Some banks offer clients extra when they open accounts with them. Of course, there are several conditions attached to this offer.
A financial planner has revealed that some banks give people bonuses of $2,000 if they open a new account. Banks are offering cash to people who open high-yield savings accounts. Claims say these accounts pay more when compared to last year. The financial planner is Kevin Barr. He had this to say. (source)
“There are some favorable promotions in the market for opening a new account or making an initial deposit. These vary from $100 up to $2,000 as long as certain requirements are met.”
There are conditions attached to these offers. Thus, Ted Rossman, senior industry analyst at Bankrate suggests caution. Here are Rossman's statements. (source)
[I would urge consumers to] “peruse the fine print and think through the total cost of ownership. As nice as a short-term bonus might be, that doesn’t necessarily mean the account is the best fit for you over the medium or longer term. Let’s say you get an intro bonus of $200, but the account doesn’t pay any interest; instead, you might be better off moving your money to a savings account that doesn’t offer an introductory bonus but does pay a hefty interest rate on your deposits.”
The financial planner adds it is easy to get bonuses of $100 to $300. If you want to get the $2,000 extra, he names the CitiBank Citigold Checking account offer. But to qualify? Someone would need a balance of $300,000 and over. He also says the balance on the 20th day after opening the account determines the bonus. The person must also maintain the minimum balance for 60 days after the first 21 days. (source)
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports. *Advice Disclaimer: This article should not be considered a professional financial, business, money, saving, or legal advice. The ideas, numbers, and strategies should never be used without first assessing your personal and financial situation, or without consulting a financial planner, bank official, or other professionals.