I know, you’re reading the title right now, and you’re instantly thinking, “This sounds way too good to be true.”,   While I’m with you on this one, it really isn’t!  There are actually banks out there that want to pay you just to open a bank account.

How does the process work?

The process is relatively simple.  Your local bank, or credit union will offer a cash bonus when you open up a savings, checking, or even a CD (certificate of deposit).  Most of them are going to have restrictions when it comes down to opening one up one.  Most of the restrictions are the same, and it’s going to include a minimum deposit required, and you will most likely have to make a few purchases that tie into that account.

For example, my local Chase Bank offered to pay me $125 in bonuses when I opened a checking account.  I had to be a first time applicant, and in order to get it, I had to deposit $100, make 5 purchases with my debit card, and keep the account in good standing for at least 90 days.  It’s not a bad bonus just for opening up a checking account.

How can I find these accounts?

The best place to search is online.  I like a few sites such as DepositAccounts.com and FatWallet.com.  On websites such as this, you can find up to date bank deals that from all over the United States.  I have mainly found that the Internet banks will generally offer the best deals.  Hey, and if you get good enough, you can honestly turn this into a nice side income.  There are threads on the message board that show some people making $1,000 – $3,000 a year.  That’s not bad for bank bonuses!

Another place that you can check are either in your newspaper, or the free circulars that come in your mailbox.  Major banks such as Chase, Bank of America, and others love to advertise their bonuses.  Again, make sure that the bonus is worth it, and isn’t going to take a bunch of loops to go through in order to get it.

What do you recommend in a bonus?

Every bonus is going to have some terms and conditions.  You can’t just open up an account; get your $150 and leave.  In my opinion, a good bonus is one that has very few restrictions.  You will most likely have to put in a minimum amount, set up direct deposit, or make a few purchases.  If the restrictions require you to do more than this, I would consider another bonus.

There are plenty of bonuses out there, and what you’re going to find that is if you’re in the process of trying to find a new checking / savings account, this is the way to go.  You’re already opening up an account, so why not get paid to do so?