Best Bank Bonuses and Promotions Right Now

Americans are looking for relief wherever they can as inflation rages across the U.S. and the Consumer Price Index rises 7.5% in 2022, according to the Bureau of Labor Statistics. The Dow Jones Industrial average has decreased by over 5.4% since the beginning of the year.

Maybe you’re skeptical about investing in the stock market at the moment. Perhaps you’ve been considering cryptocurrency, but the volatility gives you second thoughts. Or maybe you’ve been sitting on a savings account and don’t know how to maximize your funds.

Banks want you to open new accounts with them. Similar to cell phone companies, banks often offer incentives to leave your existing bank and “switch” to their services.

What Is It?

n the old days, they offered a free toaster or alarm clock. Now they've upped their game, with cold hard cash – if you meet their specific set of requirements to claim a new account bonus.

In 2022, switching banks is easier than ever. This is because most – and in some banks’ cases, all – of the process can be done digitally, much like switching cell phone services. Essentially, you would have to follow the following steps:

Is Switching Banks Difficult?

1. Open an account with your new bank 2. Fund that new account with the minimum funds (via either digitally transferring from your old bank or physically withdrawing with cash or check), attaching your paycheck direct deposit information, or other requirement 3. Close your old account, if needed 4. Maintain your new account requirements for the stated time period (often 90 days) 5. Receive your free money!

There is no limit to how often you can switch banks. As long as you keep your money in the account for the agreed-upon timeframe, nothing stops you from withdrawing that money (and the bonus!) and switching banks again, receiving another new account bonus.

How Often Can Someone Switch Banks?

What Banks Are Giving Out the Most Money?

New account bonus offers change all the time, but currently, in March 2022, some of the largest banks in the U.S. have excellent offers.

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