Where To Find The Best Bank Bonuses In October

Everyone wishes they could have a little extra money, especially right now. But with high unemployment and no federal stimulus in sight, you might wonder how you can earn a little extra cash. 

One way is by opening a new checking or savings account. Many banks offer generous cash rewards for new customers, and if you follow their guidelines, you could get as much as $500 or even $750 back. 

Bankrate found October’s best bonuses, so check out this list and shop around so you can find the best offer for your situation. Promotions change from month-to-month, so make sure you double-check if the offer still stands before opening a new account. 

Why Do Banks Offer Signup Bonuses?

Like most promotions, banks use signup rewards to encourage new customers to bank with them. Although banks could simply give current customers better returns, some institutions favor these bonuses instead. According to Bankrate’s chief financial analyst and CFA Greg McBride, “It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits.”

Additionally, some banks also offer several bonuses for opening a new account, but generally, you can only be eligible for one reward.

Best Checking Account Deals

Associated Bank

Amount: $500

Expiration date: May 31, 2021

Branch locations: Green Bay, Wisconsin, Illinois, Minnesota

Qualifications:

 

  • Cannot have created a new Associated Bank account in the previous six months
  • Must leave the account open for at least 12 months
  • Must direct deposit at least $500 in the first 90 days of starting the account

 

HSBC Bank

Amount: $200 or $450

Expiration date: January 7, 2021

Branch locations: McLean, Virginia

To receive the $200 bonus:

  • Create a new HSBC Advance checking account online
  • Direct deposit $500 or more for three months in a row two months from the date you opened the account

 

To receive the $450 bonus:

  • Open a new HSBC Premier checking account online
  • Direct deposit $5,000 or more for three months in a row two months from the date you opened the account 

To get 3% cash back on up to $600:

  • Create a new HSBC Premier checking account
  • Make a minimum of one recurring direct deposit every month for six months after the first month of opening the account

TD Bank

Amount: $150 or $300

Expiration date:

Branch locations: District of Columbia and every East Coast state (Georgia excluded)

To receive the $150 bonus:

  • Open a Convenience Checking account
  • Make a minimum of $500 in direct deposits in the first 60 days of creating the account

 

To receive the $300 bonus:

  • Must open a Beyond Checking account through the TD Bank website
  • Be a new TD Bank personal checking account customer
  • Make a minimum of $2,500 in direct deposits in the first 60 days of creating the account

PNC Bank

Amount: $50, $200, or $300

Expiration date: October 29

Branch Locations: Wilmington, Delaware, but you can create an account online from any state

Qualifications:

  • Must not have a current PNC consumer checking account 
  • Must not have closed a PNC consumer checking account in the previous 90 days

To get the $50 bonus:

  • Create a virtual wallet and make a $500 direct deposit in the first 60 days

To get the $200 bonus:

  • Create a virtual wallet with Performance Spend and make a $2,000 direct deposit in the first 60 days

To get the $300 bonus:

  • Create a virtual wallet with Performance Select and make a $5,000 direct deposit in the first 60 days

Bank Of America

Amount: $100

Expiration date: December 31, 2020

Branch locations: Nationwide

Qualifications:

  • Create an Advantage SafeBalance Banking, Advantage Plus Banking, or Advantage Relationship Banking account online
  • Must be a new Bank of America customer or not have opened a new personal checking account within the previous six months
  • Direct deposit $25 into the Advantage SafeBalance account or $100 for other accounts
  • Make two direct deposits worth a minimum of $250 within the first 90 days of creating the account
  • Enter offer code PSR100CIS 

Best Bonuses For Checking And Savings Accounts

Citibank

Amount: $200, $400 or $700

Expiration date: January 5, 2021

Branch locations: Nationwide

To get the $200 bonus:

  • Create a qualifying checking account in the Citibank Basic Banking Package
  • Make a $5,000 minimum deposit in the first 30 days of creating the account 
  • Maintain a balance of $5,000 or more for the first 60 days

To get the $400 bonus:

  • Create a qualifying checking or savings account under the Citibank Account Package
  • Make a $15,000 minimum deposit in the first 30 days of creating the account
  • Maintain a balance of $15,000 or more for the first 60 days

To get the $700 bonus:

  • Create a new checking or savings account offered by the Citi Priority Account Package
  • Make a $50,000 minimum deposit in the first 30 days of creating the account
  • Maintain a balance of $50,000 or more for the first 60 days

 

Source
  • Hund, Liz. “Best Bank Account Bonuses For October 2020.” Bankrate, Bankrate.com, 1 Oct. 2020, www.bankrate.com/banking/best-bank-account-bonuses/.
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