We just posted about a furniture store signup bonus for those who sign up for a new American Express card using a referral link. Separately, there’s an offer for the referrer as well showing on some AmEx cards:
The Offer
Check your American Express login to see if you have the following offer:
Refer A Friend to apply for a new American Express card by May 5th; once they’re approved, you can earn 4x/4% extra bonus per dollar on your eligible purchases at select U.S. home furnishing stores, on up to $25,000 in combined purchases for three months.
The following stores are eligible: Anthropologie – Home & Furniture, Bed Bath & Beyond, CB2, Crate and Barrel, Crate and Kids, The Home Depot, Lowe’s, Terrain, and The Container Store.
Our Verdict
I found this on two of my AmEx cards. Maxed out, this could be worth 100,000 points or $1,000, but it obviously depends whether using that card is the best for the given store. In any case, earning 5x/5% at places like Home Depot and Lowe’s will be enticing to many people.
And this comes as an added bonus on top of the regular referral bonus being offered by American Express which varies from 5,000/$50 all the way up to 35,000 points.
You can find referrals in this dedicated thread. Do not share your referrals in the comments below.
If you’re wishing you had more savings right now, you’re not alone. Many Americans impacted by the coronavirus are finding that they need additional funds to make ends meet. A bit of extra cash could be a big help.
Fortunately, a number of banks are still giving out free stacks of cash. In exchange for opening a new savings or checking account, you could wind up with an extra $200 or $300 (or more).
Shopping around for a new bank account isn’t exactly exciting, but at a time like this it could be worth your while.
Here are some of the best bank account bonuses in February. Compare these offers along with CDs and other savings accounts that pay more interest. And check out other types of bonuses, too, like the best brokerage account bonuses.
Best checking account offers
Associated Bank: $200, $300 or $500 bonus
New customers have the opportunity to earn a $200, $300 or $500 bonus when opening a checking account with Associated Bank and completing qualifying activities by May 31, 2021.
To earn the bonuses, you must maintain a preset balance for the first 61-90 days.
To earn $200, you must maintain a daily balance of $1,000 – $4,999.
To earn $300, you must maintain a daily balance of $5,000 – $9,999.
To earn $500, you must maintain a daily balance of $10,000 or more.
In order to be eligible for the bonuses, you must not have opened an account with Associated Bank within the last six months and have to keep the account open for a minimum period of 12 months.
Associated Bank is based in Green Bay, Wisconsin, and has branches located in Illinois, Minnesota and Wisconsin.
HSBC Bank: $200 or $450 bonus
HSBC has a couple of checking account bonuses available online. Through March 31, 2021, you can earn:
$200 for opening an HSBC Advance checking account online and receiving recurring monthly direct deposits totaling $500 for three consecutive months (from the second full calendar month after opening the account).
$450 for opening an HSBC Premier checking account online and receiving monthly direct deposits of at least $5,000 for three consecutive months (from the second full calendar month after opening the account).
Another option is to opt for a bonus that pays 3 percent cash back (up to $600 for new Premier checking account holders). This offer also expires on March 31. To qualify, you’ll need to set up recurring direct deposits to an HSBC Premier checking account at least once per calendar month for six consecutive months following the account’s opening month.
HSBC is based in McLean, Virginia. It earned 4 out of 5 stars in Bankrate’s full review of its products and offerings.
TD Bank: $150 or $300 bonus
A $300 bonus is available for TD Bank customers who:
Open a Beyond Checking account online.
Have never had a TD Bank personal checking account.
Have at least $2,500 worth of direct deposit funds within 60 days of opening the account.
There’s also a $150 cash bonus if you’d prefer a Convenience Checking account (requires direct deposits of $500 within 60 days of opening the account).
Bonuses are available to residents in the District of Columbia, Pennsylvania and every state on the east coast except Georgia.
TD Bank is based in Wilmington, Delaware. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.
Chase Bank: $200 bonus
Through April 14, 2021, Chase is offering a bonus on new checking and savings accounts.
To earn $200, open a new Total Checking account and have a direct deposit totaling $500 or more within the first 90 days.
To qualify for the bonus, you must not have an existing Chase fiduciary or checking account (or had one closed with a negative balance or within the last 90 days).
Chase Bank has branches in 29 states, including Georgia and Florida and in the western, southwestern, midwestern and northern parts of the country.
Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in Columbus, Ohio.
PNC Bank: $200 or $500 bonus
As long as you don’t have an existing PNC consumer checking account and haven’t closed one within the past 90 days, you could qualify for a $200 or $500 bonus when you open a Business Checking or Business Checking Plus account, Treasury Enterprise Plan or Analysis Business Checking account.
