Banks Pay Welcome Bonuses For Opening New Accounts

Discussion in Bank Accounts started by cluckeyo • May 26, 2016.

  1. cluckeyo

    cluckeyoActive Member

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    We live out in the country and I recently decided to do my weekly shopping in a different, larger town. One with a bigger variety of stores. My bank had no branch in the this new town, so I started looking for a different bank. One that would be Handy on shopping days.I found a great deal with Chase Bank. They paid me $150 to open a free checking account and they threw in a free savings account too. The main condition to get the bonus was to have a direct deposit going in there each month. For the savings, they just wanted me to auto transfer $25 or more from my checking to my savings each month. They have a really nice web interface. And a nice phone app for depositing checks. I like this bank so much, that I lam ooking at totally closing out my old bank. If you are looking for a new bank, Chase would be worth looking into.
     
  2. Corzhens

    CorzhensWell-Known Member

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    There are times that our bank (my employer) launches a deposit drive. Particularly for new depositors, we have an array of giveaways depending on the initial deposit. From ball pens to shoulder bags, new depositors were eager to have it that sometimes they increase their deposit just so they can avail of the premium giveaways. Unfortunately, we cannot avail of that promo because I am an employee.
     
  3. xTinx

    xTinxWell-Known Member

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    Wow, why didn't I chance upon such perks when I opened my bank accounts. This is actually the first time I'm hearing of welcome bonuses. The bank itself needs to tie up with other business stakeholders so the welcome bonuses won't leave them with deficits. Although the deal would be more than welcome, how efficient the bank is matters more to me. I'm averse to banking systems that induce long queues. It's a big turnoff.
     
  4. Denis Hard

    Denis HardWell-Known Member

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    There are some people who take advantage of these deals to get free money every other year. They open an account to get the bonus and after some time they move on. It certainly is nice to get some free money but move only to another bank if you'll be getting better services.
     
  5. cluckeyo

    cluckeyoActive Member

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    You could actually have more than one bank account. You can use them for things like your Christmas or Birthdays funds. It's easier to keep your hands off the money if you break it out like that. So I am keeping my eyes peeled for more offers. But I doubt I will ever want to leave my current bank, the one that lured me with the welcome bonuses. It is an outstanding bank, Chase Bank.
     
  6. gmckee1985

    gmckee1985Active Member

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    Unfortunately I can't say I've ever received any type of bonus for opening a bank account. And I've been with a few different ones over the years. Usually big banks like BB&T and Suntrust. Currently I bank with TD Bank and plan on sticking with them for a long time. I think it's a good thing to offer incentives for people to join your financial institution. Of course there will be the free loaders that just want a bit of cash in their pocket, but there will be a lot of people who join and stay loyal to your bank.
     
  7. remnant

    remnantActive Member

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    I have not yet come across a bank that gives welcome deposits which should be quite a good marketing initiative. Most offer a prize to be won through a draw by the customers who open an account with them. Nowadays, most offer free accounts with no initial deposit required save for ATM card charges.
     
  8. djdontpay

    djdontpayActive Member

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    Well, welcome bonuses are always welcome. Its not something specific to the Chase bank though. If you're in need of money, the best place to get it is at a newly opened branch. They need both savers and loan-takers. So, why not become both. Just an idea.
     
  9. Aree Wongwanlee

    Aree WongwanleeActive Member

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    I just opened a new bank account last week. There were no gifts for new account holders. I did pointedly ask the bank officer about it. I told him that in Thailand, every bank would offer something to welcome a new account holder. I suppose the bank I am using now is not that much into competing for customers.
     
  10. djdontpay

    djdontpayActive Member

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    Well, not all banks offer such bonuses. Besides, those bonuses aren't attractive enough in most cases. I focus more on the kind of cards that a bank thinks I am eligible for as well. Primarily because if I can get free monthly movie tickets or complimentary benefits, or a better deal on fuel or something, I would get an account and get their card.