Why bank bonuses are worth a look

Thinking about changing banks? Now’s a smart time to do it. Lots of banks are offering cash bonuses — sometimes a few hundred bucks — just for opening a new account.

The steps are usually simple. You might need to set up a direct deposit, swipe your debit card a few times, or keep a certain balance in the account. But be careful — skip a step and you might miss out.

Also, don’t forget: these bonuses count as income. If you earn more than $10, you’ll likely get a 1099-INT when tax time rolls around.

If you’re planning to move your money anyway, picking up a bonus while you’re at it is a nice little win.

How to get a bonus

Most offers are easy to qualify for — just follow the instructions. Here’s what they usually involve:

  • A direct deposit within 30 to 90 days of opening your account
  • For savings accounts, a bigger deposit you leave alone for a few months
  • Some offers only need a few debit card purchases or bill payments

Always read the fine print before you sign up. Make sure the terms fit your habits so you don’t miss out.

What to watch for

Some deals sound great but have extra rules. You might need to keep a certain balance or set up a regular deposit to skip monthly fees. And if you’ve had an account with the bank recently, you might not be eligible.

Even after you check every box, the bonus won’t hit your account right away. It can take up to 90 days.

To help you skip the hassle, we’ve pulled together this week’s best offers — simple, clear, and worth your time.

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