Best Bank Account Bonuses for October 2022

Numerous customers may look for creative ways to make extra money during uncertain economic times.

Additionally, several banks are currently running promotions that provide customers an additional financial incentive to shift their money to a new account right away. These incentives can amount to an extra $200 or $300. (or more).

Also Read: –Are Banks Open Today? Federal Bank Holidays in 2022

To discover the best deal, compare these bank bonus offers; additionally, look at other incentives like bonuses for opening brokerage accounts.

Bankrate’s Picks For The Best Consumer Bank Account Bonuses In October 2022

Best Checking Account Bonuses

• Citibank: up to $2,000 bonus
• Fifth Third Bank: $250 bonus
• BMO Harris: up to $350 bonus
• SoFi: up to $300
• TD Bank: up to $300
• M&T Bank: up to $200 bonus
• Chase Bank: $200 bonus; $100 bonus for college students
• Huntington National Bank: up to $300 bonus
• Bank of America: $100 bonus

Best savings account bonuses

• TD Bank: $200 bonus
• Alliant Credit Union: $100 after a year
• BMO Harris: Up to $60 in a year

Best referral bonuses

• American Airlines Federal Credit Union: $25 for each family member referral up to $250
• Axos Bank: $20 for a referral and $20 to the referred customer
• Chase Bank: $50 for each referral up to $500
• Chime: $100 for a referral and $100 to the referred customer
• Marcus by Goldman Sachs: 1 percent annual percentage yield (APY) referral bonus for three months – up to five referrals per year.
• TD Bank: $50 for a referral and $50 to the referred customer up to $500

Best business bank account bonuses

• Citibank: up to $2,000
• Huntington National Bank: $100, $400 or $750
• PNC Bank: $200 or $500
• Axos Bank: $100 or $200 bonus

An Examination Of The Best Bonuses For Consumer Checking Accounts

Citibank: Bonus of up to $2,000

By opening a new checking account by January 9, 2023, users of Citibank can receive up to $2,000 in rewards. Money must be deposited within 20 days of account opening in order to be eligible for the incentive. The bonus amount is determined by the account balance following 20 days.

• You can earn $200 by making a minimum deposit of $10,000 and keeping that minimum amount.
• You can earn $500 by making a minimum deposit of $30,000 and keeping that minimum amount.
• You can receive $1,000 by making a minimum deposit of $75,000 and keeping that minimum amount.
• You can receive $1,500 by making a minimum deposit of $200,000 and keeping that minimum amount.
• You can earn $2,000 by making a minimum deposit of $300,000 and keeping a minimum balance of that amount.

Additional Significant Details About This Offer:

• Customers who have closed a checking account with Citibank within the previous 180 days are not qualified.
• This deal is also not valid for minors under the age of 18.
• These deals aren’t accessible everywhere.
• On the Citibank website that contains the offer’s specifics, candidates must register.
• After the account has been open for 21 days, the balance of your offer must be kept for 60 days.
• Deal ends on January 9, 2023. To be eligible, checking accounts must be opened between July 18 and January 9, 2023.

Why Banks Offer Welcome Bonuses

Banks employ sign-up bonuses to set themselves apart from competitors in the sector. Additionally, cash rewards assist financial institutions in attracting new clients and deposits. When the difference between the interest rate banks charge customers for deposits and the interest rate they may earn by lending money increases, banks are especially likely to provide incentives.

For some banks, giving account holders a bonus is preferable to paying account holders a greater yield.

According to Greg McBride, CFA, chief financial analyst at Bankrate, “it’s far easier to quantify the bonus than it is to improve the rate on what you’re paying out on deposits.”

Some banks provide multiple sign-up bonuses. However, it’s typically impossible to meet the requirements for numerous incentives at the same bank at the same time. Only new holders of checking or savings accounts are normally eligible for bank account bonuses.

What To Watch Out For

Not all bank account bonuses are worthwhile. Read the fine print and be honest about your capacity to fulfil the requirements before joining up. Keep an eye out for monthly fees that can deplete your income and minimum balance requirements that are prohibitively high.

Make sure the checking account you’re applying for is a suitable fit and fulfils your needs. Check to be sure there are lots of branches and ATMs available in your area, for instance, if you need to use them. In this manner, you avoid squandering money on out-of-network ATM fees or travelling far to meet with a banker. Additionally, as internet banking gains popularity and use, seek for a bank or credit union that has a strong suite of digital capabilities.

If you’re looking for a new savings account, decide if it would be wiser to choose a different bank that offers higher interest rates.

For instance, one-time bonuses are sometimes provided on accounts with low interest rates. Therefore, even though the bonus is fantastic at first, you might be compromising the long-term return.