Here’s what experts say you need to know about these eye-popping offers.
Bank sign-up bonuses have become even more enticing over the past month, with now nine of the top 10 offers now surpassing $2,000 for opening a new account. But, as you can imagine, many of these cash bonuses come with some significant hurdles — like eye-popping account minimums — to grab these huge handouts, experts warn.
Why do banks offer bonuses? Why are the bonuses getting bigger recently? For one, more than a year of elevated inflation has led the Federal Reserve to make persistent interest rate hikes to lower consumer prices. And as the benchmark funds rate climbs — it has climbed to 5.25%-5.5% from nearly zero a year ago — the cost for banks to pay off their debt balances also goes up, leaving many financial institutions searching for increasingly stronger measures to raise cash.
“You don’t want to open an account and then not get the bonus because you couldn’t meet the requirements or didn’t understand them or know about them,” Goldberg says, adding that “I wouldn’t bank at a bank just for a sign-up bonus. But if you’re considering that bank anyways – and will meet the bonus requirements – that could be a good situation.”
Tastytrade: Up to $25,000 New Tastytrade customers who fund their investment accounts with at least $5,000 by March 31, 2024, will qualify for a cash bonus. But it takes an account with more than $5 million to be eligible for a maximum bonus of $25,000. Like with all account bonuses, it’s important to read the details before opening. Be sure to use the referral code “MYNEWBONUS” when applying.
BMO Relationship Plus Money Market: Up to $3,500 Make a minimum $500,000 deposit into this money market account from BMO and keep your balance for 30 days and this $3,500 bonus is all yours. If that’s more than you’re willing to deposit, balances from $25,000-$49,999.99 also earn a $300 bonus, while from $50,000-$99,999.99 earn a $500 bonus. That said, these accounts need to be open before Dec. 8 to qualify.
Flushing Bank Complete Checking: Up to $2,500 Maintain a three-month average account balance of at least $10,000 and you are eligible for a bonus at Flushing Bank. For balances above $250,000, the bonus here caps out at $2,500. This offer, however, is only available to new customers and just one account per customer.
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