Mind-Blowing New Bank Account Promotions, Offers & Free Money

With many financial institutions experiencing a decrease in profits, banks are vying for your business. This is good news for you, because instead of just offering standard perks like no fees, free checking, or a free pen when you sign up for an account, some banks are raising the stakes with cold hard cash, giveaways, and great interest-bearing products.

October is a good month for bank promotions from both big and small banks. Banks are giving away a lot of free cash to attract new customers and get them to open up accounts. The banks listed below have some pretty

sweet deals that you should take advantage of if you are in the market for a new bank.

Don’t want to miss out? Here are the best bank promotions for the month of October.

Top Bank Account Promotions (October 2016)

1. Chase Checking + Savings – Up to $250 Bonus

This offer is made up of two parts: a $150 bonus for Chase Total Checking and a $100 bonus for Chase Savings. Open a new Chase Total Checking account with a minimum of $25 and a qualifying direct deposit made within 60 days. You’ll then receive a $150 bonus within 10 business days. Open a new Chase Savings account and deposit at least $10,000 within 10 business days and maintain a $10,000 balance or more for 90 days from when the deposit was made, you’ll receive a $100 bonus within 10 business days. 

2. Chase Premier Plus Checking – $300 Bonus

There is a separate bonus offer of $300 for the Chase Premier Plus Checking account, which is a step up from the Chase Total Checking account mentioned above. The Premier Plus account has a monthly service fee of $25, but it is waived if you either keep an average daily balance of at least $15,000 between all of your Chase accounts (checking, savings, and other balances), or you set up automatic payments to your qualifying Chase mortgage.

To qualify for the bonus, open a new Chase Premier Plus Checking account with a deposit of at least $25, and have a direct deposit (electronic transfer for paycheck, pension or government benefits) made to the account. (You can either apply online using the link above, or enter your email on the linked page to receive the coupon to take to your local Chase branch.) Once these steps are taken, you should receive the bonus in your account within 10 business days. Offer expires on January 15, 2016.

3. Capital One 360 Savings – Up to $500 Bonus

Open your first 360 Savings Account by the promotion expiration date, 11/30/2015 at 11:59 PM EST (if you’ve had a Savings product with Capital One 360 or ING DIRECT before, you won’t be eligible for the bonus). Deposit at least $5,000 or more from an external account in the first 10 days of opening your account. You must then maintain that balance every day for 90 days to qualify for a minimum $50 bonus. If you deposit and maintain a higher balance in the time period, you can earn a higher bonus. The bonus amount depends on the amount you deposit: $10,000+ for a $100 bonus, $20,000+ for a $200 bonus, $30,000+ for a $300 bonus, $40,000+ for a $400 bonus, and $50,000+ for a $500 bonus. Your bonus will be deposited into your account within 10-15 business days after the 90 day period expires. Paid Endorsement.

4. Discover Bank – Up to $120 Bonus

Existing Discover credit card holders who open a new Cashback Checking account can earn as much as $120 each year. Open the account with at least $25, then you earn ten cents in rewards every time you write a check, pay a bill online, or make a debit card purchase. You receive this reward on up to 100 transactions per month.

5. BMO Harris – $200 Cash Bonus

Open a new, qualifying BMO Harris checking account by January 22, 2016, with a minimum opening deposit of at least $100 and set up a qualifying direct deposit of at least $300 monthly within 60 days of opening the account. You can apply online or get a coupon emailed to you which you can take to a local branch. You bonus will be deposited into your account usually within 120 days of opening the account, provided you have met the requirements.

6. Bank of America – $100 Bonus

Open a new qualifying checking account at Bank of America by December 31, 2015 using promo code BAW100N (if you currently have a personal checking account with Bank of America you are not eligible for this offer). Then set up qualifying direct deposits which total at least $2,000 every 30 days from the time you open the account for 90 days. Your bonus will be deposited into your account, usually within 90 days.

7. Citibank – $100 Bonus

Open a new checking account at Citibank by October 31, 2015 and fund the account with at least $10,000 within one month of opening it. Keep a balance of at least $10,000 for the following 30 days, and your bonus should appear in your account within 90 days from the end of the month in which you met the requirements. You can also open the account by calling Citibank at 1-866-458-0938. Just be sure to mention the promo code 42LJS8HCTH.

