Best bank account bonuses for November 2020
If you’re wishing you had more savings right now, you’re not alone. Many Americans impacted by the coronavirus are finding that they need additional funds to make ends meet. A bit of extra cash could be a big help. Fortunately, a number of banks are still giving out free stacks of cash.
In exchange for opening a new savings or checking account, you could wind up with an extra $200 or $300 dollars (or more). Shopping around for a new bank account isn’t exactly exciting, but at a time like this it could be worth your while.
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Why banks have sign-up bonuses
Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.
While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.
“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.
Some banks, like TD Bank, offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.
What to watch out for
Every bank account bonus isn’t a good deal. Before you sign up, read the fine print.
Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. If earning a bonus seems to require too much effort, you might want to look for another one.
If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need them, double-check that there are plenty of branches and ATMs in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with coronavirus forcing banking to shift online more than ever before, look for a bank or credit union that offers a solid set of digital tools.
If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest.
For instance, these one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.
Here are some of the best bank account bonuses in November. Compare these offers along with CDs and other savings accounts that pay more interest. And check out other types of bonuses, too, like the best brokerage account bonuses.
Summary of the best bank account bonuses
Best checking account bonuses
- Associated Bank: $500 bonus
- HSBC Bank: $200 or $450 bonus
- TD Bank: $150 or $300 bonus
- Chase Bank: $200 bonus
- Huntington National Bank: $150, $200, $500, $400 or $750 bonus
- SunTrust (Truist) Bank: $200 or $500 bonus
- Bank of America: $100 bonus
- Axos Bank: $100 bonus for new business owners
Best checking and savings account bonus
- Citibank: $200, $400 or $700 bonus
Best referral bonuses
- Axos Bank: $20 for referral and referee
- Chase: $50 for each referral up to $500
- Chime: $50 for referral and referee
- TD Bank: $50 for referral and referee
- HSBC Bank: $100, $250, $300 or $600 referral bonus
Best checking account offers
Associated Bank: $500 bonus
Earn $500 when you open a new checking account with Associated Bank by May 31, 2021. To qualify, you must:
- Not have opened an account with Associated Bank within the last six months.
- Keep the account open for a minimum period of 12 months.
- Receive direct deposits totaling $500 or more within the first 90 days of account opening.
Associated Bank is based in Green Bay, Wisconsin and has branches located in Illinois, Minnesota and Wisconsin.
HSBC Bank: $200 or $450 bonus
HSBC has a couple of checking account bonuses available online. Through Jan. 7, 2021, you can earn:
- $200 for opening an HSBC Advance checking account online and receiving recurring monthly direct deposits…
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