NEW YORK, July 13, 2016 /PRNewswire/ -- Banks are offering substantial checking account sign-up bonuses to attract new customers, according to new research from Bankrate.com (NYSE: RATE). Banks located in the 10 largest U.S. markets are offering their customers between $50 and $400 in cash for opening a new checking account. For more information on the study, go to:
"Consumers can certainly benefit from taking advantage of a sign-up bonus," said Claes Bell, data analyst at Bankrate.com. "However, promotions come and go, so it's important for consumers to act quickly if they see an offer that's desirable," Mr. Bell added.
Bonuses offered by banks range from a $10 iTunes gift card at BBVA Compass in Dallas to $400 in three of Citibank's top markets. Some of the most lucrative sign-up bonuses include:
New York, San Francisco, Washington, D.C.
First Republic Bank
Detroit, Philadelphia, Washington, D.C.
Fifth Third Bank
Capital One Bank
New York, Washington, D.C.
"Although these offers are tempting, consumers need to be mindful of the fine print. Sign-up bonuses often have several conditions that must be met and include wait times before receiving any cash," Mr. Bell added.
Requirements to earn sign-up bonuses vary substantially by account. The most common stipulations include online bill payments, direct deposit, and minimum deposits. Many banks also charge a fee if the account is closed within twelve months.
Methodology Bankrate.com surveyed checking account sign-up bonus promotions currently offered by banks in the 10 largest U.S. markets. Promotional offers are subject to change without notice. The research was conducted in late June and early July 2016.
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.
For more information: Kayleen (Katie) Yates VP, Corporate Communications [email protected] (917) 368-8677