A bank is a financial institution that allows you to deposit and withdraw money. In most cases, you must have a bank account to access various services. You can have various bank accounts for your financial transactions, including checking, savings, money market, and retirement accounts. Various banks require you to deposit some money when you open an account. This article will teach you about the best bank promotions without direct deposit.
Banks and other financial companies usually give account openers promotions so they can enjoy their first moments. By doing so, the institutions can pull more customers aboard. Almost everybody likes free things, and the bank managers know that trick. You can attract someone’s attention by using money. Usually, the promotions include free money in your account and cashbacks. After all, the banks can recover their money spent on promotions through charges they make on various transactions.
When discussing banks giving promotions without direct deposit, you need clarification about what direct deposit is. For your understanding, direct deposit in banking refers to a transaction involving the deposit of money by a person, company, or organization directly into a payee’s bank account. Usually, the transaction involves moving money from one bank to another. Employers can pay workers through direct deposit. The same applies to agencies paying benefits to their consumers and customers for goods and services.
The 9 best bank promotions without a direct deposit requirement
If you are searching for a bank that offers promotions and does not require direct deposit, then you are at the right place. The banks include the following.
1. Citi Bank
Citi bank allows you to open an account without needing a deposit. It is one of the most crucial banks in the United States. You can get a Citi Priority Account and receive up to a $2000 promotional bonus. The minimum bonus you can get is $200.
Requirements:
To get the bonus, you must ensure the following.
- Open a new Citi Priority Account by 1/9/2023.
- Deposit the minimum amount within 20 days of opening new-to-Citi funds.
- Maintain a minimum balance within 60 consecutive days from the 21st day.
You will receive your bonus within 30 days after completing all required activities successfully.
Pros
- Fast account opening
- The bank pays the bonus within a short duration
Cons
- You must maintain a minimum balance to get the bonus.
2. Discover Bank
The bank gives you a bonus of $150 or $200 if you open your first Discover Online Savings Account. You only need to enter the code WH922 when opening an account. To get the bonus, you must apply by 12/15/2022. You can get the bonus within 30 days of applying for the account.
Requirements:
- Deposit at least $15,000 to get $150
- Deposit at least $25,000 to get $200
- Open Discover Online Savings Account
- Apply for the account by 12/15/2022
Pros
- Different options to earn bonus
- Fast bonus processing
Cons
- The bonus requires a deposit amount.
3. CIT Bank
CIT bank gives you an Amazon Prime Membership worth $139, which is applicable for new or existing Prime customers. You can also get a bonus when you open a new Money Market account. You only need to open a new CIT Money Market account and utilize the promo code AMZN22.
Requirements:
- Deposit at least $15,000 in your account within 15 days.
- Keep a balance of at least $15,000 for 60 days after the 15-day funding period.
- Open a new Money Market account.
Pros
- Applicable for both new and existing new customers.
- Fast approval
Cons
- You must fund your account with a stipulated amount to get the bonus.
3. HSBC
If you open an HSBC Premier Checking account, you can get a bonus of $500. The bonus applies to new customers opening an HSBC Premier checking account and completing the required qualifying activities.
Requirements:
- Open a new HSBC Premier checking online using the offer page.
- You must open an account by February 15, 2023.
- Make recurring qualifying deposits amounting to at least $10,000 every month from third parties to your HSBC Premier checking for 3 consecutive months from the second entire calendar month after opening your account.
Pros
- Easy online account opening
- Large welcome bonus
Cons
- Monthly maintenance fees may apply
5. SoFi Money
SoFi Money’s referral program gives you $25 when you open your account. There are no direct deposits required nor debit card purchases. You don’t need to do a single thing to get the bonus. Just opening the account. Also, if you set up a direct deposit, you get an additional $300. Additionally, the account has no minimum balance, maintenance fees, and no strings attached.
Requirements:
- To get a $25 bonus, open an account.
- Set up a direct deposit to get $300.
- Open through a referral
Pros
- No minimum deposit requirement
- Easy to open online
- No maintenance fees
Cons
- Little bonus
6. Huntington
When you open a Huntington Perks Checking account, you get a $200 bonus. The promotion applies to Colorado, Indiana, Minnesota, Kentucky, Michigan, Illinois, Ohio, Pennsylvania, South Dakota, West Virginia, and Wisconsin. You must make cumulative new deposits of at least $1,000 into your checking account within sixty days of account opening.
Requirements:
- Keep your account active for at least 90 days to get a $200 bonus.
- Be from select states
- Make cumulative new deposits of at least $1,000.
Pros
- Easy to open
- High bonus amounts
Cons
- The offer applies to specific states
- Must make deposits of at least $1,000
7. Marcus by Goldman Sachs
Marcus by Goldman Sachs gives you $100 when you deposit at least $10,000 into a new or existing Online Savings account. You must do the depositing within 10 days of enrolling in your offer and retain the amount for 90 continuous days to get the $100 bonus. The bonus applies to new and existing customers.
Requirements:
- Open an online Savings account
- Deposit at least $10,000
- Deposit the minimum amount within 10 days of enrolling.
Pros
- Account opening is easy online
- The offer applies to new and existing customers
Cons
- Low bonus amount
8. South State Bank
South State Bank offers you $200, and you have to satisfy the requirements within 60 days. You must make at least 15 debit card purchases or payments and do a total of $250 qualifying direct deposit every month or pre-authorized automatic draft(s) of $25. However, direct deposit is optional as you can make enough purchases.
Requirements:
- Make at least 15 debit card purchases or payments
- Do a total of $250 qualifying direct deposit every month
Pros
- Easy to apply
- High bonus
Cons
- The demand to get the bonus is too high.
9. GTE Financial
Once you join CU Savings Club, you should open an account with the promo code RGWNTR22RM and receive at least $1,000 or more in eligible direct deposits into the new checking account, and you receive the $200. You must satisfy the demands within 90 days of account opening.
Requirements:
- Join CU Savers Club for free
- Receive at least $1,000 or more in eligible direct deposits
- Use promo code RGWNTR22RM
Pros
- High bonus amount
- Easy to join
Cons
- Challenging to meet demands
Bottom line
Banks allow you to deposit and withdraw money. Although we have other accounts, you can open a savings or a checking account. Some banks and other financial institutions give bonuses when you open an account. However, many require you to meet some requirements, some of which are challenging. Banks with promotional bonuses include South State Bank, Marcus by Goldman Sachs, and SoFi Money, among others.
