Transfer Mone
  • Home
  • Checking Account
    Checking AccountShow More
    Ally Bank Checking Account
    Best Ally Bank Checking Account Reviews
    December 8, 2022
    chase college checking account
    Chase College Checking Account | Fees, Bonus, Eligibility
    November 28, 2022
    Chase Checking Account Bonus
    Chase Checking Account Bonus 2023
    November 25, 2022
    U.S. Bank checking Account
    U.S. Bank Checking Account Reviews
    November 19, 2022
    Golden 1 Checking Account 
    Overviews of Golden 1 Checking Account 
    November 7, 2022
  • Online Banking
    Online BankingShow More
    best personal loans for fair credit
    Best Personal Loans for Fair Credit 2023
    January 7, 2023
    bank promotions without a direct deposit
    The 9 Best Bank Promotions Without Direct Deposit Requirements
    December 5, 2022
    Zero Interest Personal Loans
    Best Ways To Get Zero Interest Personal Loans
    December 1, 2022
    Wells Fargo Personal Loans
    Overviews of Wells Fargo Personal Loans
    November 16, 2022
    Best Low-Interest Personal Loans
    Best Low-Interest Personal Loans Reviews
    November 13, 2022
  • Money Transfer APPs
    Money Transfer APPsShow More
    capital one ach transfer
    The Best Way For Capital One ACH Transfer Process
    September 18, 2022
    Walmart Accept Apple Pay
    Walmart Accept Apple Pay – Is It Really True
    August 28, 2022
    How to Add Cash to Cash App Card
    How to Add Cash to Cash App Card – The Best Guide For You
    August 22, 2022
    cash app instant transfer fee
    A Key Discussion On Cash App Instant Transfer Fee
    July 25, 2022
    jpay send money to inmate
    JPay Send Money To Inmate – The Entire Method
    June 29, 2022
  • Credit Union
    Credit UnionShow More
    credit unions in georgia
    5 Best Credit Unions in Georgia 2023
    January 27, 2023
    Credit Union in New Jersey
    Best Credit Union in New Jersey 2023
    January 19, 2023
    Best Credit Unions in Washington
    Best Credit Unions in Washington 2023
    January 14, 2023
    TD Bank Secured Credit Card
    The Best TD Bank Secured Credit Card & Alternatives
    October 27, 2022
    Huntington Bank Credit Card
    The Best Huntington Bank Credit Card Reviews 2022
    October 18, 2022
Search
© 2022 Transfer Mone. All Rights Reserved.
Reading: The Best 8 Bank That Pay You To Open An Account
Aa
Aa
Transfer Mone
Search
  • Home
  • Checking Account
  • Online Banking
  • Money Transfer APPs
  • Credit Union
© 2022 Transfer Mone. All Rights Reserved.
Transfer Mone > Online Banking > The Best 8 Bank That Pay You To Open An Account

The Best 8 Bank That Pay You To Open An Account

September 27, 2022

A bank is a financial institution that allows you to deposit and withdraw money. Even though there are other kinds of financial institutions such as credit unions and the fast-growing mobile wallets, banks are the most common ones. You must open a bank account either online or at a physical branch to enjoy the services. Some banks give you some amount of money for free when you open an account. I will discuss later the various bank that pay you to open an account.

When we talk of banks paying you to open an account, we talk about the welcome bonus you get when you open an account. Various banks offer various bonuses to lure you into their businesses. Every business must apply some tactics to ensure that they remain relevant and can make profits, and giving you a welcome bonus is one of them. After all, the banks know that they will make good profits from you once you start banking.

When opening a bank account, you can either open a checking or a savings account. There are also other kinds of bank accounts such as brokerage, CD, and retirement accounts. It all depends on your personal preferences. There are also several requirements when opening a bank account, as we shall see. The most important requirement is your identity document which helps to prevent criminals such as terrorists, money launderers, and human traffickers from opening bank accounts.

Factors To Consider When Opening A Bank Account

There are various factors you should consider when opening a bank account. They include the following:

i) Opening deposit

Some banks require you to be ready with some opening deposit, while others do not require an opening deposit. If you do not have money to deposit at a particular moment, you should consider the banks with no opening deposit.

That’s if you are opening an account to receive a salary or any other kind of money. There are many free checking accounts with no credit check no deposit that you can open for your banking needs, and therefore, you will not strain at all

ii) Fees

Banks usually charge various fees on the services that they provide. If you are not observant, you may open an account with very many fees. Fees that banks charge include monthly maintenance fees, annual fees, withdrawal fees, and so on. Some banks do not have annual and monthly fees whatsoever. 

iii) Online access

We have gone digital, and people are busy to get time for activities such as lining up in banks to open accounts. Therefore, it is better to choose an account that has online access.

iv) APY %

If you are opening a bank account to save money, you require an account with a high Annual Percentage Yield. Some checking accounts also offer APYs when you maintain certain balances in your account.

v) ChexSystems

There are various online checking accounts with no Chexsystems that allow you to regain your reputation with your banks. ChexSystems is an agency that records negative account usage.

Requirements Needed To Open A Bank Account

bank that pay you to open an account

You can only open a bank account if you have all the required details. The federal government requires that every financial institution request the following details.

