It’s personal finance 101 that you can have your money work for you by investing it.
That’s great, but we also need cash set aside for emergencies and for short-term saving goals such as down payments.
While most accept that this liquidity comes at the cost of returns, BankBonus.com offers another option: new account promotions.
Are Bank Bonuses Worth It?
Bank bonuses will very often give you an effective interest rate that is WAY higher than any HYSA, while still being low risk compared to the short-term volatility of say, the stock market.
Of course, that’s not the case for every offer, so we recommend you always run the numbers for yourself.
And, like always, we’re here to help with that.
Calculate Bank Account Bonus ROI
If you have cash sitting in a savings account that you’re considering using to meet a minimum balance bonus requirement, this calculator will help you compare the APY of your savings account versus the cash bonus.
Enter the details of the bank offer you’re considering and, optionally, the rate you’re currently getting from your savings account. Then click “calculate” to see how the two compare.
New Bank Account Bonus Offers
Banks and financial institutions offer cash incentives to new customers who open savings, checking and investment accounts.
The full requirements vary from one offer to the next, but one common theme are bank offers that require a minimum balance to be deposited into your new account and then maintained for a certain period of time.
Bringing in new money gives banks lending power – which means they’re able to lend to other clients and earn interest (and origination fees!) from those loans.
If you’re interested in putting your savings to work in this way, check out the offers below which each require a minimum balance to earn the bonus.
|J.P. Morgan Self-Directed Investing||up to $700 + $100 BankBonus Exclusive||December 31, 2023||
|Citi® Citi Priority Relationship Tier||up to $2000||January 9, 2024||
|U.S. Bank Business Checking||up to $800||January 8, 2024||
|Discover Online Savings Account||up to $200||December 14, 2023||
|Axos Basic Business Checking||up to $400||December 31, 2023||
|Chase Chase Business Complete Checking®||$300||January 18, 2024||
|Chase Chase Private Client Checking℠||up to $3000||January 24, 2024||