When it’s time to open a new bank account, you’re probably more interested in the perks than anything else. And who can blame you? After all, banks offer cash bonuses and other goodies when you open an account. Cash bonuses are great because they can help pay for your next vacation or even help you save for that dream home—who doesn’t want more free money lying around?
Cash:
Cash bonuses are the most common type of bonus, and they’re usually the easiest to understand. Some banks will give you a specific amount of cash—say, $50 or $100—while others will offer a percentage of your deposit as a cash bonus.
These two types of bonuses can be great for personal use (and maybe even some smart shopping), but they may have less value for people who want to save their money for an investment like retirement or college tuition. So if that’s what you’re after, then it’s recommended opening an account at one of the top online savings accounts instead!
Merchandise:
Merchandise is a great way to get something you really want. If you are still determining which bank account is right for you, then a merchandise bonus may be the answer. Merchandise bonuses are usually delivered to your home in a few weeks so that you can enjoy the product before even opening an account. Merchandise usually comes in a box that has been sealed with tape and sometimes with paperwhites or other flowers as well.
When receiving merchandise as part of your bonus, most banks include gift receipts inside each box so that if any item breaks or stops working after you receive it, then this gives you recourse under warranty laws by sending back the items with proof of purchase (Gift Receipt).
Travel Points:
Travel points are probably the most valuable of all bonuses because you can use them to travel anywhere in the world. They’re usually awarded as points per dollar spent and can be redeemed for flights, hotels, car rentals and much more.
Gift Cards for Local Businesses or Stores That You Will Actually Use:
A gift card is a good way to get the most out of your money. You can use it to buy groceries, clothes and other necessities. It is also great to save money on things you usually buy.
For example, suppose you like going to restaurants but prefer spending less money on them. In that case, it may be easier for you just to keep using gift cards rather than paying cash or using credit cards at each visit because then all of your financial transactions will be recorded under one account number instead of multiple ones during the same period of time (which makes it easier for banks).
With SoFi professionals, “You’ll get overdraft cover up to $50 with no fees with qualifying direct deposits.”
As you can see from the list above, there are a number of different ways to get some extra money when you start an account. Some people wouldn’t think about these things until after they’d opened their account, but it’s always worth checking what you’re entitled to before making your decision.
