Best New Bank Promotions in California: October 2020 Offers and Bonuses

California bank promotions

GOBankingRates survey revealed how many Americans are missing out on free money from banks. More than 75% of the people who responded admitted that they never research banks, and more than 65% would not change banks even if they received cash for doing so. Find out how much free money you can score through the best bank promotions in California.

Bank in California Promotions at a Glance

The best bank promotions in California include offers from across the state. Here’s a quick overview of what’s available:

Best Bank in California Promotions: October 2020
Account Cash Value of Bonus Expiration Date
Chase Total Checking Account $200 Jan. 20, 2021
Christian Community Credit Union Checking $200 None
Paradise Valley Federal Credit Union Checking Up to $150 None
Citi Priority Account Package $700 Jan. 5, 2021
Bank of America Business Advantage Cash Rewards Credit Card $300 None
BBVA Select Credit Card $500 None
Union Bank Bank Freely Rewards Visa Credit Card $100 None

    Best Bank Promotions in California

    There have been a few changes since last month’s list of the best checking account promotions in California. The current list includes a selection of regional and national banks that offer services for personal and business customers.

    Best Checking Account Promotions

    To take full advantage of these California bank promotions, you have to meet certain deposit requirements. You’ll need to receive direct deposits from an employer, pension plan or government agency to qualify.

    Chase Total Checking Account: $200 Bonus

    Chase offers convenience with branches throughout California.

    Here are the details for this bonus:

    • Cash value: $200
    • Minimum deposit to qualify: Any direct deposit
    • Expiration date: Jan. 20, 2021
    • How to get it: Open an account and receive a direct deposit of your paycheck, pension or government benefits.
    • When you’ll get it: Within 10 business days of meeting the requirements
    • Terms and conditions: Peer-to-peer payments and Zelle don’t count as direct deposits.
    • Monthly fees: $12; can be waived by meeting requirements
    • Promotion pageChase Total Checking bonus offer

    Christian Community Credit Union Checking: $200 Bonus

    Communication Federal Credit Union

    If you worship at select churches and ministries or have kids at certain schools in Southern California, you might be eligible to become a CCCU member. The credit union offers new customers $200 to open a new checking account.

    More From Your Money
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    Here’s how to earn it:

    • Cash value: $200
    • Minimum deposit to qualify: $100
    • Expiration date: None
    • How to get it: Open a new checking account with at least $100, sign up for e-statements within 60 days and receive a direct deposit of at least $200 from an employer, pension or government agency.
    • When you’ll get it: Within 60 days after meeting the requirements
    • Terms and conditions: For new customers only; the first direct deposit must be received within 60 days of opening the account.
    • Monthly fees: $0 for the basic Free Checking account; $10 for the interest-earning Checking Plus account, which can be waived when you receive at least $1,500 in direct deposits per month
    • Promotion pageChristian Community Credit Union checking account bonus offer

    Paradise Valley Federal Credit Union Checking: Up to $150 Bonus

    Paradise Valley Federal Credit Union logo May 2020

    San Diego residents and their extended families who worship at a particular church or work in healthcare in select locations can receive up to $150 for opening an account with Paradise Valley.

    Here’s how to earn it:

    • Cash value: Up to $150
    • Minimum deposit to qualify: Not specified
    • Expiration date: None
    • How to get it: Open a new checking account with a debit card and make at least five debit card purchases within 60 day to earn a $100 reward. Set up direct deposit to earn an additional $50.
    • When you’ll get it: After meeting the requirements
    • Terms and conditions: For new and eligible credit union members only; all accounts are subject to approval
    • Monthly fees: $10; waived with $500 minimum balance
    • Promotion pageParadise Valley Federal Credit Union checking account bonus offer

    Best Savings Account Promotions

    One of the best savings account promotions in California requires a checking and savings account as well as a substantial deposit. You’ll be rewarded with a lucrative bonus.

