13 Ways To Navigate Bank Offers and Find the Best Deals
Written by
Chris Ozarowski
Edited by
Ashleigh Ray
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Did you know that many banks will give cash bonuses or other deals to new customers? If you’re looking to make the most from your banking, there are opportunities to earn money or get lower fees by opening an account or card with a different bank.
If you decide to do that, here are a few ways to make sure you’re getting the best possible offer.
Know What You Are Looking For
Begin by identifying the types of bank promotions that would benefit you the most. Banks may have different types of perks for opening accounts, including cash bonuses, higher interest rates on savings accounts, reward programs or reduced fees.
Once you know what you want and how the offers usually work, you can search for and evaluate promotions better.
Check Bank Websites
The internet is a valuable tool at your disposal. Take advantage of it and use it to discover the most current promotions being offered.
Visit bank websites directly and check for any advertised offers. Banks often have many of their deals directly on the pages for the related accounts or credit cards.
Check Reddit, Financial Blogs and Forums
Joining online forums or communities where members share information about bank offers can also be valuable. Community members share deals they find through social media or tips on how to qualify for certain promotions.
Be wary of scams though — don’t give out any of your details and don’t fill in financial information on any webpages from links on a forum.
Leverage Social Media
Follow banks on social media platforms like Facebook, X and Instagram. Banks sometimes announce special promotions or limited-time offers exclusively on their social media channels. Keeping up with these posts can let you know about opportunities that you might not find elsewhere.
Sign Up for Email Alerts and Newsletters
Subscribe to newsletters from banks and financial websites. Banks may send emails to subscribers and current customers with information about new promotions, account features and special deals.
Compare and Contrast
You can use financial comparison websites that aggregate information on various bank deals. Many platforms will post lists of the best current offers, allowing you to compare bonuses, account requirements and benefits across multiple banks.
Start by checking out our lists of the best banks and offers available right now.
Use Referral Programs
Don’t be shy. Ask friends or family members if their bank offers referral bonuses. Many provide incentives to existing customers who refer new clients, and both parties can benefit from cash bonuses or other rewards.
Look for Account-Switching Offers
Some banks provide bonuses to customers who switch their primary accounts to them. These offers can include cash bonuses, higher interest rates or waived fees for a certain period. Make sure that the bank you switch to is somewhere you want to keep your money long-term, and that the promotion is actually worth it.
Read the Fine Print
Before applying for any promotion, read the terms and conditions carefully.
Understand the requirements to qualify for the bonus, such as minimum deposit amounts, setting up direct deposit of your paycheck or making a certain number of transactions. Be aware of any fees, like monthly maintenance charges, that could offset the value of the promotion.
Knowing the details helps you avoid surprises and ensures the offer will actually make you money.
Watch Out for Promotions With Difficult Requirements
Some bank promotions come with stringent requirements. Sometimes, the conditions for certain offers and promotions wind up being difficult to meet.
If you don’t fulfill all the requirements for a bonus, then the bank wins — it gets you to open an account, but it doesn’t have to give you any money. Offers that require large minimum balances, high spending thresholds or complex tasks tend to be harder for users to complete, and therefore not all that worth it for them.
Before you say “yes” to a card or bank, check whether you can realistically fulfill the conditions without straining your finances.
Stay Organized
Keep track of the promotions you apply for by noting the deadlines and specific requirements. Use a spreadsheet or a notebook to record important details like qualification dates, minimum balance requirements and any actions you need to take.
Staying organized will help make sure you meet all the criteria to receive the bonuses, so you don’t miss out by forgetting something.
Avoid Promotions That May Hurt Your Credit
Be cautious of promotions that require a credit check or the opening of multiple new accounts in a short period of time.
Frequent credit inquiries can lower your credit score temporarily. Make sure you know how applying for new accounts might impact your credit and decide whether the promotion’s benefits outweigh any potential negative effects.
Choose Whether To Keep the Account or Card
Consider whether the account or card is actually worth it after the promotional period ends. Some accounts might offer attractive bonuses upfront but have high fees or low interest rates afterward.
If it isn’t against the terms, it might be a good idea to close the card or account once you have gotten the bonus or the promotion no longer applies.
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