Bank of America Checking Account Bonus: $200 in Statement Credits

We just got tipped off on a nice checking account bonus through Bank of America (thanks to BankVibe.com reader Justin for submitting this offer!). However, before you get too excited about this one be sure to read the fine print to understand exactly what it entails. First, you must have a Bank of America credit card to earn the $200+ in statement credits. Second, the bonus structure is set up so that you’ll earn parts of the $200+ over a 6 month period.

Here is how it works:
The first step to getting a bonus is opening an account. Make sure CHC220OL appears in the offer code section of the application.

1. Complete the online application
2. Establish Direct Deposit within 3 months and receive $100 in statement credits.
3. Pay your Bank of America credit card online from your new checking account and earn a $20 statement credit—every month.

Terms and Conditions:

- This is a special limited time offer available to existing Bank of America credit card customers whose accounts are open and in good standing who do not currently have a personal checking account.

- Limited time offer available only for accounts opened online with offer code CHC220OL.

- This offer expires 12/4/2010.

- To be eligible, you must open a new personal checking account online.

- Payments received late will not qualify.

- The $20 credit is valid for each of the first six months you have your new checking account, with a maximum payout of $120 ($20 x 6 months=$120). Qualified online payment methods include Bill Pay, Transfers (one-time or recurring) and Pay By Phone.

- Your statement credit(s) will be applied to your credit card account within 60 days after the date of each qualifying transaction, provided that both your credit card and checking accounts are open and in good standing.

- The statement credit will be applied to your existing balance with the highest APR before being applied to any balances with lower APRs.

Visit their promo page here for additional details.

ING Direct’s Independence Day Promotions!

Thanks to Jeff M. from ING Direct for sending us some pretty nice promotions going on through their bank this fourth of July.

Jeff claims that the average American will spend close to $200 to celebrate the Fourth of July this year. And before the weekend starts and that money is spent, ING DIRECT USA is introducing their first ever Financial Independence Days Sale. The nation’s largest direct bank is starting the holiday weekend a few days early by offering Americans four unique ways to further their savings on July 1 and 2. Both customers and non-customers alike will be able to take advantage of the offers, with benefits that incentivize savings like it’s the year 1776.

The promotions are as follows:

Investing for Financial Freedom – Investors who open a new ShareBuilder account will receive a $76 bonus after making one transaction. Brokerage account holders can select from over 7,000 stocks, mutual funds and Exchange-Traded Funds.

Pursuing the Happiness of Homeownership – Prospective homeowners who apply for an Easy Orange or Orange Mortgage on July 1 or 2, 2010 will receive $776 off closing costs – nearly 40 percent savings from ING DIRECT’s already low average total closing costs. Liberation from Checking Fees – The Electric Orange Checking account (which already offers no overdraft fees, no monthly fees, and no minimums) promotion will be announced here www.ingdirect.com/independence on July 1. Spreading the Wealth of Savings – The Refer-a-Friend promotion will be announced here www.ingdirect.com/independence on July 1. The Financial Independence Days web site is http://www.ingdirect.com/independence. When the promotion goes lives on Thursday, July 1 at 12:01am, the site will reveal more details about the Financial Independence Days Sale.

Cash Back Checking Accounts

Hearing the term “cash back” associated with a checking account may seem like a novel concept because 99 percent of the time, the term is directly tied with a credit card. However, some banks are using this rewards structure with checking accounts now as an outside-the-box way of rewarding their customers.

For almost a year now, all forms of traditional savings accounts have seen their interest rates sink to historically low levels and many banks and credit unions have been scrambling to find new ways to reward their account holders. Just last week we focused on the way in which checking accounts have been able to reward their new and existing customers with extra cash in our post, “The Top 10 Checking Account Promotions in 2010.” Today we’d like to reiterate the way in which a cash back checking account provides recurring cash rewards.

As the name suggests, cash back checking accounts provide you with cash back every time you spend. PerkStreet Financial recently went live with their online cash back checking account which provides a whopping 2% cash back on all purchases for the first 6 months, followed by 1% cash back thereafter. Unlike savings accounts, these accounts essentially reward you to spend, so if you are after a traditional CD (certificate of deposit) or high yield savings account, then this may not be ideal for your situation.

What Type of Consumer Would Benefit Most from a Cash Back Checking Account?

In short, someone who spends a good chunk of change every month. Given the PerkStreet Financial offer we mentioned above, one would be able to receive cash dividends of $50 per month if they were to spend $2,500/month from this account (2.0% X $2,500 = $50.00).

