A sign-up bonus is a type of incentive for opening a new bank account. The offer usually comes in the form of cash or gift cards, and it can be used immediately on purchases or saved up for later use. Banks often include sign-up bonuses to attract new customers with lucrative offers that are difficult to pass up.
Read on to learn more about the bonus you get when you sign-up for a bank account online.
What is a Sign-up Bonus on Bank Accounts?
So what is a sign-up bonus? Well, it’s just a way for banks to attract new customers. This is done by offering either free money or valuable rewards when you open an account with them.
There are two main types of sign-up bonuses: cash and reward cards. The first one means that you will get some amount of money (usually between $100 and $500) after you make your first deposit into the bank account. When it comes to reward cards, you get an incentive in the form of some points or miles, which can be used on flights or hotels or any other type of travel expenses.
The great thing about both cash and reward card bonuses is that they don’t require anything special from their holders – i.e., they won’t ask you to meet some requirements before being able to use them (unlike some other types of offers).
What counts as a direct deposit when it comes to bank sign-up bonuses?
When you’re signing up for a new bank account, one of the perks you’ll see listed is a list of potential sign-up bonuses. These bonuses are typically set up as reward points or cash back, and they’re given to you when you meet certain conditions. According to SoFi’s professionals, “Direct deposit might be used as a condition to get these reward points or cash back.”
Direct deposit is any payment from an employer or government agency that’s deposited directly into your checking or savings account. For example: If your paycheck is automatically deposited into your checking account by your employer, that will count as direct deposit for bonus purposes (even if it isn’t actually paid directly from their own company). Similarly, if your tax refund comes through via electronic funds transfer (EFT), this, too, would count toward meeting the requirements of a bank sign-up bonus.
What banks offer money as a sign-up bonus for new accounts?
Banks will offer you money as a sign-up bonus for opening an account, sometimes up to several hundred dollars. This is a way for them to attract customers and encourage them to keep their accounts open after the initial deal is up.
You can get even more money by doing other things like depositing checks at the bank or using their ATM network. If you use these things regularly, then it might make sense for you to choose this bank over another one that might not offer much in terms of rewards but does have better rates on its accounts.
Sign-up bonuses are a great way to entice new customers and also help you save money on rewards. As we’ve covered in this article, there are many different types of savings accounts that offer benefits when you sign up with them. The best part about these bonuses is that they don’t require any upfront costs or fees before receiving the cashback or rewards after using their services for a certain amount of time.
