It is a fairly decent offer when stacked up against some of the other top checking account bonuses this year simply because you’re only Read more...]]> Bank of America sure flipped the switch on their overall outlook to checking accounts. After a short-lived but frenzy-stirring threat to impose monthly checking account fees, Bank of America has not only rescinded that notion but is now offering $50 bonuses to NEW checking account holders.

It is a fairly decent offer when stacked up against some of the other top checking account bonuses this year simply because you’re only required to make an initial deposit of $25 to earn the $50 bonus.

Bank of America has three different checking accounts available that come with the $50 bonus. All of which have the potential of fees if you don’t meet the requirements. Below are the three different accounts as well as their fee structure.

Bank of America Checking Account Options 2012:

(All of the three options come with the $50 bonus. See below for bonus code, terms and conditions.)

1)  “ebanking” – No monthly service charge when you choose online paperless statements and make your deposits and withdrawals online or by ATM, without a teller.

2) “My Access Checking” – No monthly service charge when you set up at least one qualifying direct deposit of $250 or more each month, for example with payroll or Social Security payments, or maintain an average daily balance of $1,500 or more in your account. Otherwise the charge is $12 per month.

3) Prima with Tiered Interest Checking – Maintain a $10,000 average daily balance, otherwise $25 monthly service charge.

The first two accounts are excellent options for new checking account holders who are looking for something simple with an easy way to avoid fees. I can’t imagine BofA is having success with the third option though as interest rates may as well be zero. The average daily balance is extremely steep for the threat of a relatively large fee of $25.00.

$50 Bonus for New Checking Account Holders:

1) Fill out our easy online application using Offer Code GROUP50.
2) Set up a qualifying Direct Deposit into your new checking account within 60 days of account opening. Learn how to set up Direct Deposit.
3) Receive your $50 bonus, directly deposited to your new checking account, within 120 days once qualifications are met.

Offer Available through 7/31/2012.

Breakdown Read more...]]> From now until the 27th of April, Bank of the West is offering a checking account bonus of up to $125 for new account holders plus a $25 donation for supplies to local schools. The deal is tempting and similar to other Bank of the West promotions we’ve covered in the past, but is really only rewarding to individuals that can avoid the monthly fees (see fee structure below).

Breakdown of Bonus:

1) $50 for opening with direct deposit of at least $250.

2) $25 after making first 10 point of sale transactions with you debit card

3) $25 after enrolling to receive paperless statements.

4) $25 for opening and using a new Bank of the West credit card.

Depending on your individual needs you may want to stick with the first 3 bonuses (totaling $100) and forget about the $25 cash incentive for the new credit card. There are a number of credit card bonuses currently that are providing much more lucrative sign-up bonuses than this $25 one.

There are two types of checking accounts that can be opened with the bonus offer – “Easy Checking” or “Choice Interest Checking.”

Avoiding Fees:

The Easy Checking account comes with an $8 monthly fee unless you:

• Maintain $1,000 average monthly balance in this account OR
• Have a single direct deposit of $250 or more per statement cycle OR
• Make 10 or more debit card purchases (PIN or signature)

The fee also gets bumped to $10 if you decide not to go paperless.

The Choice Interest Checking account comes with an $10 monthly fee unless you:

• Maintain $2,500 average monthly balance in this account OR
• Maintain $5,000 average monthly balance in this account plus linked personal savings, CDs or IRAs.

Bank of the West opens it’s doors to residents of the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.

Compare this offer to the most noteworthy checking bonuses of 2012.

The catch, however, is that unlike other cash back checking account’s we’ve covered, this is strictly a promotional offer and the window in which you can receive the 5% cash back is finite, and in our opinion, not very rewarding. Plus, this deal is only available to banking consumers within Union Bank’s geographical scope which consists only of the west coast.

How this account and Read more...]]> It sounds like a pretty solid deal, no?

The catch, however, is that unlike other cash back checking account’s we’ve covered, this is strictly a promotional offer and the window in which you can receive the 5% cash back is finite, and in our opinion, not very rewarding. Plus, this deal is only available to banking consumers within Union Bank’s geographical scope which consists only of the west coast.