Checking Account Promotions: TOP 10 in 2010! …so far

We’ve seen a great number of phenomenal checking account promotions, bonuses and deals roll through our inbox so far this year so we decided to publish a top 10 list to extend some credit to the top offers. The following types of bank accounts come in the form of either: free checking accounts with cash bonuses, cash back checking accounts, or high interest checking accounts. The promotional accounts listed below are not ALL available everywhere. Several of the bank promotions we’ve listed are available nationwide, however, a few are exclusive to a limited number of states.

These are the top 10 checking account promotions uncovered in 2010…so far. If you feel we’ve missed a deal, please let us know by leaving a comment!

TOP 10 Checking Account Promotions in 2010:

(all offers available at some point in 2010)

1) PerkStreet Checking Account: Coming in at the #1 spot with a 2% cash back offer for the first 6 months followed by 1% after the promotional period is over. After savings rates (certificate of deposit, money market and checking) have ALL taken a horrendous nose dive, cash back checking accounts have attempted to step in and fill the void. And PerkStreet Finacial is doing a fantastic job. Why is this account so valuable? Because, for example, if you spend $500/month from this account you will receive dividends of $10/month in the form of cash back ($500 X 2.0% = $10). Nothing like a recurring cash bonus from a checking account!

2) Capital One’s Checking Account Sign up Bonus: $300 – When we originally published this deal it was not confirmed, however, a number of reader comments did confirm the offer worked in several states throughout the country. The coupon code(s) for this account was RC3 and one reader suggested another coupon code (RC2) worked for a $200 bonus as well. We suggest trying the RC3 code first!

3) Citizens Bank Checking Account Promotion: Up to $220 in cash bonuses. This account is only available in certain states and the bank is headquartered out of Rhode Island. The bonus structure with this checking account promotion is set up in tiers. You earn a certain amount of cash for meeting various criteria. You get $50 for setting up the account and funding it via direct deposit, $25 after the completion of 5 bill payments, $25 after the completion of 5 debit/credit card purchases, and the final $120 when you enroll in their “greensense” or paperless program.

4) SunTrust Checking Account Bonus: up to $150 in cash bonuses. Similarly to Citizens Bank’s checking bonus, this one is set up in tiers as well. In the first tier you receive $50 for setting up the account. The second tier pays $100 and involves a 3 month process of bill payments.

5) Banco Populars Checking Account Promotion: $125 in cash plus a free “gift.” You received the $125 upon the completion of 3 very easy steps. The gift part, however, is a little vague. Supposedly individual branches were doing their own thing in regards to the gift giving, but we do know they gave out binoculars as the gift last year!

6) ReliaBank’s Ultimate Checking Account: 4.07% APY on balances up to $25k. This is a rewards checking account and requires you to make 12 monthly debit card transactions as well as setting up a monthly, recurring, direct payment of some sort. You can receive 4.07% APY on balances up to $25,000. This account is ideal for those looking for an alternative to low interest money market accounts.

7) Huntington Bank’s Checking Account Bonus: $100 in cash. This checking promotion is simple and available everywhere besides California. You receive a $100 cash bonus for opening up any one of their numerous forms of free checking accounts.

8 ) Harris Checking Account: $150 in cash bonuses. To receive this bonus you must open their interest checking account with a minimum of $100 AND set up a monthly direct deposit. They are a bit deceiving in calling this an “interest checking account” when their interest rate is just 0.05% APY.

9) Chase Bank Checking Account Promotion: $100 in cash. This promotion NEVER seems to get old. Chase seems to continually renew this offer time and time again. Although some readers have submitted negative comments about this account for various reasons, it still seems to be fairly popular among the majority.

10) Bank of America’s MyAccess Checking Account: $75 sign-up bonus. Use the coupon code CH75OL1 and fund the account with $125 within 90 days and the bonus is yours. This account is available online and in local Bank of America branches.

Harris Bank’s Interest Checking Account Bonus: $150

Harris Bank, serving most of the Midwest, currently has a checking account bonus offer of $150 for those who sign up for a new “interest checking account.” Although we believe it’s slightly misleading for them to call this checking account an “interest checking account” considering the fact that the interest rate is less than 0.05% APY, they are still offering a very enticing $150 bonus for signing up (and completing a few steps).

Thanks to BankVibe.com reader Jennifer for submitting this offer!

This is yet another checking account bonus we’ve seen after reporting on over a half dozen last month! You can compare this offer to the other checking account promotions we’ve covered recently to ensure you’re finding an optimal account for your needs.

