Banks need your business, so it’s no wonder you can always find some bonuses, discounts, and incentives to sign up for a new account. [1] Remember, once you have savings accounts with a new bank, there’s a greater chance that you’ll also get a credit card, various loans, and so on.
However, we want to focus on bank account bonuses for seniors. We’ve found five banks that offer bonuses in excess of $300 just for opening a new account. Here are your options when it comes to the top bank account bonuses for seniors.
1. Chase Savings [2]
Bonus amount: $150
Those that sign-up for savings account with Chase Savings and deposit $10,000 within the first 20 business days, will receive a $150 bonus. [2] Keep in mind that you need to maintain at least a $300 daily balance to avoid the $5 monthly fee, so it’s wise to get direct deposits to this account.
2. Chase Total Checking [3]
Bonus amount: $200
Getting this bonus is very easy and it just goes to show how many banks need your business. Of course, a little bit of research is always required to find the best deals. With the Chase Total Checking bonus, you just need to sign-up for a new account, place $25 and connect a direct deposit to this account within 60 days. Once that’s out of the way, you’ll see a $200 bonus appear on your balance in the next 10 days.
3. Discover Cashback Checking [4]
Bonus amount: $360 annually
The bonus that comes with Discover Cashback Checking might be the easiest one to get your hands on. You need to sign-up for the account, deposit how much you want, and use the debit card for regular purchases. Discover bank then gives you 1% cashback on monthly purshases with a $3,000 cap or no more than $36,000 per year which is automatically credited to your account balance.
4. Citibank Checking and Savings Account Package [5]
Bonus amount: $500
This is perhaps the biggest bonus we’ve seen any bank give out new customers. Citibank gives you the opportunity to get a $500 bonus if you sign-up for their checking/savings account bundle and if you fulfill certain requirements. To get $400, you need to deposit $15,000 within 30 days after opening the account. Then, if you get two direct deposits in two straight months while keeping the initial deposit for 60 days, you can get another $100.
5. HSBC Premier Checking [6]
Bonus amount: $750
Lastly, HSBC Premier Checking offers a huge bonus for new accounts on the condition that you deposit $100,000 within 30 days of opening it. Maybe you can ask a friend to borrow $100k and promise to buy them a gift.
Advantages of Using Online Banking
Online banking offers you a quick and convenient way of managing your money in a wide variety of ways and you can do so from practically any mobile devices with internet. Banks that focus heavily on online banking and less on physical locations can offer more in the way of bonuses for new customers. There are many out there. Start searching now!
[1] https://www.moneycrashers.com/best-new-bank-account-promotions-offers/
[2] https://www.chase.com/personal/savings
[3] https://www.chase.com/personal/checking/total-checking
[4] https://www.discover.com/online-banking/checking/
[5] https://online.citi.com/US/banking/citi.action?ID=banking-overview
[6] https://www.us.hsbc.com/checking-accounts/products/premier/