After covering Capital One’s checking account bonus last week, BankVibe reader Zach mentioned another substantial checking account bonus available to residents in New York, New Jersey, Illinois, Florida and California. Banco Popular has a “Free Checking Account” which comes with a $125 bonus for signing up as well as a free “gift.” You must visit a physcial branch for various gift options and details regarding the sign-up bonus.
A couple years back they were offering this same account with a free set of binoculars as the gift. However, when this promotion was running before, the sign-up bonus was incentive-based, so that your bonus earnings were packaged with certain actions or requirements.
The previous bonus structure was as follows (check with a physical branch to see if it’s currently set up the same way):
- Earn $25 for turning in your old checks and debit card,
- Earn $50 for adding direct deposit,
- and another $50 for signing up for online bill pay.
In the realm of checking account promotions being offered by some of the country’s largest banks – this is a decent offer. We particularly like Banco Popular’s checking account product line because their basic checking offers are completely fee free. This is a pretty rare sight these days. Almost all of the nation’s most well known banks (Bank of America, CitiBank, Chase, etc) impose monthly maintenance fees if certain balance requirements aren’t met. Banco Popular does, however, impose a $5 monthly fee on their “Basic Interest Checking” product and their “Popular Investing Checking” product if a $250 and $1,000 minimum balance requirement isn’t met (respectively).
About Banco Popular:
Banco Popular (mypopularbanking.com), established in just 1999, is now one of the top 10 largest banks headquartered in the state of New York. They control almost $6.5 billion in consumer deposits and have almost $9 billion in total assets.
If you have experience in securing this bonus from Banco Popular, let us know about it!