Details of Interest Checking Account Bonus by Harris Bank:

1. Open an interest checking account with a minimum opening deposit of $100.
2. Setup a monthly direct deposit within 90 days of account opening or make at least five online bill payment transactions within 60 days of account opening.
3. Open a Harris Savings Account and activate the AutoSave feature.

Additional Details regarding Bonus Collection:

• $100 cash will be deposited into your new Harris personal Interest-Checking Account approximately 120 days after account opening
• $50 will be deposited into your savings account after Auto Save feature is activated
• No maintenance or transaction fees for account holders with a combined total of $20,000 or more in any qualifying Harris deposit accounts

Learn more by visiting their promo page.

Open a Chase Checking Account online and earn $100!

BankVibe reader Tom just sent us in another great checking account bonus from Chase Bank. It’s fairly similar to the other checking account promotions Chase has run in the past. Follow this link to grab the coupon code for this promotion. Here are the details…

Get $100 when you open a Chase Checking account

• You’ll need to make 5 debit card purchases or set up direct deposit.
• The offer is good until April 30, 2010, and you can apply online or get a coupon to take to a branch.
• To qualify for the bonus you must open a new Chase CheckingSM account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates).
• Also, within 60 days of account opening you must initiate a monthly direct deposit which includes payroll, pension, Social Security or other government benefits, or make five debit card purchases. The bonus will be automatically deposited into your new account within 10 business days after the initial direct deposit or five debit card purchases have posted to your account.
• Bonus is not considered part of minimum opening deposit. Limit one checking account-related reward/premium per customer, per calendar year.
• Offer not available on account conversions or in combination with any other offer. Offer not available to existing Chase checking customers.
• Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible.
• Checking account must remain open for a minimum of six months or the bonus will be debited from the account at closing.
• Account is subject to approval.
• Bonus is considered interest and will be reported on IRS form 1099-INT.

Citizens Bank Checking Account Promotion: Up to $220

Here is a very noteworthy checking account promotion form Citizens Bank out of Rhode Island. From now until March 26th you can earn up to $220 just for opening a new checking account with them. Even if you don’t reside near a physical branch you may still take advantage of this offer by opening it online. The checking account bonus is set up in tiers so that you earn a portion of the bonus after completing required steps.

This is how it works…

- Earn $50 after opening the account and setting up a direct deposit of at least $250.

- Earn $25 after the completion of 5 online bill payments.

- Earn $25 after the completion of 5 debit or credit card purchases.

- Earn $120 when you enroll in GreenSense (They will pay you to go paperless…up to $120 per year!)

About Citizens Bank:

In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island. Today, Citizens Financial Group, Inc. is a $148 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, more than 3,500 ATMs and approximately 22,700 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc).

Additional Terms and Conditions Regarding Checking Account Promotion:

• To qualify you must open your first new checking, debit card or credit card account between February 20 and March 26, 2010.
• You must not be or have been a signer on any personal checking account within the prior six months. Student Checking accounts not eligible.
• Cannot be combined with any other checking offers and is limited to one per new household.
• If you have at least 1 electronic Direct Deposit of $250 or more you will be paid a $50 bonus.
• If you make at least 5 online bill payments using our Online Banking site, you will be paid a $25 bonus.
• If you make a minimum combination of 5 signature-based purchases or non PIN purchases using your Debit Card or Credit Card you will be paid a $25 bonus.
• Requirements must be met by 4/30/2010.
• Bonus will be deposited into the checking account by 6/30/2010 and reported to the IRS.
• Checking account must remain open for at least 6 months or the amount of the banking bonus will be debited from the account at closing.

SunTrust Bank’s $150 Checking Account Bonus

Another checking account bonus offer came into our inbox over the weekend, this time from Suntrust Bank out of Atlanta (visit their promo page here). SunTrust Bank is one of the nations largest financial holding companies by asset size controlling roughly $172 billion as of September of ’09. Their checking account bonus is available through April 30, 2010 (more details below).

It seems like more and more banks have been giving away these checking account offers lately to try and shore up new business. Over the last month BankVibe.com has noted over 5 of these types of deals. Our top 3 are listed below…

Hutington Bank’s $100 checking account offer – New money only. Good through the end of February.

Chase Bank’s $100 checking account offer – New money only. Chase frequently offers these deals, this one was an extension of a previous offer. Good through March 15, 2010.

Capital One’s $300 rewards checking account offer – You must use the coupon code and make a stop in a physical branch.