How this account and promotional offer from Union Bank break down:

- For a limited time (through February 2012) you can apply for this debit/checking account with Union Bank and simply mention the 5% cash back promotion and be eligible for it so long as you can dump at least $100 into the account.

- What’s disclosed in the fine print, however, is a little less enticing. For starters, you’ll only earn this advertised 5% cash back on debit card purchases up to $250 from now (or whenever you open the account) until the end of May. So by my calculation you’ll only stand to earn $12.50 if you max out the cash back program. Plus, they wont even plop this measly sum into your new checking account until the end of June.

- Another word of caution with this account is the monthly service fees. While Union Bank is certainly less stringent on rules concerning fee’s than most of the country’s other large banks, they do still exist. On the most basic of their checking accounts, the “Union Bank Essentials Checking” you’ll be able to avoid their monthly fees (which we believe vary between $8 and $11 monthly) if you set up a direct deposit of at least $100 a month into the account. So again, far more lenient than these checking accounts.

Our Verdict:

If you’re young and opening your very first checking account, this may be a decent deal, just remember you’ll need to deposit $100 into the account every month to avoid fees. And pay close attention to your balance before making purchases or cash withdrawals because you’ll suffer a loss of $33.00 if you overdraft the account.

You can contact Union Bank regarding this offer at: 1-800-818-6060.

In light of this little tidbit, we put together a list of the top 3 new checking account bonuses that won’t end Read more...]]> Big banks got hammered in the media throughout much of the final quarter of 2011 due to their – albeit immediately reversed – threat of adding new fees. However, depending on your own individual financial circumstances, you may still get slammed by fee’s from some of the nation’s leading banks.

In light of this little tidbit, we put together a list of the top 3 new checking account bonuses that won’t end up paying off if you’re not considered a ‘high value account’ to them.

However, before we hop into the 3 account promotions, let’s analyze what makes up a high value client for the likes of Citibank, Bank of America, Chase or any other large national powerhouse.

1) Someone who has or will open multiple accounts with the bank (ie. credit cards, mortgage or home loan, auto loan, etc.)

2) Someone who regularly holds a high balance in their checking account. In fact, these are the would-be customers hit by the new fees that were so badly brutalized in the media. Anyone who regularly keeps under $500 in their checking account can consider themselves a ‘low value client’ to a big bank and should probably look into a credit union or online bank. Conversely, check out how one can earn 2% cash back on their checking account by keeping more than $5k as a balance.

3) Someone who plans on keeping their retirement account(s) with the bank’s investment arm. Obviously the larger your nest egg, the more valuable of a client you are.

So…for the littler guys just looking for a no fee’s checking account with a lucrative sign-up bonus, STAY AWAY from these tempting offers, which, by the way, will immediately pop up in Google when searching for “checking account bonuses.” Don’t believe me? Give it a try!

Stay Away From…

1) Key Bank’s Checking Account Bonus. Get $150 by opening one of their many checking account packages.

What they tell you: Get $150 when you switch to Key Bank.

What you’ll also need to know: You’ll need to open one of their various checking accounts and make 60 payments and or purchases within 3 months, plus, make 3 separate $500 deposits in 3 months. However, the most important thing to notice is that ALL of their checking account packages come with “maintenance fee’s” (besides one) unless you can keep a rather hefty $10 – $100k in them. Their most basic checking package is the “Key Express Checking Account” and you’ll still need to deposit at least $500 or initiate five account transfers per statement cycle to avoid fees.

2) Citibank’s Checking Account Bonus Offer. Open one of two checking accounts and earn between $50 and $100 in bonuses.

What they tell you: Get $100 after opening a Citi Gold Checking Account or $50 from their traditional Citi Checking Account.

What you’ll also need to know: There’s no monthly service fee if you maintain a $15,000 combined average monthly balance requirement in eligible products; otherwise $20.00 monthly service fee is applied. Eligible products are linked deposits, loans, mortgages, and investment accounts.