To earn the $200 bonus, you must:
Open a Business Checking or Business Checking Plus account.
Maintain a minimum balance of $5,000 for each of the first three statement cycles.
Make at least 20 total qualifying transactions in the first three billing statements.
To earn the $500 bonus, you must:
Open a Treasury Enterprise Plan or Analysis Business Checking account.
Maintain a minimum balance of $30,000 for each of the first three statement cycles.
Accounts can be opened nationwide online or in-person. The offers expire on March 31, 2021.
PNC is based in Wilmington, Delaware, and earned 3.7 out of 5 stars in Bankrate’s full review of its products and offerings.
Huntington National Bank: $150, $200, $400, $500 or $750 bonus
Huntington Bank has a few checking account bonuses available for both consumers and business owners. Through April 7, 2021, you can earn:
$150 for opening an Asterisk-Free Checking account and making a cumulative deposit of at least $1,000 within 60 days of the account opening.
$200 for opening a Huntington 5 Checking account and making a cumulative deposit of at least $1,000 within 60 days of the account opening.
$200 for opening a Business Checking 100 account and making a cumulative deposit of at least $2,000 within 60 days of the account opening.
$400 for opening an Unlimited Business Checking account and making a cumulative deposit of at least $5,000 within 60 days of the account opening.
$500 for opening a Huntington 25 Checking account and making a cumulative deposit of at least $15,000 within 60 days of the account opening.
$750 for opening an Unlimited Plus Business Checking account and making a cumulative deposit of at least $20,000 within 60 days of the account opening.
These offers are only valid for residents of Ohio, Michigan, Indiana, Pennsylvania, Kentucky, West Virginia, Illinois and Wisconsin.
Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings, the bank earned 3.4 out of 5 stars.
Bank of America: $100 bonus
New checking customers can earn $100 from Bank of America when they open an account online. The offer expires June 30, 2021. To get the bonus, you must:
Not have had a Bank of America personal checking account within the past six months.
Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
Make an opening deposit ($25 opening deposit for the Advantage SafeBalance Banking account and $100 opening deposit for the others).
Receive two direct deposits of at least $250 each within 90 days of opening your account.
An offer code (DOC100CIS) is needed to qualify for the bonus.
Bank of America is headquartered in Charlotte, North Carolina. It earned 3.2 out of 5 stars in Bankrate’s full review of its products and services.
Axos Bank: $100 bonus for new business owners
New small-business owners have the opportunity to earn a $100 bonus when they open a Small Business Checking Account with Axos Bank. The offer expires March 31, 2021. To get the bonus, you must:
Have incorporated your business after June 1, 2020.
Maintain a daily balance of at least $2,500.
All deposits must be new money.
An offer code (NEWBIZ100) is needed when applying.
Axos is headquartered in San Diego, California. It earned 4.6 out of 5 stars in Bankrate’s full review of its products and services.
Best checking and savings account bonus
Citibank: $200, $400 or $700 bonus
Customers in the market for a new checking and savings account can open both through Citi and potentially earn a bonus.
To earn $300, open an eligible checking or savings account in the Citibank Account Package. Deposit $15,000 within 30 days and maintain that balance for 60 days.
To earn $700, open checking and savings accounts in the Citi Priority Account Package. Deposit $50,000 within 30 days and maintain that balance for 60 days.
Both offers expire April 1, 2021. Citibank is based in Sioux Falls, South Dakota. In Bankrate’s review of Citibank’s full suite of products and offerings, it earned 4.3 out of 5 stars.
Best bank account referral bonuses
Axos Bank: $20 for referral and referee
Current Axos customers have the opportunity to earn and give $20 for referring a friend to the Essential Checking account.
To qualify for the bonus, your friend must:
Not have owned an Axos Bank account.
Use your personalized referral link.
Add and maintain at least $500 for a full month.
Receive a direct deposit of at least $100 within the first two months.
If all requirements are met, both parties will receive $20 in their bank account.
Axos is headquartered in San Diego, California. It earned 4.6 out of 5 stars in Bankrate’s full review of its products and services.
Chase: $50 for each referral up to $500
Current Chase customers can earn $50, up to $500 per calendar year, for each friend who opens a qualifying checking or savings account.
To qualify, your friend must:
Use your personalized referral link.
Open a Chase Total Checking, Chase Savings or Chase College Checking account.
Be in good standing at the time of payout.
The bonus your friend will receive depends on the type of account she opens and whether she completes the qualifying activities outlined in the bonus.
Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in Columbus, Ohio.
Chime: $50 for referral and referee
Current Chime customers can get $50 for each friend they refer. To qualify for the bonus, you must:
Be a new Chime customer.
