Do you like free money? We thought you might. And a lot of banks think you might as well. That’s why they are offering bonuses to open up a bank account with them. Banks want your business, and many have offers that almost sound too good to be true.
$500 to open an account? What’s the catch? While there are usually a few terms and conditions like the amount of time the money has to stay in your account, or a minimum balance, banks essentially give away money to get business.
If you are shopping around for a new bank, take a look at the eight highest paying checking account bonuses below and enjoy a nice boost to your balance.
Checking vs Savings Account
When you go to open a bank account, you will generally be faced with two options: a checking account or a savings account. There are multiple versions of each but let’s keep things simple for now.
Checking accounts are usually for your day-to-day expenses and monthly bills. This account will have money coming in and out quite frequently. You can also write checks from the account, as the name suggests. This is the account you want to open if you plan on making purchases or paying bills using the money in your account.
A savings account is used for just that, saving money. There are usually monthly limits on how many transactions you’re permitted to do with this account as well as limits on withdrawals. The benefit of the savings account is that it offers a higher interest rate than a checking account.
Many people have both types of accounts and move money from their savings account into their checking account when they need to pay bills or cover their day-to-day expenses.