The ultimate aim of any bank is to make the maximum amount of money in all sorts of ways with a substantial amount of cash in hand to loan it to borrowers and meet their own legal liquidity requirements. Banking bonuses are awarded to individuals who are able to put a certain amount of money on deposit and meet other basic requirements.
Banks offer its customers incentives in the form of banking bonus to choose their bank over others. Apart from personal service to local residents, national presence, fee levels for basic services, banks also offer cash incentives to use their deposit and chequing services.
The working of a banking bonus depends on a lot of factors, these are:
- Banking bonus varies by institution and offer. You can deposit anywhere from $500-$50,000 and keep it in the bank for a period of up to 18 months. Bonus offers can help you earn anywhere from $50 to $500.
- Banking bonus is available on Chequing Account and Savings Accounts.
- Requirements may vary for being eligible for banking bonus. Certain banks require a direct deposit while others require a few transactions made with the debit card within a period of 3-6 months.
- Banking bonus is taxable and you are liable to pay a certain tax on the bonus.
Banking bonus helps you earn on your deposits easily. There are many banks that offer good banking bonus on your deposits. Banking bonus comes in the form of a one-time perk when you set up a direct deposit with the bank and keep the account open for a few months at least. These accounts are free, and have annual percentage yields well above 2%. Many bank bonuses require a minimum deposit, direct deposit minimum, deposit period, or other hurdles to get your bonus.
Banking bonus is a good way to earn a substantial amount of cash incentive on your money which has been used to open an account in a bank. It is best to go through the fine print before opening an account in the bank to get a banking bonus.