Use your personalized referral link.
Receive a single qualifying direct deposit of $200 or more from a payroll provider within 45 days of opening the account.
If all qualifying activities are met, both parties will receive $50.
Chime is based in San Francisco, California and is a neobank, meaning it strictly operates online and partners with a bank to hold your deposits.
TD Bank: $50 for referral and referee
TD Bank customers can earn and give $50 when they refer a friend to a TD Bank personal checking account. To qualify for the bonus, your friend must:
Bring in a referral form with your information.
Be a new TD Bank customer.
Receive a direct deposit of at least $250.
OR make at least 15 debit card purchases within 60 days of opening the account.
You can refer up to 10 friends per calendar year, meaning you could earn up to $500.
TD Bank is based in Wilmington, Delaware. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.
Why banks have sign-up bonuses
Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.
While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.
“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.
Some banks, like Citibank, offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.
What to watch out for
Not every bank account bonus is a good deal. Before you sign up, read the fine print.
Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. If earning a bonus seems to require too much effort, you might want to look for another one.
If you’re applying for a checking account, make sure it’s a good match that meets your needs.
For example, if you need them, double-check that there are plenty of branches and ATMs in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with the coronavirus forcing banking to shift online more than ever before, look for a bank or credit union that offers a solid set of digital tools.
If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest.
For instance, these one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.
Compare accounts:
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
A money market account is a type of savings account that typically requires a higher minimum deposit and daily balance, yet it offers higher interest rates than most standard savings accounts.
Ready to get started saving? Check out our top picks for this year’s top money market accounts.
Top 12 Money Market Accounts
CIT Bank
If you don’t have a large nest egg but still want to take advantage of high money market rates, consider CIT Bank.
The minimum opening balance is just $100 and the APY is 0.50%. With no opening fee or monthly service fee, you’ll only pay fees for wire transfers, overdrafts, excessive transactions, and stop payments.
Interest compounds daily so you can maximize your already-high yield. When you’re ready to make a transaction, simply use People Pay online or through the mobile app. Like other money market accounts, you’re allowed to make six withdrawals or transfers from your CIT Bank account for each statement cycle.
With minimal fees and an extremely competitive yield, CIT Bank’s money market accounts are ideal for savers of all kinds, especially those starting off with smaller amounts of funds.
BBVA
BBVA offers a competitive introductory APY for their money market account, with no minimum balance required.
You just need $25 to open your account. For the first 12 months, you’ll earn a 0.15% APY on the funds in your account. Once the introductory period ends, you’ll receive a standard rate on your account.
When you open a money market account with BBVA, you’ll have to pay a $15 monthly fee, unless you meet one of two exemptions.
The first is if you maintain a daily minimum balance of at least $10,000 each quarter. The other option is to set up a minimum $25 monthly transfer into account. The funds must come from your BBVA checking account.
You can also link it to your checking account to serve as overdraft protection. With most savings accounts, you can make up to six withdrawals each month.
Axos Bank
Earning 0.60% APY, Axos Bank is another example of a money market account with no minimum monthly balance.
There’s not even an initial deposit required to open the account, so you get access to the benefits without having to save a lot ahead of time.
Axos Bank’s money market account allows you to earn more interest than it’s high-yield savings account, and it also offers more flexibility in accessing your cash. For example, you get limited free check writing abilities and a free Visa debit card.
These two features let you use your savings as a checking account while still earning interest. Of course, if you’re likely to overspend on your savings when it’s unnecessary, you may not want such easy access to your funds.
They offer automatic bill pay directly from your account, as well as mobile banking and mobile deposit services.
That makes saving even easier because you can deposit checks into your account straight from your smartphone. Axos is a great choice if you like to have quick, easy access to your funds while still earning interest on what you have.
Sallie Mae
Did you know Sallie Mae doesn’t just service student loans? It has a whole area of banking features. One of these is a money market account with a 0.55% APY.
There’s no minimum deposit required so you can either start saving from scratch or transfer over existing funds when you open your account. Plus, you get to write checks directly from your account. Add to that no monthly fees and you have a strong contender for your savings goals.
To make a deposit, simply choose one of four convenient options: depositing a check electronically through your mobile phone, setting up a direct deposit, transferring funds electronically, or mailing in a check.
You can easily transfer funds from your money market account to your linked bank account and the process only takes 2-3 business days to post to your other bank.
If you overdraw your account due to insufficient funds, Sallie Mae charges a $19 fee, or whatever funds are remaining in your account so that your balance doesn’t go below zero.
This is quite a generous policy compared to many other financial institutions. For quick transfers and relatively low overdraft penalties, Sallie Mae is worth considering for your money market needs.