3) Chase Checking Account. Get $125 for opening a new account by using a promo code or getting one emailed to you. Google “Chase Checking Promotion” to find the promo code.

What they tell you: Get $125 for opening a new Chase Checking Account and making one direct deposit. As a quick disclaimer, we did mention this on our list of top checking account offers in 2012, however, we provided the disclaimer that this account bonus will only be worth it if you plan on making Chase your primary bank and moving larger sums over to their bank.

What you’ll also need to know: Chase’s checking account has no monthly service fee’s for those who can either make a monthly direct deposit of $500 or more or keep a daily average balance of $1,500. If you can’t you’ll get dinged with a $12 fee. So as you can see it’s the best of the three big bank checking account promotions, but still likely not worth it for the little guy.

Get the $25 Bonus Here!

If you’re a regular reader of BankVibe.com, you’ve undoubtedly heard of this company before. However, if you’re just passing by, this may be your first time hearing of them.

In a nut shell, PerkStreet is attempting to reconstruct the checking account product to make it more rewarding for consumers. Typically checking accounts have Read more...]]> The increasingly popular PerkStreet Checking account has unleashed a limited time $25 bonus offer to new customers opening one of their “cash back checking accounts.”

Get the $25 Bonus Here!

If you’re a regular reader of BankVibe.com, you’ve undoubtedly heard of this company before. However, if you’re just passing by, this may be your first time hearing of them.

In a nut shell, PerkStreet is attempting to reconstruct the checking account product to make it more rewarding for consumers. Typically checking accounts have been (and still are) no thrills, utility vehicles, simply geared towards providing access to one’s cash for everyday purchases.

PerkStreet, however, has combined the enticing features of a cash back credit card to their checking account (hence “cash back checking account”). The cash back you receive varies between 1% and 5% depending on account balance, type of purchases and whether or not they are running any sort of promotions. Today, you can earn up to 2% on purchases plus a $25 initial cash back for signing up.

Perkstreet Checking Account – How it works:

If your daily account balance is above $5,000 you’ll get 2% cash on all non-PIN based purchases. If your daily account balance is less than $5k, you’ll get 1% cash back on all non-PIN based purchases. According to PerkStreet, the average household will earn $600 per year in cash back with this account. The account also comes with absolutely zero fees and free ATM usage nationwide. Read our full review of PerkStreet’s checking account to learn more.

Below is a comparison chart of PerkStreet’s checking account against the most popular checking accounts in the country.

New accounts get a $25 bonus!

Before you sign up for their checking account, make sure you take advantage of their $25 bonus that’s available until Christmas Day. Get the $25 Bonus Here!

“Please inform me on which checking account(s) still provide no maintenance fees on accounts with low balances, no ATM surcharges and/or a large network of surcharge-free ATM’s.”

Below we’ve constructed a list of 5 free checking accounts from Read more...]]> We were recently emailed a desired set of criteria for a free checking account by BankVibe.com reader Jenny that we’re sure has been on the minds of many consumers throughout the country. Here’s the email:

“Please inform me on which checking account(s) still provide no maintenance fees on accounts with low balances, no ATM surcharges and/or a large network of surcharge-free ATM’s.”

Below we’ve constructed a list of 5 free checking accounts from either banks or credit unions (with broad acceptance) that meet the qualifications above. We’ve also thrown in a few of our favorites with some additional perks that we’ve reviewed here in the past.

1) ING Checking Account- Now with a $50 Cash Bonus for Signing-Up. The $50 cash bonus will be deposited into your account on day 50 given you make just 3 purchases with the card within 45 days. The “Electronic Orange” checking account by ING Direct is one of our favorite options for not only meeting the criteria we mentioned above but also going above and beyond. They impose no overdraft fees, no monthly maintenance fees or ATM surcharge fees. They have one of the largest free ATM networks of over 35,000 ATM’s across the country – with an ATM never more a than a few miles away (ATM’s can be located on their website or with their mobile app). Plus, depending on your monthly balance amount, you have the possibility of earning a respectable interest rate that is almost always above the national average.

