The 9 Banks That Pay You to Open an Account

Banks allow you to save money for regular expenditure or future use. When you open a bank account, you get an account number that distinguishes you from other customers. It is like an ID with the bank you choose to work with it. Sometimes banks give you a little token when you open an account with them. Banks that pay you to open an account focus on attracting more customers to their business.

When talking of a bank paying you, we are not talking about a salary but a token of appreciation for choosing a particular bank to open an account with them. You may have spotted adverts convincing people to open bank accounts and get a $5, $10, $20 reward, or any other amount when they open an account and deposit a certain amount of money. Some banks also use referral programs to reward new customers if they sign up via a referral link.

A bank account may be a savings or a checking account. A checking account allows you to withdraw money at any time when you need it. It is where you can keep your money for day-to-day expenditures instead of walking around with large amounts of money in your wallet. On the other hand, a savings account allows you to save money for future use. You can earn interest on the money as time goes by.

What do I need to open an account with a bank?

Before walking to a particular bank branch, you need to have all the required documents to open a bank account successfully. Most banks will let you open a bank account even when you have bad credit. However, you may find it difficult to access credit.

Most banks nowadays allow you to open a bank account online. It is possible to open a bank account online with no deposit and with bad credit. If it is a checking account, you can get a credit card for bad credit and start building your credit scores slowly by slowly. The following things are essential when opening an account.

i) Government ID

Banks have to recognize you properly as per the federal laws. Anyone cannot just open a bank account as they may use such bank accounts for fraudulent businesses. The only proper way banks can recognize you is by using your identity card.

Whereas there is the standard ID card that the government issues to the citizens, a driving license is also a valid identification document that can be useful when opening a bank account. Other forms of identification documents include a US military identification card or a valid passport.

All banks require you to produce a Social Security number (SSN). The number is essential to help the government track your earnings to determine your retirement and disability benefits for the elderly. If you do not have the SSN, you can bring the Tax Identification Number (TIN), which also helps track taxes.

In case you lack any of the two. You have to apply for the Individual Taxpayer Identification Number (ITIN) by filing Form W-7 and submitting the form to the Internal Revenue Service (IRS).

iii) Address

You need to provide a postal address when opening your account. Some banks go ahead and request a physical address to know precisely where you live. You can prove your physical address by bringing some documents such as monthly internet bills, water bills, and so on. A lease agreement with your landlord or landlady can also serve as proof of your physical address.

You also need to be 18 years and above if you are the real operator for the bank account. However, children can have bank accounts under their parents or guardians. There are cases whereby there is a need for special consideration.

Students who have come to the US to study may also need bank accounts to carry out their transactions. Banks allow students to bring valid proof of enrolment from a recognized intuition. You may also have to get your school identity card with you. Additionally, when opening a joint account, all the parties must bring the necessary documents.

Moreover, they should all be around for the account opening. If you open and operate an account for another person, let’s say a disabled or a senior person, you need to obtain a power of attorney (POA). POA gives you the authority to operate someone else’s bank account.

Which are the nine banks that pay you to open an account?

If you want a bank that will pay you once you open an account, you can consider any of the following banks.

1) Citibank

The bank offers cash bonuses of $200 when you deposit $5,000, $400 when you deposit $15,000, $700 when you deposit $50,000, and $1,500 when you deposit $2,00,000. The bonuses are for new checking and savings accounts (regular or interest-bearing), whereby the minimum initial deposits offer is for the first 60 days of account opening.

Once you open a savings account with Citibank, you will earn a 0.50% APY on your savings. With Citibank, you can earn up to a $3,500 bonus. The bank has credit cards, debit cards, and various loan types to benefit from them. Interestingly, you can even get wealth management services at the bank.

2) HSBC

HSBC is among the best banks you can have for online banking. Upon getting a new checking account with HSBC, you can benefit from bonuses of $200 when you deposit $500 or $450 when you deposit $5,000. These should be recurring monthly direct deposits. Moreover, the rewards come if you make such deposits for at least three consecutive months upon account opening.

There are various products you can get at HSBC. These include; Asset allocation solutions, fixed-income products, equities and ETFs, structured products, mutual funds, and HSBC wealth track. The bank also offers insurance products to interested customers. Interestingly the bank allows online account opening for international students. Enjoy free ATM withdrawals at all on-net ATMs.

3) US Bank

Be sure to get a bonus of $100 when you deposit $1,000, $200 when you deposit $2,000, or $400 when you deposit $4,000. The promotion plus several others were for last year’s December holiday. Currently, the bank offers new customers $75 when they open a new US Bank Consumer Checking Account and then use your new US Bank Visa check card.

