Best Bank Bonuses For November 2020

Like any industry, banks compete against each other to encourage new customers to open an account with them. Bonuses are one way that they incentivize people who may be unsure about where they want to bank.

Bonuses for opening a new checking account are more prevalent compared to savings account bonuses. However, the most appealing aspect of savings accounts is the annual percentage yield (APY). Most checking accounts don’t accumulate interest, so that reward can be a big incentive to new customers. 

Here are the best bank promotions for November 2020, according to The Motley Fool.

Best Savings Account Promotions

 

Chase Savings

 

Amount: 

 

  • $150

 

When you receive your bonus: 

 

  • Within ten days of meeting the eligibility requirements

 

Expiration date: 

 

  • January 20, 2021

 

Where to open: 

 

  • Apply online

 

Credit Inquiry: 

 

  • Soft pull

 

Monthly fees: 

 

  • $5, but you can get it waived

 

To qualify:

 

  • Deposit a minimum of $10,000 within 20 days of opening the account
  • Maintain a balance of $10,000 or more 90 days after account creation
  • Must not have an existing Chase Savings account or have closed a Chase Savings account in the last 90 days or closed an account in the red

 

Best Checking Account Promotions

 

Chase College Checking

 

Amount: 

 

  • $100

 

When you receive your bonus: 

 

  • In less than ten days after meeting the qualifying criteria

 

Expiration date: 

 

  • January 14, 2021

 

Where to open: 

 

  • Online

 

Credit Inquiry: 

 

  • Soft pull

 

Monthly fees: 

 

  • No monthly payments for qualifying students for up to five years

 

To qualify:

 

  • Make a minimum of 10 eligible transactions within the first 60 days you open your account. These include debit card transactions, online bill pay, direct deposits, Chase QuickDeposit, Chase QuickPay with Zelle, or purchases made with checks. 
  • Be between 17 and 24 and enrolled in college (must have a student ID or other proof of occupation)
  • Open a new Chase College Checking account
  • Must not have an existing Chase College Checking account, have closed one in the last 90 days, or closed an account with a negative balance

 

Citibank Account Package

Amount: 

 

  • $400

 

When you receive your bonus: 

 

  • In less than 90 days of meeting the requirements

 

Expiration date: 

 

  • January 5, 2021

 

Where to open: 

 

  • Online

 

Credit Inquiry: 

 

  • Soft pull

 

Monthly fees: 

 

  • $25, but if you keep at least $10,000 in every qualifying Citibank account, you can get it waived

 

To qualify:

 

  • Deposit at least $15,000 in a new Citibank Account Package in the first 30 days of opening the account
  • Keep at least $15,000 in your account for a minimum of 60 days
  • Open a Citi savings account in less than 30 days after opening your Citibank Account Package
  • Must not have held a Citibank checking account in the last 180 days

 

PNC Bank Virtual Wallet

 

Amount: 

 

  • $50, $200, or $300

 

When you receive your bonus: 

 

  • Within 60 to 90 days of meeting the eligibility requirements

 

Expiration date: 

 

  • October 29, 2020

 

Where to open: 

 

  • Online or in-person

 

Credit Inquiry: 

 

  • Soft pull

 

Monthly fees: 

 

  • Based on which account you open, but are between $7 and $25. There are several ways to waive this charge, so be sure to ask.

 

To qualify for the $50 bonus:

 

  • Create a Virtual Wallet and deposit a minimum of $500 to the Spend account in less than 60 days (you also get a PNC checking and savings account when you open a new Virtual Wallet).

 

To qualify for the $200 bonus:

 

  • Create a Virtual Wallet with Performance and Spend accounts and deposit a minimum of $2,000 in less than 60 days.

 

To qualify for the $300 bonus:

 

  • Create a Virtual Wallet account with Performance Select and deposit a minimum of $5,000 in less than 60 days.

 

General qualifications requirements:

 

  • Keep your PNC account open until you receive your bonus
  • Must not have an existing PNC checking account or have closed one in the last 90 days
  • Must not have received a bank bonus for opening a PNC account in the previous year

 

Citi Priority Package

 

Amount: 

 

  • $700

 

When you receive your bonus:

 

  • In less than 30 days after meeting the qualifying criteria

 

Expiration date:

 

  • January 5, 2021

 

Where to open: 

 

  • Online

 

Credit Inquiry: 

 

  • Soft pull

 

Monthly fee: 

 

  • $30, but if you keep a total of $50,000 from all of your accounts, Citi will waive it 

 

To qualify:

 

  • Deposit a minimum of $50,000 in a new Citi Priority Package account in less than 30 days 
  • Keep at least $50,000 in your Citi account for a minimum of 60 days
  • Open a Citi savings account in less than 30 days of creating s new Citi Priority Package
  • Must not have held a Citibank checking account in the last 180 days

 

Source
  • Hagen, Kailey. “Best Bank Bonuses and Promotions for November 2020: The Motley Fool.” The Ascent, 9 Oct. 2020, www.fool.com/the-ascent/banks/checking-accounts/deals-and-bonuses/.
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