I hope this helps you make some extra cash!
Top Bank Account Bonuses for September 2024
Checking Account Bonuses
- Chase (Private Client): $3,000 bonus
- Citibank: Up to $1,500 bonus
- Huntington National Bank: Up to $600 bonus
- BMO: Up to $500 bonus
- PNC Bank: Up to $400 bonus
- Wells Fargo: $300 bonus
- SoFi: Up to $300 bonus
- Chase (College): $300 or $100 for students
- Fifth Third Bank: $325 bonus
- M&T Bank: Up to $200 bonus
Savings Account/Money Market Bonuses
- TD Bank: $200 bonus
- Alliant Credit Union: $100 bonus after a year
- BMO: Up to $60 annually
Referral Bonuses
- American Airlines Credit Union: $25 per referral (max $250)
- Axos Bank: $50 per referral (for both parties)
- Chase Bank: $50 per referral (max $500)
- Chime: $100 per referral (for both parties)
- M&T Bank: $50 per referral (max $500)
- TD Bank: $50 per referral (for both parties)
- Marcus by Goldman Sachs: 0.25% rate bonus (up to 5 referrals/year)
Business Bank Account Bonuses
- Huntington National Bank: $100, $400, or $1,000 bonus
- PNC Bank: $200-$1,000 bonus
- Axos Bank: Up to $400 bonus
Why Banks Offer Bonuses: Banks use sign-up bonuses to attract new customers and deposits. Bonuses are easier to quantify than raising interest rates, which makes them an appealing promotion tool.
Tax Implications: Bank account bonuses are taxable and treated as interest income. You’ll receive a 1099-INT or 1099-MISC form from your bank if the bonus exceeds $10. Be sure to set aside a portion of your bonus for taxes based on your income bracket.
Important Considerations:
- Always read the fine print before signing up for a bonus. Some accounts have high balance requirements or monthly fees that may reduce the value of the bonus.
- Ensure the bank offers adequate services like branches, ATMs, or digital tools, depending on your preferences.
While these bonuses can be attractive, they often come with specific conditions, so make sure to evaluate if they’re worth it based on your financial goals.