8. Nationwide – Up to $75 Cash Bonus

Open a new Nationwide E-Checking account using promo code 01020005, set up direct deposit of at least $200 monthly within 60 days of opening the account, and you’ll receive $25 deposited into your account within approximately 90 days. Then open a money market savings account using promo code 01070004 with at least $250, sign up for direct deposit (also within 60 days of account opening), and receive another $50, normally within 60 days of your first deposit. You can also open your accounts by calling 1-877-422-6569. Just be sure to mention the promo codes.

9. Salem Five Bank – $100 Visa Gift Card

Open up a checking account with Salem Five Bank using promo code PP2013 and you can receive a $100 Visa reward card by completing any one of the following three requirements: set up direct deposit and complete two deposits of more than $250, make six online bill payments of more than $25, or make 20 debit card transactions of more than $5. The requirement you choose must be met within 60 days of account opening. Once the requirement is met, you’ll receive your reward card with 4-6 weeks.

10. PNC Bank – $400 Bonus

This offer is good for residents of the following states: AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, WI, and District of Columbia. When you open a new Virtual Wallet at PNC Bank with Performance Select, you can earn a $400 cash bonus. Just set up a qualifying direct deposit of at least $5000 and make one online bill payment through your online bill payment account. Both requirements must be met within 60 days of account opening, and your bonus will be deposited into your account within 60 days of fulfilling them. This offer expires on December 31, 2015.

11. Charles Schwab – $100 Bonus

Open a new, qualified account at Charles Schwab, using the referral code REFERKRCXV, and make a qualifying deposit of $10,000 within 45 days of enrollment, and receive a $100 cash bonus. You must maintain your net deposit for at least one year or the bonus may be charged back to you.

12. Santander Bank – $240 Bonus

Open up a new extra20 checking account with Santander Bank and set up direct deposit. For every month you have at least $1,500 in direct deposits credited to your account, you receive a $10 bonus. For each month you make at least two online bill payments, you receive another $10. That’s as much as a $240 bonus each year. You need to open an extra20 savings account as well – your bonuses are applied there. Fees apply if you don’t have $1,500 in direct deposits in a month ($10).

13. BBVA Compass – $125 in Gift Cards Bonus

Open an NBA Checking account at BBVA Compass Bank and you’ll be eligible to receive up to $125 in gift cards. First, activate the Bill Play game in your online account, make at least three qualifying bill payments of $50 or more within the first 90 days of game activation, and a redemption button will appear in your online account, good for a $100 NBAStore.com e-gift card. Then, activate the Direct Deposit Dash game in your online account, make two direct deposits of at least $300 within 90 days of game activation, and a redemption button will appear in your online account, good for a $15 Amazon e-gift card. Finally, activate the Swipe for Songs game in your online account, make 40 qualifying check card transactions within 30 days of the first check card transaction (this first transaction must be complete within 90 days of game activation), and a redemption button will appear in your online account, good for a $10 iTunes e-gift card.

14. Citizens Bank – $1,000 Bonus for College Savings

Citizens Bank is currently offering a $1,000 bonus for those who sign up for a CollegeSaver savings account, an easy, manageable savings plan that will help your meet your college savings needs. It is an interest bearing account, and if you open it before your child’s twelfth birthday and save the monthly minimum amount every year, you’ll receive a $1,000 bonus when your child turns 18. Opening an account earlier than when your child turns twelve will only increase the savings.

15. BankDirect – AAdvantage Miles

Open a BankDirect Mileage Checking Account and earn American Airlines AAdvantage miles. You’ll receive 1,000 miles just for opening an account, 5,000 miles for initiating direct deposit, 2,000 miles for using BankDirect’s bill pay service for one year, and 1,000 miles for referring a friend. There are other ways to earn miles as well, and some restrictions apply. Be sure to investigate the offer thoroughly for full program details.

Final Word

When choosing a bank, it’s important to find one that suits your needs – whether that’s favorable interest-bearing accounts, no fees, or free checking. It’s also a big bonus when you can get great perks along with good banking. Be on the lookout for and take advantage of freebies like cash and giveaways, and your banking experience will be all the more pleasurable.

Which bank promotions will you be taking advantage of this month?