  • Social Security Number (SSN)
  • An identity document. This can be your passport, a government ID card, or a driver’s license.
  • A physical address
  • An email address
  • A phone number

Process To Open A Bank Account

As I mentioned earlier, you can open a bank account online or at a physical store. Online bank application is the easiest to open and takes very little of your time.

The first thing you should determine before opening a bank account is the type of account to open. You can open a savings account or a checking account. You also need to check various banks and see the features they offer before you open a bank account with them.

Once you have known the bank with the best account, you can open an account with them. The online account opening requires you to visit the concerned bank website and navigate to the account application page to apply. You have to fill out the entire fields as per the requirements. The online application takes several minutes for the process to complete.

When you apply at a physical branch, you will submit various documents and fill out various paperwork. You will also need to take passport-sized photos that your bank will fix on your application papers. It can take several minutes to hours depending on the number of people in the queue.

Once you’re online application goes through, your bank will notify you through the most appropriate means. If applying at a physical store, you will get feedback as soon as you open your account.

Best 8 Banks That Pay You To Open An Account

Various bank accounts give you a bonus when you open an account with them. They include the following:

1) Citibank

The bank is offering you a big bonus when you open an account with them. You can get up to $1,500 when you open a new checking account. To qualify for the bonus offer, you have to deposit funds within 20 days of opening the account. Your account balance on the 20th day is the determinant of the bonus amount you will get.

However, if you closed your Citibank account within 180 days, you are ineligible to apply for the account. Again, to get the bonus, you must apply via the webpage with the offers.

2) PNC Bank

PNC Bank is offering you up to a $300 bonus when you open an account with them. If you are not a PNC consumer checking account and have not closed one within the previous 90 days, you can qualify for a $100, $200, $250, or $400 bonus from the bank. The offers may not be available in different regions of the country.

To earn the highest bonus ($400), you must open a new PNC Virtual Wallet with Performance Select. The $250 bonus requires you to open a new PNC Virtual Wallet containing Performance Spend and have at least $2,000 of qualifying total direct deposits in your Spend account.

3) TD Bank

The bank allows you to get a $150 or $300 bonus when you open an account. The $300 bonus is available if you open a Beyond Checking account online, have never held a TD Bank personal checking account, and at least $2,500 of direct deposit within 60 days of the account opening account.

You can get the $150 cash bonus if you open a Convenience Checking account. The account requires direct deposits of up to $500 within 60 days of account opening. It is only available in some places.

4) M&T Bank

You can get up to a $250 bonus when you open any personal checking account at M&T Bank account with M&T Bank. You must make a qualifying direct deposit of at least $500 to qualify for the bonus. You can trust the bank since many users have rated it as one of the best banks you can have. The M&T Bank headquarters are in Buffalo, New York.

5) Chase Bank

Chase bank gives you a $225 bonus when you open a checking account. For you to earn the $225 bonus, you must open a new Total Checking account and carry out a direct deposit of at least $500 or more within the first 90 days of account opening.

If you want to qualify for the bonus, you must not have an existing Chase checking account. Again, you must not have closed any account with a negative balance in the past three years. Moreover, you must not have closed one within the last 90 days.

If you are a college student aged 17-24 years old, you can earn $100 by opening the Chase College Checking account.

6) Huntington National Bank

You can get a $150 or $200 bonus when you open an Asterisk-Free Checking account and then make a cumulative deposit of $1,000 or more within 60 days of the account opening. Again, you will be able to get $200 for opening a Huntington 5 Checking account and then make a cumulative deposit of $1,000 or more within 60 days of the account opening. The offers are only valid for Illinois, Indiana, Ohio, Pennsylvania, Kentucky, Michigan, and West Virginia.

7) Bank of America

You will be able to receive a $100 bonus when you open a personal checking account online. You must not have a Bank of America personal checking account within the past 12 months to benefit from the offer. Again, you must open a new Advantage Plus Banking, an Advantage SafeBalance Banking, or Advantage Relationship Banking account online.

Additionally, you must make an opening deposit of $25 for the Advantage SafeBalance Banking account and around $100 opening deposit for the others. Moreover, you must receive qualifying direct deposits of at least $250 within 90 days of account opening. You must use the code DDX100CIS to qualify for the bonus.

8) Axos Bank

The Axos Bank gives you $20 when you refer someone and $20 to the person you refer. To get the bonus, your friend must add and maintain at least $500 for a whole month. Also, the friend must receive a direct deposit of $500 or more within the first 90 days of account opening.

Furthermore, your friend must not have owned an Axos Bank account at any given time. They should use your personalized referral link.

Final Verdict

A bank account allows you to deposit and withdraw money. You can open a savings or checking account, depending on your personal preference. Most banks allow people to open an account online. However, you can open at a physical location. You must have all the requirements to open an account. Some banks offer you an opening bonus when you meet specific requirements.

You Might Also Like

Best Personal Loans for Fair Credit 2023

The 9 Best Bank Promotions Without Direct Deposit Requirements

Best Ways To Get Zero Interest Personal Loans

Overviews of Wells Fargo Personal Loans

Best Low-Interest Personal Loans Reviews

By Spencer Tierney
Follow:
Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.

© 2022 Transfer Mone. All Rights Reserved.

  • Home
  • Privacy Policy
  • About Me
  • Contact
Welcome Back!

Sign in to your account

Lost your password?