Discover the Benefits of Opening New Bank Accounts Every Year
Introduction:
Building a long-term relationship with a bank is the norm for most people. They find a reliable current account or savings account they like and stick with it for years, and sometimes even decades. However, I prefer to do things a little differently. For several years now, I have made it a practice to open at least one new bank account every year. While this may seem strange to some, there is a clear motivation behind my decision – the attractive bank bonuses that many financial institutions offer to new customers. In this article, I will explore the benefits of opening new bank accounts annually and discuss how you can make the most of these lucrative bonuses.
Maximizing Bank Account Bonuses:
Banks constantly compete for new customers, which is why they are willing to offer generous bonuses to incentivize individuals to open an account with them. By taking advantage of these bonuses, you can substantially boost your savings. Here’s how a typical bank account bonus works:
1. Sign up for an account that includes a bonus: To qualify for a banking bonus, you will usually need to sign up for an account through a specific offer link or enter an offer code during the application process.
2. Complete the bonus terms within the designated time period: The terms for earning the bonus vary depending on the offer, but they often involve tasks such as receiving a direct deposit or depositing a specific amount of money, such as $5,000.
3. Verify and receive your bonus: Once you have completed the required terms, the bank will verify your eligibility and deposit the bonus into your account. The time required for the bonus to be credited is usually specified in the terms, with eight to twelve weeks being a common timeframe.
Attractive Bank Bonuses:
Now that you understand the basic mechanics of bank account bonuses, let’s delve into the reasons why opening new bank accounts every year can be a fruitful strategy. Here are the key factors to consider when evaluating a banking bonus:
1. Bonus amount: The first thing to consider is the actual value of the bonus. While the specific amount can vary widely, many banks offer bonuses worth hundreds of dollars. It’s crucial to assess whether the bonus is substantial enough to justify opening a new account and fulfilling the associated requirements.
2. Ease of earning: Another critical factor to consider is how easy it will be for you to fulfill the bonus requirements. Some bonuses may have simple conditions, such as receiving a direct deposit or making a specified number of transactions. If earning the bonus will be a breeze, it makes sense to take advantage of it.
3. Fees and minimum balance requirements: Before opening a new account, it’s essential to evaluate any potential fees or minimum balance requirements associated with it. While some accounts may charge monthly maintenance fees, most banks offer fee waivers if certain conditions are met. Opt for accounts that either don’t have fees or have manageable requirements to avoid unnecessary costs.
Examples of Lucrative Banking Bonuses:
To illustrate the potential benefits of opening new bank accounts regularly, here are a couple of examples from my own experiences:
1. Recently, I came across a banking bonus that offered $250 for simply receiving a direct deposit of at least $500. While I already had several accounts, I couldn’t resist the opportunity to earn such an easy bonus. All I had to do was switch my direct deposit account, which took me just a few minutes and resulted in an effortless $250 added to my savings.
2. On the other hand, if a bank bonus required me to deposit $50,000 and maintain that balance for three months, I would think twice before pursuing it. Such a requirement would be inconvenient, and I would prefer to invest that money through my own brokerage account rather than have it locked in a bank.
Watch Out for Commissions and Fees:
While bank bonuses can be highly enticing, it’s crucial to be aware of potential pitfalls. Some banks include early termination fees in their terms, meaning that if you close your account too early, they may reclaim the bonus. Carefully review the terms to ensure that you understand the consequences of closing the account prematurely. Additionally, account maintenance fees can eat into your savings, but banks often waive these fees if certain conditions are met, such as maintaining a minimum balance.
Getting Started with Bank Account Bonuses:
If you’re interested in exploring bank account bonuses further and want to make the most of these opportunities, here are some steps to follow:
1. Research different banks: Start by researching various banks to identify those that offer attractive bonuses. Visit their websites or utilize financial comparison platforms to gather information on the current promotions.
2. Evaluate the bonus terms: Once you have identified potential banks, carefully read the terms and conditions for each bonus to understand the requirements involved. Pay attention to any fees, minimum balance requirements, and the timeframe within which you must fulfill the terms.