SunTrust Bank’s $150 bonus details:

• $150 Incentive for “New Clients”:
• Client receives $50 when they open a new SunTrust personal checking account from February 1, 2010 through April 30, 2010, enroll their new SunTrust personal checking account in the promotion via suntrust.com/solid, and make three bill payments through SunTrust Online Banking with Bill Pay within the next two calendar months out of the new personal checking account enrolled in the promotion.
• To receive the additional $100, the client must qualify for the $50 offer and must continue to make at least three payments each month for the next consecutive three months through SunTrust Online Banking with Bill Pay out of the same personal checking account enrolled in the promotion.
• When SunTrust determines that the client met all the terms of each section, SunTrust will direct deposit the appropriate amount into the primary SunTrust personal checking account enrolled in the promotion through suntrust.com/solid up to 10 weeks after the last bill payment was processed.
• Client bill payment status must show “Processed” to be eligible.
• The SunTrust personal checking account must be open and in good standing at the time the direct deposit is paid.
• Offer cannot be combined with any other offer.
• Offer valid for U.S. residents.
• Client must be 18 years or older to participate.
• SunTrust may report to the IRS the value of the incentive and any applicable taxes are the responsibility of the recipient.

Huntington Bank’s Checking Account Bonus: $100

Here is a pretty sweet $100 sign-up bonus for anyone in the market for a new checking account. Thanks to BankVibe.com reader Jessica for forwarding us this offer! Currently Huntington Bank is offering anyone opening a new checking account $100 once they’ve set up the account with a direct deposit and made 5 check card transactions within the first 6 months.

This offer is only available through February 27, 2010 and is available in every state besides California (sorry Californians…).

Details of $100 checking account bonus with Huntington Bank:

• To be eligible for the $100 checking account cash bonus, customer must open a new Huntington Free Checking, Huntington 50 Plus Checking, Huntington High Value Checking, Huntington High Rate Checking, Huntington High Performance Checking, Huntington Investor Checking, or Huntington At Work Checking account between February 12 and February 27, 2010 with new money AND, either (i) set up an automatic direct deposit to the new account with the first deposit occurring within 60 (sixty) days of account opening OR, (ii) make 5 or more Check Card purchases within the first 60 (sixty) days of account opening.
• Applications started online during the bonus period must be completed within 30 calendar days to qualify for the $100 cash bonus.
• All new accounts subject to account opening approval.
• For this offer, there is no specific dollar amount needed for the initial minimum opening deposit, however, the $100.00 bonus money will not be considered as part of the initial deposit.
• Bonus will be deposited to the new checking account within 90 (ninety) days of account opening (if “i” or “ii” condition is also met).
• Bonus is considered interest and will be reported on IRS Form 1099-INT.
• Offer not available on account conversions or in combination with any other offer.
• An Early Account Closing Fee will apply to accounts closed within 180 days of opening.
• Bank reserves the right to limit one gift incentive per household.

2% cash back on purchases with PerkStreet online checking!

Here is a fantastic offer for an online checking account from PerkStreet Financial. As of today, PerkStreet is offering customer a whopping 2% cash back on purchases for 6 months with a new online checking account! We are used to seeing similar cash back reward structures with credit cards, however, rarely do we see these sort of rewards with an online checking account.

The “Need” behind PerkStreet Financial:

We (PerkStreet Financial) couldn’t help noticing that millions of Americans were getting very little from their banks:

• Spending responsibly using a debit card meant missing out on great rewards
• Calling your bank for help often meant getting stuck on hold
• Finding the nearest free ATM sometimes didn’t seem worth the trouble
• Asking simple questions didn’t always lead to clear answers

Who they Serve:

• people who manage their money responsibly, and want to get rewarded for it – not for getting into debt.
• people who prefer to bank using their computers, ATMs and phones – not branches.
• people who believe that positive change in banking can happen and choose to be a part of it.

Complete List of Features and Rewards Associated with this Account:

• PerkStreet Financial is a FREE online checking account
• Perks include free coffee, music and more
• No cap on the amount of perks you can earn
• Nation’s largest surcharge-free ATM network
• Super fast live phone service, 24/7
• No minimum balance requirement
• No monthly fees when you use your account
• Sign-up in just 5 minutes
• Free online banking and bill pay
• No need to worry, PerkStreet Financial has partnered with Bancorp Bank so that your deposits are FDIC insured up to $250,000 and protected from fraud by the Visa Zero Liability policy

Apply Now!