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Some banks are offering bonus cash to consumers who open new accounts. These promotions trail the high-profile failure of several banks in March and the Federal Reserve’s recent rate increases.

New banking promotions may provide valuable incentives to new depositors. But don’t wait too long. Some offers are ending soon. We’ll discuss the details of banks’ push to entice new depositors.

Talk to a financial advisor before you decide where to park your savings.

Banks Look to Entice Depositors With Extra Cash

Some U.S. banks are looking to attract more depositors in the aftermath of March’s banking crisis and the Fed’s recent rate increases. Not every promotion is directly tied to these events, but consumers should take notice now as some banks have offers that expire soon. Others have promotions set to end during the summer.

Capital One Bank – 360 Performance Savings

Capital One Bank is running a promotion for depositors who open a 360 Performance Savings account while depositing a cash minimum. The 360 Performance Savings account includes offers in three tiers.

Currently, in the first tier, consumers who deposit between $10,000 and $49,999.99 will receive a $100 bonus after maintaining that amount range for 90 days.

The second tier offers a $500 bonus if you open the 360 Performance Savings account and deposit between $50,000 and $99,999.99 and maintain that amount range for 90 days.

The third tier presents a $1,000 bonus if you open the 360 Performance Savings account and maintain at least $100,000 for 90 days.

To be eligible, the deposits have to come from an external source. This means you can’t transfer money from your current Capital One banking account to become eligible. And you have to make the deposits within 15 days of the account opening.

The promotion started in late March and is running through May 10. The promo code is Spring23. Contact Capital One Bank for more information.

Chase Bank – Chase Total Checking

New Chase Bank checking customers who open the Chase Total Checking account will receive $200 when they set up a direct deposit within 90 days of opening the account. The checking account waives a $12 monthly fee if you make a deposit of at least $500 or maintain a $1,500 daily balance.

The Chase Total Checking promotion offer ends on July 19. Contact Chase Bank for more information.

TD Bank – Beyond Checking and Convenience Checking

Two promotions are taking place at TD Bank. Here’s more information on each offer.

TD Beyond Checking

You can earn $300 if you open a TD Beyond Checking account and make $2,500 in qualifying direct deposits within 60 days. The bonus offer will be paid 180 days after you open the account without closing it. The TD Beyond Checking account also waives a $25 monthly fee if you maintain at least $2,500 or create $5,000 or more in direct deposits during the bank statement cycle.

TD Convenience Checking

If you open the TD Bank Convenience Checking account and make $500 in qualifying direct deposits within 60 days, you will take home a $200 perk. The $200 deposit will land in your account 180 days after you originally opened the account.

TD Bank’s promotions for its Beyond Checking account and Convenience Checking account started in June 2022 and are set to run through April 30. Contact TD Bank for more information.

Bottom Line

Many banks are offering deals that can add more cash to your account. Some promotions are set to expire at the end of this month. These offers follow recent upheaval in the banking sector, but it’s always a good idea to review whether banking institutions are offering quality deals to depositors.

Savings Tips

• A financial advisor can help you figure out how to manage your savings. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• All savings accounts are not created equal. In addition to having features that differentiate them from other savings vehicles, savings accounts also differ from each other. Here’s a look at the best savings accounts, taking into consideration yield, fees, minimum deposit and flexibility.

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