A WAVE of sign-up bonuses is sweeping through the banking and investing world this month.
Americans can receive up to $1,500 by opening a new bank account with Citi.
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Savings account and Certificate of Deposit (CD) yields are experiencing decline this month.
However, many financial institutions are turning to cash incentives to attract new customers.
One such institution is Citibank, which is offering up to $1,500.
Customers who open a checking account with Citi by July 7 can earn the full $1,500 by making a minimum deposit of $200,000 within the first 20 days of opening.
That balance must be maintained for 45 days from the account opening.
The bonus will then be deposited into the account within 30 days.
IMPORTANT INFO
“Banks offer sign-up bonuses to attract new customers,” said NerdWallet lead investing writer Sam Taube.
“Psychologically, promising new customers a concrete amount of money – say, $200 – may have more of a draw than an extra 1% of yield.”
The biggest bonus this month comes from E-Trade, where customers with $5 million in new deposits can earn up to $10,000.
But the offer is scaled, with those depositing just $1,000 still eligible for a $50 reward.
Meanwhile, Chase is offering up to $3,000 for its Private Client Checking account with qualifying deposits of $150,000 or more.
HOW TO QUALIFY
These offers come with some fine print details.
“Many bank sign-up bonuses are quite attainable, so long as you meet the conditions to earn one,” Taube said.
Those conditions often include direct deposit, maintaining a balance for 90 days, and avoiding account closure penalties.
Greg McBride of Bankrate added, “The sign-up bonus is often for new customers only.”
He also warned customers about a clawback provision if accounts are closed too soon.
BANK BONUSES
Other sizable offers include Flushing Bank’s $2,500 for new checking accounts with $250,000 in deposits.
Similarly, Wells Fargo is offering a $2,500 bonus for Premier Checking customers who deposit the same amount.
Capital One offers a $1,500 bonus with a lower deposit threshold of $20,000.
Huntington Bank is offering a $1,000 bonus for business checking customers and $600 for its Platinum Perks Checking.
Several banks are also offering attainable bonuses with lower minimums.
Huntington Perks Checking provides up to $600.
Associated Bank is offering up to $400, and Truist One Checking up to $400 with qualifying activity.
PNC’s Virtual Wallet and Citi’s Enhanced Direct Deposit program offer bonuses of $400 and $325, respectively.