    Citi Priority Account Package: $700 Bonus

    Citibank Best Online Savings Accounts

    If you have plenty of money to deposit, you can earn $700 by opening a checking and savings account with Citi. Here’s how:

    • Cash value: $700
    • Minimum deposit to qualify: $50,000
    • Expiration date: Jan. 5, 2021
    • How to get it: Open an eligible checking and savings account, and then deposit $50,000 within the next 30 days. Maintain the minimum balance for at least 60 consecutive calendar days.
    • When you’ll get it: Within 90 days after meeting the requirements
    • Terms and conditions: The offer is available to customers who have not been a signer on a Citibank checking account in the past 180 days.
    • Monthly fees: $30; waived if you maintain a $50,000 combined balance among all accounts
    • Promotion pageCiti Priority Account Package bonus offer

    Best Business Account Promotions

    If you’re looking for the best business account promotions in California, look no further. This month, you can cash in on a bonus for opening a new account.

    Bank of America Business Advantage Cash Rewards Credit Card: $300 bonus

    With this card, you earn 3% cash back in your choice of these categories: gas stations, office supply stores, travel, TV/telecommunications, computer services and business consulting services. You get 2% for dining and 1% for everything else, plus a bonus. Here’s more:

    • Cash value: $300
    • Minimum spend to qualify: $3,000
    • Expiration date: None
    • How to get it: Make at least $3,000 in net purchases within the first 90 days of your account opening.
    • When you’ll get it: Ten to 12 weeks after qualifying
    • Terms and conditions: Net purchases don’t include transaction fees, returns or adjustments.
    • Annual fee: None
    • Promotion pageBank of America Business Advantage Cash Rewards bonus offer

    Best Credit Card Promotions

    Opening a new credit card can earn you plenty of points that you can cash in for statement credits, cash deposits or even mortgage credit. Here are the best credit card promotions available now.

    BBVA Select Credit Card: Bonus Points ($500 Value)

    BBVA’s top-tier credit card earns you up to quadruple points on purchases, which you can redeem for cash or free travel. Here’s how to earn the bonus:

    • Cash value: $500
    • Minimum spend to qualify: $4,000
    • Expiration date: None
    • How to get it: Apply and get approved for the card, then spend $4,000 in the first 90 days of opening the card account.
    • When you’ll get it: Not specified
    • Terms and conditions: The offer is not available to current BBVA credit card customers.
    • Annual fee: $99 (waived the first year)
    • Promotion pageBBVA Select Credit Card bonus offer

    Union Bank Bank Freely Rewards Visa Credit Card: $100 Cash-Back Rewards Bonus

    Union Bank logo 2017

    When you get approved for the Bank Freely Rewards Visa credit card and meet certain requirements, you’ll receive a $100 cash-back rewards bonus from Union Bank. Here are the details:

    • Cash value: $100
    • Minimum spend to qualify: $1,000
    • Expiration date: None
    • How to get it: Apply and get approved for the card, then make $1,000 in purchases in the first three months after account opening.
    • When you’ll get it: Within eight weeks after your third billing cycle closes
    • Terms and conditions: Rewards can be redeemed for a statement credit, a deposit into a checking or savings account, or a principal reduction in a Union Bank mortgage. You’ll earn a 25% bonus if you redeem your rewards into a Union Bank savings or checking account or a 50% bonus if you redeem them as a principal reduction.
    • Annual fee: None
    • Promotion pageUnion Bank Bank Freely Rewards Visa Credit Card bonus offer

    Choosing the Best Bank Promotions

    A special promotion shouldn’t be the only reason you choose a bank, but that doesn’t mean you shouldn’t cash in when you can. Make sure the bank is convenient to use and offers products and services that meet your financial needs.

    This article has been updated with additional reporting since its original publication.

    Information on promotions is accurate as of Oct. 8, 2020. Additional requirements may apply. Offers and terms are subject to change.

    GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

    GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

    Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

    About the Author

    Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.