You can score a hefty bonus from some banks -- up to $400 -- if you open a new account with them.
If you live in one of the nation’s 10 largest cities and have considered switching banks, now might be the perfect time to act. A handful of banks are offering some impressive sign-up bonuses if you open a checking account with them.
In fact, one bank is promising $400!
According to new research from Bankrate, financial institutions located in the 10 largest U.S. cities are using hefty cash incentives to woo new customers. Consumers who qualify for the new account bonuses could end up pocketing between $50 and $400, depending on the bank and where they live.
Bankrate says these are some of the biggest sign-up rewards available right now. It says the offers are available in the following cities, although it couldn’t hurt to call the banks and see if the offer is available in your city, too.
- $400 — Citibank: available in New York, San Francisco and Washington, D.C.
- $350 — First Republic Bank: available in San Francisco
- $300 — PNC: available in Detroit, Philadelphia and Washington, D.C.
- $200 — BMO Harris: available in Chicago
- $200 — Fifth Third Bank: available in Chicago and Detroit
- $200 — SunTrust: available in Washington, D.C.
- $200 — Capital One Bank: available in New York and Washington, D.C.
Before you get too excited about switching banks and collecting your sign-up bonus, Bankrate data analyst Claes Bell says it’s important to understand the eligibility requirements and stipulations for the bonuses, which can vary considerably from bank to bank. Bell says in a statement:
“Although these offers are tempting, consumers need to be mindful of the fine print. Sign-up bonuses often have several conditions that must be met and include wait times before receiving any cash.”
Bankrate says the most common stipulations for getting a bonus include:
- Signing up for direct deposit.
- Using your debit card at least a specified minimum number of times each month.
- Maintaining minimum balance requirements.
It’s also common for the banks to make you wait for a few months before issuing you the cash bonus.
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