Banks Offer Bonuses for Customers Opening New Accounts

Published On Sep 13, 2024, 9:00 AM

Banks are currently offering cash bonuses of $200 or more to attract customers to open new checking or savings accounts amid increased competition for deposits. As interest rates rise, customers are opting for high-yield accounts and money market funds, prompting banks to enhance their offers to retain and acquire long-term customers. However, experts advise that consumers should carefully read the terms and conditions of these promotions, as they often come with certain requirements or fees that could negate the benefits of the bonuses.