Apart from getting the bonuses, you will have a great time with the bank since it has impressive services such as personal banking, wealth management, mortgage, refinance, home equities, and many others. You can access your bank account wherever you go since the bank allows for online banking.

4) SunTrust

There are various rewards when you open an account with SunTrust. You can get a 25% Loyalty Cash Bonus if you have balances totaling between $25,000 and $100,000. Furthermore, you will be able to get a 50% Loyalty Cash Bonus if the balance totals are greater than $100,000. For the SunTrust Premier Program, you will receive a 50% Loyalty Cash Bonus. The same applies to Private Wealth Management.

Once you open an account with SunTrust, you will enjoy Non-SunTrust ATM Fee Refunds, earn interests, and get an optional Delta SkyMiles Debit Card, Access to over 2,000 ATMs and 1,200 Branches. The bank also has excellent Debit Card Security Controls to ensure that your money is safe. You will also benefit from Free ID Notification by Experian as well as access to mobile banking services.

5) PNC

PNC will deposit $200 into your account if you maintain a minimum average cycle balance of $5,000 for the first three statement cycles. Additionally, you will need to make at least 20 total qualifying Visa® Debit Card transactions with PNC Bank within the first three statement cycles for you to qualify for the bonus. It is possible to get the reward if you open a qualifying Business Checking or even a Business Checking Plus bank account by 3/31/21.

You can also earn a bonus of $500 if you open a qualifying Treasury Enterprise Plan or even an Analysis Business Checking account by 3/31/21. You have to maintain an average minimum balance of $30,000 for the first three statement cycles. You can apply online instead of wasting your time lining in a physical branch. PNC is one of the few banks that allow you to open a checking account online with no deposit instantly.

6) Bank of America

The Bank of America is giving out amazing bonuses for new clients. You will get a $100 Bonus when you open Bank of America Advantage Banking by June 30, 2021. To get the bonus, you also need to make two eligible direct deposits of at least $250 into your account in the first 90 days of account opening. Make sure that you use promo code DOC100CIS. As soon as you meet the requirements, you will get the bonus in your account.

Also, the Bank of America is currently offering a bonus of $500 when you open a new checking account and make direct deposits of at least $10,000. It should be within 90 days of opening your account or deposit $50,000 or more into your checking account within 30 days of account opening. Also, you need to maintain the balance for 90 days.

7) Huntington Bank

Currently, the bank allows you to earn bonuses of up to $200. You can earn $150 with the Asterisk-Free Checking account, which has no minimum balance or Monthly maintenance fees or earn $200 with Huntington 5 Checking, which offers you five non-Huntington ATM withdrawals per month and a Credit score monitoring for free.

To receive any of the bonuses, choose a suitable account and open it by April 7, 2021. Next, make deposits of at least $1,000 within 60 days of account opening and then maintain your account open for 90 days. If you meet the requirements, then you will receive the bonus in your account.

8) Chase bank

Chase is also not left behind when it comes to offering rewards to new customers. You will be able to enjoy $200 when you open a new Chase Total Checking® account and set up a direct deposit. As soon as you click open my account, the bank applies a $200 coupon. You can even request them to send you the coupon at your email address.

To succeed in getting the bonus, open your account by 04/14/2021 and complete the qualifying activities. You will then receive your reward within 15 days. A Chase Bank account will enable you to access 16,000 ATMs and more than 4,700 branches.

You will also be able to operate your account conveniently online using the Chase Mobile® app. Above all; Chase bank is among the few banks that do not bother with the ChexSystems. You can thus open a business checking account online with no ChexSystems.

9) Bank of the West referral

The Bank of the West referral bank offers new customers a $25 bonus when you refer a friend who opens a successful account checking account. You will earn up to $1000 a year for just referencing friends. Your referrals should open the accounts by 2/31/2021. You need to apply for the promotion code before inviting your friends and relatives via the code.

You will also enjoy great rates for home loans, home equities, line of credit, car loans, and RV loans. You will also be able to get wealth management services if you so wish. Interestingly, you can operate your account online using your mobile phone or computer.

Bottom line

Many banks would like to pay you to become their customer. New account bonuses are ways banks use to lure new customers to their business. Even though there are some requirements to meet, most of them are easy to attain. An account with an opening bonus gives you the motivation to commit with the concerned bank. Furthermore, the free money you get can help you greatly to achieve a few financial goals.