Why Bank Account Bonuses Are Worth a Look
Open the right checking or savings account, and the bank may pay you a cash bonus just for becoming a customer. The catch? You must hit a few easy-to-miss requirements. Follow the steps below to pocket the reward and keep every dollar you earn.
1. Know the Typical Requirements
2. Quick “Worth-It” Checklist
- Bonus ÷ Required Balance = Effective return
- Monthly account fee: Is there an easy way to waive it?
- Timeline: Can you meet every step before the deadline?
- Credit pull: Soft inquiry is fine; a hard pull dings your score—check the disclosure.
- Tax form 1099-INT: Expect to report the bonus as interest income next year.
3. Claim Your Bonus in Three Moves
- Open online using the promo link or code.
- Automate the requirements:
- Schedule payroll splits for direct deposit
- Set calendar reminders to maintain the minimum balance
- Use the debit card for routine small purchases
- Track the payout date—bonuses usually post 30–120 days after you finish the tasks.
4. Money-Savvy Tips
- Pair bonuses with high-yield accounts so parked cash still earns interest.
- Close or downgrade the account only after the bank’s minimum open period (often six months).
- Set fee alerts; if you can’t meet waiver rules later, reassess the value.
- Rotate carefully—opening too many accounts at once can complicate taxes and cash flow.