AbleBanking
AbleBanking’s money market account offers a 0.50% APY with a below standard $250 minimum deposit to open your account.
This is a really accessible threshold for a money market account, so it’s a great way to get your foot in the door without needing an extremely high opening balance.
However, you can only link your account to one external U.S. bank, so you must be comfortable with transferring money from only one location.
On the plus side, transfer times are quick, with same-day transfers occurring before 5:00 p.m. on your AbleBanking money market accounts. Plus, it’s just a 2-3 day wait when transferring to and from an external bank. Compare that to a 5-10 day wait with other banks, and it’s not really that long.
On top of that, they also make it easy for charitable giving. In fact, every time you open a new account, AbleBanking donates $25 to the charity of your choice. It must be a 501c(3) organization, but other than that, you can pick whatever non-profit you’d like.
Also, if you refer a friend to open an account with AbleBanking, you get an additional $25 to donate on top of your friend’s donation as a new customer.
You also can donate to non-profits directly from your money market account without incurring any hidden fees. AbleBanking is a great choice if you’re looking for a strong money market account with a good dash of altruism.
UFB Direct
UFB Direct is a division of Axos bank, and it offers an online money market and savings accounts for consumers. And like many online banks, UFB is able to offer much higher rates than what traditional brick-and-mortar banks can offer.
For instance, the UFB Premium Money Market boasts an APY of 0.20%. Customers have limited check-writing privileges, and the account comes with a complimentary debit card.
It’s free for customers to transfer money between accounts. And UFB Direct’s mobile app makes it easy to manage your money and deposit checks.
However, you’ll need to have a minimum balance of $5,000 to open the account. And you’ll only earn the 1.90% APY if you maintain an account balance of $25,000 or higher. If your account balance is less than $25,000, you’ll receive a 0.50 APY.
And if you have other accounts through Axos Bank, you’ll need to check to make sure you don’t exceed FDIC guidelines.
Discover Bank
Discover Bank is mostly known for offering credit cards, but it also provides a host of online banking products, including a money market account. One of the best things about opening a money market account through Discover is that there are no account fees.
If you have more than $100,000 to save, then you can earn a 0.40% APY. For balances that are under $100,000, you can still receive a 0.35% APY. And with Discover, you’ll have access to over 60,000 ATMs across the country.
Discover also offers a mobile app that makes it easy to track your funds even when you’re on the go. The app lets you deposit checks, temporarily freeze your debit card if it’s lost or stolen, and keep track of your account balance.
TIAA
TIAA Bank (formerly EverBank) offers a high APY of 0.45% to new customers in the first year, but there is a maximum balance of $250,000 to receive that rate.
After the 12-month introductory period is over, your APY depends on your account balance.
Another interesting feature by TIAA Bank is its pledge to keep its APY in the top 5% of money market rates offered by its main competitive accounts.
To open a money market account with TIAA Bank, you must have an initial deposit of $1,500, and you only qualify for the 0.70% introductory APY if those funds are transferred from a non-TIAA Bank account. Still, there’s no monthly fee for this high interest rate, so if you have the money available, it could be a wise move.
You also get a pretty wide range of ATM freedom with TIAA Bank. You can use your Visa debit card at any TIAA Bank ATM throughout the country for free. Any non-TIAA Bank ATM fee you incur is reimbursed in full when you keep your balance above $5,000.
If you’re frequently on the go and want easy access to your cash, it’s a benefit worth remembering while making your decision.
Betterment
Betterment is best-known as a robo-advisor, but they also offer a high-yield savings account. There’s no minimum balance required to open the account, and you can earn a rate of 0.40% APY.
When you bank with Betterment, there are no monthly fees, and any ATM fees you incur will be reimbursed. You can transfer money between your accounts as much as you need to. And your account is eligible for up to $1 million in FDIC insurance.
And best of all, Betterment is planning to release a checking account and debit card very soon. So this could be the perfect complement to your Betterment savings.
However, you won’t have access to any branch locations, which some people may consider a downside. And you won’t be able to write checks from your account.
Capital One 360
Capital One 360 money market accounts earn 0.50%. There’s no minimum deposit required, but you must have some type of balance to consider the account officially ‘opened’ (even if it’s just a penny).
Currently, Capital One doesn’t offer debit cards or personal checks for the money market account, but you can take advantage of mobile check deposits through your smartphone. Deposits can also be made via electronic transfer, over the phone, by mail, or through approved wire transfers.
Additionally, you can access your account online or through the mobile app. As for withdrawals, you can request them either online or over the phone.
