You will automatically receive the $225 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It’s that simple