3. Assess your ability to meet the requirements: Consider your financial situation, employment status, and the feasibility of fulfilling the bonus requirements. Determine whether you can easily meet the requirements or if the potential obstacles outweigh the benefits.
Conclusion:
Opening new bank accounts every year can be a fruitful strategy to earn substantial bank bonuses and boost your savings. By taking advantage of these lucrative offers, you can potentially earn hundreds of dollars effortlessly. However, it’s crucial to carefully evaluate the terms and conditions of each bonus and consider your own ability to meet the requirements. The key is to strike a balance between the bonus amount, ease of earning, and any associated fees or minimum balance requirements. So why not consider joining the ranks of savvy financial enthusiasts who benefit from banking bonuses? It’s an easy way to earn some extra money and make the most of the opportunities available in the world of personal finance.
Summary:
Banking is usually associated with long-term relationships, but opening new bank accounts every year can be a smart strategy to earn substantial bank bonuses. By carefully evaluating the bonus amount, ease of earning, and any associated fees or minimum balance requirements, individuals can make the most of these opportunities to boost their savings. Opening new accounts for the sole purpose of earning bonuses is worth considering, as long as the terms are reasonable and align with your financial goals. So, why not explore the world of bank account bonuses and embark on a rewarding journey to increase your savings? Start researching banks, assess the available offers, and take advantage of these lucrative opportunities to make your money work harder for you.
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Banking is usually a long-term relationship. Most people don’t play with their bank accounts much. They find a current account ea savings account they like them and use them for years, and often decades.
I do things a little differently. I open at least one new bank account every year and have done so for several years now. It might seem strange: who would want to create a new account so often? It makes more sense when you know the money that many banks give out to new customers.
I’m quite happy with the Bank account I already have. But if a bank offers me money to open a new one, I gladly accept the offer. This type of agreement is available with numerous banks, in the form of bank bonuses.
Here’s how a bank account bonus works:
- You sign up for an account that includes a bonus. Typically, you will need to sign up via a specific offer link or enter an offer code during the application process.
- You must complete the bonus terms within the designated time period. The terms depend on the offer, but some of the most common are receiving a direct deposit or depositing a certain amount of money, such as $5,000.
- Once the terms are completed, the bank will verify it and deposit your bonus. The time required will be specified in the terms. Eight to twelve weeks is common.
There are many bank bonuses worth hundreds of dollars. If you have no problem meeting the conditions to earn the bonus, then this is a quick and convenient way to earn extra money.
SEE OUR TOP PICKS:The best banking bonuses
What to look for in a bank account bonus
I look for a couple of things when deciding whether to sign up for a banking bonus:
- How much is the bonus?
- How easy will it be for me to earn?
- Does the account have fees or minimum balance requirements?
If it will be a breeze to earn a bonus, and it’s at least a reasonable amount, then it might be worth doing. On the other hand, if it is inconvenient to earn a bonus, then it must be large enough to be worth it.
For example, I recently opened a new Bank account. I already have several, so I certainly don’t need another one. But there was a $250 bonus and the only requirement was to receive a direct deposit of at least $500. I jumped at it, because all I have to do is switch my direct deposit account. It took me a few minutes and will set me back $250.
On the other hand, if a bank bonus required you to deposit $50,000 and hold the balance for three months, I would stay away. It’s inconvenient and I would much rather invest some of that money through my own brokerage account rather than leaving it locked in a bank.
Watch out for commissions
Many banks that offer bonuses have an early termination fee. If you close your account too early, the bank may take the bonus back. Be sure to review the terms if you decide you don’t want to keep the account.
The other type of fee to avoid is the account maintenance fee. Some banks charge this amount monthly, although most will waive it if you meet certain requirements, such as maintaining a minimum balance. Register an account only if you are sure you can meet these requirements and avoid a monthly fee. Or you can also stick to bank accounts that don’t charge fees like this.
If you don’t mind opening a new account every now and then, keep an eye out for bank bonus opportunities. They can be an easy way to boost your savings.
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