Banks are offering $300 of 'free' money - here's how to get the cash

A fistful of nationalist banks are offering hundreds of dollars successful rate bonuses for simply opening caller accounts. 

Banks are keen to entice arsenic galore Americans arsenic imaginable to parkland their money pinch them and debar customers moving to higher yielding accounts aliases money marketplace costs successful a play of elevated liking rates. 

As such, title for customers is heating up and banks are prepared to connection a decent bribe. 

Leading nan measurement is Chase and Wells Fargo who are presently offering a $300 prize to customers opening a caller checking relationship and who group up nonstop deposits. 

'We've successfully utilized promotion and retention-oriented strategies to clasp and get caller balances successful user and mini business banking,' Wells Fargo main financial serviceman Mike Santomassimo said of nan strategy earlier this week. 

Bank of America besides offers a rate bribe of $200 for caller customers.

'Our instructions to our squad are to turn our deposit guidelines a small spot faster than nan economy,' Bank of America main financial serviceman Alastair Borthwick told analysts connected a telephone this week. 

'That intends you person to value crossed nan committee to execute that' he explained. 

Meanwhile, Citi has a promotional complaint of 5 percent connected caller savings accounts for nan first 90 days.

The mean rate prize connection for opening a caller checking relationship climbed to $400 earlier this year, up from $130 successful 2016, according to Curinos data. 

Before switching banks however, it tin salary to do nan mathematics and activity retired if this is nan champion woody for you successful nan agelong run. 

For example, immoderate banks pinch offers are now requiring customers to support a higher equilibrium to slope nan rate aliases look a fee. 

Chase requires customers to make a monthly nonstop deposit of astatine slightest $500 to gain nan prize and not person to salary a $12 monthly attraction interest connected nan caller account.  

Any rate bonuses made by switching accounts are reported to nan IRS and taxed arsenic interest. 

It is besides important to see immoderate perks gained connected your existent slope account, specified arsenic owe savings aliases useful overseas recreation tools. 

Equally if your existent relationship offers a decent liking rate, it whitethorn not beryllium beneficial successful nan agelong tally to move for a rate offer. 

However, 'if you could get 300 bucks successful your pouch tomorrow, that's much compelling to immoderate group than nan delayed gratification of a 4 percent liking rate,' Adam Stockton, managing head astatine Curinos told nan Wall Street Journal.