There are no monthly or annual fees charged. However, you should note that there is no overdraft protection offered and you must agree not to withdraw more than your current balance.
As long as you consistently keep track of your balance and don’t mind having a few restrictions in accessing your funds, then the Capital One 360 money market account could be a good option to consider.
Ally
Ally offers a low entry money market account that gives you quick and easy access to your money. Unlike the bank’s traditional savings account, you can access your money with both a debit card and personal checks.
And if you maintain a minimum daily balance of $25,000 or more, you can qualify for a higher savings rate of 0.50% APY. This option is tailored to those just getting started saving and who need easy access to the funds in their money market accounts.
Ally doesn’t charge any monthly maintenance fees and has some nice ATM benefits. Any Allpoint ATM in the country is available for use free of charge, and even if you use another ATM, Ally will reimburse your fees up to $10 each cycle.
Some common fees include a $25 charge if you overdraw from your account (but that is limited to one per day) and a $10 excessive transaction fee if you take out funds over the federal monthly maximum of six times.
Santander
You’ll have to come in with a strong deposit to take advantage of Santander Bank’s best money market rates.
While the opening deposit is just $25, you’ll need a minimum balance of at least $100,000 to qualify for a high interest rate of 0.10% APY. If your balance is less than $10,0000, you’ll earn on a tiered basis:
$1 to $9,999.99: 0.10% APY
$10,000 to $49,999.99: 0.22% APY
$50,000 to $99,999.99: 0.30% APY
You’ll also need that $10k balance to avoid a $10 monthly fee assessed on your account. The other way to avoid that monthly fee and not worry about your minimum balance is to open a checking account at the bank.
So if you are in need of a new bank altogether for both checking and savings, or you need a high yield account for your larger savings fund, Santander Bank is certainly a great place to start looking.
What is a money market account?
A money market account is a savvy way to save, especially if you’ve already accumulated a fair amount of funds to put away.
You also get to retain the convenience and flexibility of a regular savings account by making withdrawals as you need them without the wait time of other savings accounts. You might even be able to write a few checks from your account, depending on the bank.
This makes your funds much more accessible compared to an account like a CD with a predetermined term. There are never any penalties so you can get your money when you need it while still earning above-average yields.
Bottom Line
Money market accounts certainly have more restrictions than your typical savings account but because they generally come with better interest rates, it can be a great way to save money.
As with any account, it’s essential to make sure you find the best money market account for your needs that banks and credit unions have to offer.
August 10, 2020Posted By: growth-rapidly Tag: Banking
Bank of America, like most banks, offer several bonuses, either from their credit cards, checking or savings accounts. These deals can be either cash rewards, bonus points, etc. For example, open this credit card then you get a $200 cash rewards bonus. In the past, if you refer a friend, Bank of America would pay you $50 referral bonus. But Bank of America has discontinued the referral bonus when you refer a friend.
CIT Savings Builder – Earn 0.85% APY. Here’s how it works: Make at least a $100 minimum deposit every month. Or Maintain a minimum balance of $25k. Member FDIC. Click Here to Learn More.
Bank of America “refer a friend & cash rewards” bonus program
While Bank of America does not have a cash reward bonus when you refer a friend, there are cash rewards when you yourself get approved for a particular credit card.
Cash Rewards Credit Card:
Receive $200 cash rewards bonus after you make $1,000 in purchases in the first 90 days. Also, you get to choose how to collect your rewards.
Plus, earn 3% cash back when you shop for: gas, online shopping, drug stores, home improvements, dining or travel.
Get 2% cash back at grocery stores and wholesale clubs.
Earn unlimited 1% cash back on all other purchases.
No annual fee. Go to Bank of America’s homepage to take advantage of this credit card referral bonus.
Travel Rewards Credit Card
Earn 25,000 online bonus points when you make at least $1,000 in purchases in the first 90 days. You can redeem it for a $250 credit toward your travel purchases.
Earn unlimited 1.5 bonus points for every $1 spent on all purchases.
Bank of America Premium Rewards Credit Card.
Again Bank of America offers no referral bonus when you refer a friend, but this credit card has great deals and promotions.
50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening.
Earn 2 points for every 1$ spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
Get $200 in travel statement credit.
Make sure you take a look at other Bank of America Promotions.
In conclusion, if you’re looking for a cash reward deal when you refer a friend to Bank of America, you will not find any at this time. But there are several credit cards with great cash rewards. For more cash back deals, rewards or future referral bonus programs and promotions, check Bank of America’s deals here. The site guarantees no coupons or promo codes. You just activate your deals and go.
Here are other popular Bank promotions deals!
Speak with the Right Financial Advisor
If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
