Banks are financial companies that allow you to deposit and use money. To benefit from banking services, you need to open a bank account that can be a checking or savings, depending on your interests. A checking account allows you to keep the money for your everyday use. They include Funds for domestic expenditure such as buying food, transport, purchasing clothes, doing repairs, and going for a holiday. Today, I will show you banks that give you money for opening an account.
Banks usually use various things to lure people on their side. Rewarding you when you open a new account is one way to attract more users on their side. The money you get as a bonus is not a loss to the company as they know how they will return the money. Once you open your bank account, you will need to part with various transaction fees such as foreign transaction fees, monthly maintenance fees, annual fees, etc.
For your information, banks that give you money as a reward usually have specific requirements that you should meet. You might have to deposit a particular amount of money to benefit from the bonus or transact a certain amount of money with your account to get the bonus. Otherwise, if they give anybody a bonus, people would get the bonuses and then disappear. That will lead to losses to the financial companies.
What do I need to open a bank account?
There are various things you must provide when opening a bank account. According to the federal government’s directives, you require the following things.
- Social Security Number
- An identification document. E.g., passport, National ID, or Driver’s license
- Email address
- Phone number
- Physical address
Apart from the above details, a bank may also require you to link another bank or debit card to be able to fund your account. We have numerous banks that accept ACH transfers, and thus transferring money to your account will not be an issue.
Again, they may require you to be free from the ChexSystems. Most banks would deny you an account if you misused your previous bank accounts by writing fraudulent checks, closing negative accounts, or performing other fraudulent transactions.
How to open a bank account?
You can open a bank account online or at a physical branch. You only need to have all the above requirements, and you are good to go. When opening online, you need a smartphone, a computer, or even a tablet. The device should have the latest operating system to make things easy. It would help if you also had a secure internet connection to ensure that your data is not accessible to third parties.
Generally, banks require you to fill in your full name, state, Zip Code, city, physical address, first four numbers of your Social Security Number, your ID number, etc. You may also need to put an electronic signature on your form to show that you agree to the terms and conditions.
Providing all the details will open doors for various features associated with your account. You can even do an instant ACH transfer with no verification as your details are already with your bank.
Once complete, you upload the necessary documents as per the requirements for verification. Usually, you have to upload your identification document, both front and back parts. Moreover, you need to upload a utility bill paper to prove your physical address.
What types of bank accounts can I open?
As I mentioned earlier, you can open a checking or savings account. Other types are little known. Generally, we have the following types of bank accounts.
- Money market (MMAs)
- Certificate of deposit (CDs)
i) Checking accounts
These allow you to keep funds for your everyday expenditure. The money is accessible 24/7 using a debit card, writing a check, or withdrawing over the counter. You can quickly transfer money online to others. For example, you can transfer money from the Bank of America to another bank any time of the day, using your checking account. Almost all banks and credit unions offer checking accounts.
ii) Savings accounts
A savings account allows you to keep the money for future use. There is no need to keep money in your house and risk destruction by fire, flood, or theft. Funds are always safe when kept in a bank or credit union. For your information, the money earns you interest on a particular percentage of the funds you save. That means the more you save, the more you earn.
iii) Money market account
These combine the aspects of checking and a savings account. Therefore, you can have funds earning interest while withdrawing them any time you need them. Most money market accounts are high-yielding, meaning that you can earn large amounts of money over a short period. However, they have limited withdrawal times. You cannot withdraw money more than six times per month in most cases.
iv) Certificate of Deposit Account (CD)
The accounts are advanced types in that they allow you to lock your funds for a particular period and withdraw when the period is over. You may also decide to lock the savings once more if the lock period has expired.
How do I use a bank account?
There are various ways you can use your bank account. They include the following.
a) Send money to others
You can use a bank account to transfer money to others who can be within your bank or belong to a different bank. You can transfer money to people in other banks using either ACH or wire transfers. For example, you can transfer funds with routing and account numbers using ACH or wire transfer methods. Here, you require the account and routing numbers of the Chase bank recipient.
b) Buy goods and services
A bank account allows you to purchase goods and services online or at a physical store. You can either use the debit card or transfer funds directly to the merchant’s account.
c) Save money
You can use your savings account to keep funds you do not need to use currently.
Which are the requirements to earn a bonus?
The bonus does not come that easily as you must meet specific requirements. The following are some of the requirements banks will need you to meet.
- Use a promotion code.
- Make a minimum deposit upon opening an account.
- Stay active for a minimum period.
- Make minimum direct deposits each month.
- Maintain a minimum balance amount.
- Open the bank account online or at a branch.
Which banks give you money for opening a bank account?
Numerous banks give you an opening bonus when you open an account. They include the following.
Citibank offers cash bonuses of $300, $700, or $1,500 when you open a new checking account in an eligible package. You require an initial minimum deposit of $15,000, $50,000, or $200,000, respectively. It would help if you also did the required activities.
You can get a $450 bonus after making recurring monthly direct deposits amounting to at least $5,000 for at least three months consecutively after opening a new Premier checking account.
If you open a new PNC Virtual Wallet account, you get bonuses of $50, $200, or $300. It would help if you opened it using the online link on the application page. You must make a direct deposit up to $500, $2,000, or $5,000, respectively, which should be within the first 60 days of account opening.
When you open a Chase account, you get a $225 bonus for new Total Checking if you open online with a coupon code. You have to set up a direct deposit to get the bonus within 90 days. That can be a pension, payroll, or government benefit checks. If you close the bank account within six months, the bonus will be forfeited.
5) Bank of America
When you open a new Bank of America Advantage Banking, you get a $100 bonus. It would be best to use the offer code DNL100CIS when opening your checking account to get the bonus. You should receive $1,000 or more within 90 days of opening your account. Remember that you can even receive money from abroad via wire transfers.
The Bank of America international wire transfers cost $15 when you receive money and $30 when you send money. Once you complete all requirements, you will receive the $100 bonus within 60days.
A bank allows you to deposit and use money. You can either open a savings account, a checking account, a Money Market account, or a CD. You can get a bonus if you open a new account at some banks. You need to ensure that you meet the requirements, such as depositing the minimum amount, maintaining a careful balance, and staying active, among other things.