Bank Account Promotions: Top Things to Watch For

What Are Bank Promo Codes

What Are Bank Promo Codes?

Bank promo codes, often referred to as promotional codes or coupon codes, are special alphanumeric combinations offered by banks or financial institutions to provide their customers with various benefits, discounts, or incentives. These codes are usually used during specific transactions, such as opening new accounts, applying for loans, or using certain banking services.

The purpose of bank promo codes is to attract new customers, retain existing ones, and encourage them to engage in specific financial activities. The benefits associated with these codes can vary widely and may include:

  • Account Opening Bonuses: Banks may offer cash bonuses or rewards to customers who open new accounts, such as checking or savings accounts, using a specific promo code during the application process.
  • Fee Waivers: Promo codes might be used to waive certain account fees, such as monthly maintenance fees or ATM withdrawal fees, for a specified period.
  • Interest Rate Boosts: Customers applying for loans or credit products might receive a better interest rate or terms by using a promo code during the application process.
  • Cashback or Rewards: Banks could provide customers with cashback or rewards points when using a particular promo code while making purchases with their credit or debit cards.
  • Referral Incentives: Some banks offer promo codes to customers who refer new clients, rewarding them with cash or other benefits.

To use a bank promo code, customers typically need to enter the code during the relevant application or transaction process. It's essential to carefully read the terms and conditions associated with each promo code to understand its validity period, eligibility criteria, and any restrictions that apply.

What Should I Look For When Using A Bank Promotion?

When using a bank promotion, whether it’s a bank promo code or any other type of offer, it’s important to be mindful and make informed decisions. Here are some key things to consider when opening a bank account with a promotion:

  • The size of the bonus: This is the most important factor to consider, as you want to make sure you’re getting a good deal. Some bank promotions offer very small bonuses, while others offer much larger ones. Sometimes, what seems like a great deal on the surface might not actually provide significant benefits. Compare the promotion with regular pricing or competing offers to determine its true value.
  • The terms and conditions of the promotion: Make sure you read the fine print before you sign up for a promotion, as there may be hidden fees or requirements that you’re not aware of. For example, some promotions require you to maintain a minimum balance in your account for a certain period of time, or to make a certain number of transactions each month.
  • Expiration Date: Check the promotion’s expiration date. Ensure that you use the promotion within the specified time frame to avail of the benefits. Using it after the expiration date may result in disappointment or the promotion not being honored.
  • Whether the promotion is a good fit for your needs: Not all bank promotions are created equal. Some are designed for people who want to open a new checking account, while others are designed for people who want to open a new savings account or CD. Make sure the promotion you choose is something that you’ll actually use.
  • Hidden Costs or Obligations: Be cautious of any hidden costs, fees, or obligations that might be associated with the promotion. For example, a bank promotion might offer a waived annual fee for the first year but charge a higher fee in subsequent years.

When A Promotion May Not Be A Good Idea?

A promotion may not be a good idea when it doesn’t align with your actual needs or financial goals. If the offered product or service doesn’t address a genuine requirement or interest, it could lead to unnecessary expenses or commitments. 

The main thing to look for is whether this financial institution is a right fit for my needs. For example, if you are not sure whether Chase is a good bank for your needs, you may want to check out carefully about Chase bank account features before using the the promotion. 

Additionally, promotions that have complex terms and conditions, hidden fees, or limited benefits might not be worth pursuing. If the promotion requires signing up for a long-term commitment that you may not fully understand or find value in, it could result in buyer’s remorse. Moreover, if the promotion is from an untrustworthy source, lacks transparency, or has limited customer reviews, it might be a risky endeavor. 

Ultimately, it’s crucial to evaluate promotions based on their relevance, transparency, and alignment with your financial well-being to avoid potential regrets or financial strain.

Which Banks Usually Have Promotions?

Many banks offer promotions to attract new customers and encourage existing customers to use their services more. Some of the banks that usually have promotions include:

Bank Account You Can Get A Bonus
Chase Chase Total Checking, Chase Business Checking, Chase College Checking
Bank of America Bank of America Advantage Checking
Citibank Citibank Priority,  CitiGold Checking
TD Bank TD Bank Beyond Checking
U.S. Bank U.S. Bank Smartly® Checking, U.S. Bank Business Checking
SoFi Bank SoFi checking and savings account

These banks offer a variety of promotions, including bonuses for opening new checking or savings accounts, rewards for using debit or credit cards, and discounts on fees. You can find a full list of current promotions here.

5 Tips For Using Bank Promotions

Using bank promotions effectively can help you maximize the benefits while avoiding potential pitfalls. Here are some tips to keep in mind:

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  • Compare different promotions. There are many different bank promotions available, so it’s important to compare them to find the best one for you. 
  • Don’t sign up for a promotion just for the bonus. Make sure you’ll actually use the account you’re opening before you sign up for a promotion. Otherwise, you may end up paying fees or penalties that will outweigh the value of the bonus.
  • Read the fine print. As mentioned above, it’s important to read the fine print before you sign up for a promotion. There may be hidden fees or requirements that you’re not aware of.
  • Cancel the promotion if you’re not using it. If you find that you’re not using the account you opened for the promotion, you can cancel it. However, you may have to pay a fee to cancel the account.
  • Be aware of the terms and conditions. Most bank promotions have terms and conditions that you must meet in order to receive the bonus. For example, you may have to maintain a minimum balance in your account for a certain period of time, or you may have to make a certain number of transactions each month.
  • Be aware of the fees. Some bank promotions have fees associated with them. For example, you may have to pay a monthly fee to maintain your account, or you may have to pay a fee to close your account early.
  • Be aware of the risks. There are some risks associated with using bank promotions. For example, you may be tempted to overspend in order to meet the terms and conditions of the promotion. You may also be tempted to switch banks frequently in order to take advantage of new promotions.

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