2) Perkstreet’s Cash Back Checking Account – We’ve hyped this account for over a year now. This is a one of a kind cash back checking account that entitles their customers to between 1% and 5% cash back depending on where you spend, along with ZERO fees, 37,000 partner ATM’s (essentially free ATM usage across the country), free checks and no minimum balance requirements. Perkstreet claims that families can earn up to $600 cash back per year with their checking account.

3) USAA Free Checking Account – Here is a straight forward fee-less checking account offer for former or active military personnel as well as their family members. With this account you’ll get free ATM usage nationwide, zero fees regardless of balance, unlimited money transfers to U.S. banks, as well as a number of free online and mobile tools to manage your account and pay your bills. We’ve covered $100 sign-up bonuses associated with this checking account in the past, so you may want to keep your eyes peeled or talk to a representative regarding potential upcoming bonuses.

4) Navy Federal Credit Union “Basic Checking Account” – This is another straight forward checking account for former and current Navy personnel and their family. It features a network of 45,000 free ATM’s, free checks, no monthly service fees or minimum balance requirements, as well as web bill pay and management tools. Navy Federal Credit Union checking account customers are highly loyal to this bank, with 95% of customers recommending the product. See more reviews here. NFCU is also the largest credit union in the United States by both assets and members.

5) Alliant Credit Union Free Checking w/ Interest Rate Option – Another popular credit union checking account comes from Alliant CU based out of Chicago, IL. The easiest way to gain access to this credit union is to become a member of their partner non-profit organization “Foster Care to Success.” Membership requires a $10 donation. After completing this, you’ll be able to sign up for an Alliant checking account. The checking account comes with zero maintenance fees, no minimum balance requirements and 80,000 surcharge free ATM’s throughout the country. You’ll also have an option to earn up to 1.10% APY on your balance by opting for e-statements and setting up one direct deposit.

If you know of another free checking account available throughout the country, please share by leaving a comment.

Here are the four checking accounts that are accompanied Read more...]]> KeyBank has once again issued their $150 bonus for new checking account holders. This offer comes around every so often (especially around the holiday season) and if you’re one of the many thousands of consumers that have been hit with fees by your big bank, you may want to explore some of Key Bank’s checking options – although you still wont escape fees.

Here are the four checking accounts that are accompanied with a $150 bonus:

1) Key Express Checking – No frills checking account that comes with a debit MasterCard. Avoid monthly maintenance service fees by making at least $500 in deposits or initiate five transactions per statement cycle. $40 yearly maintenance fee applied regardless.

2) Key Coverage Checking – Another no frills checking account which imposes a plethora of fees. First you’ll nab a $10 monthly service charge for simply owning the account. You’ll also have an annual $30 maintenance fee, plus an $18-per-item overdraft fee if you overdraw your account by $10.01 – $100 based on your end-of-day balance. This is a fairly pricey overdraft fee since it’s based on a per-item assessment. This fee has also been recently reduced.

3) Key Advantage Checking- These accounts require a $10,000 minimum balance to avoid fees and generally come with an interest rate, but considering our current landscape for money market rates, their rates today aren’t even worth mentioning (but we’ll do it anyway – 0.05% APY). You’ll also get dinged with the annual $30 maintenance fee.

4) Key Privilege Checking – Like the Key Advantage Account this one is essentially a money market account. You’ll get dinged with a $25 monthly fee (first 3 months waived) even though you’ll need to keep a whopping $25,000 tied up. You can keep the $25k in a number of savings-type accounts such as: CDs and savings, or in equity through a loan side account such as: credit cards and/or auto loans. So for example, if you have $5k in outstanding credit through a Key Bank credit card, $5k left to pay on your auto loan, and $15k in CDs and checking, you’ll be in compliance with Key Bank’s requirements.

Despite the enticing $150 sign up bonus for a new Key Bank Account, you should keep in mind this $150 bonus wont come easy. First, you’ll need to decide whether or not you even want a checking/money market account with Key Bank given their unavoidable fee structure (mentioned above). Second, you’ll need to do the following:

• open a qualifying KeyBank checking account online and enter offer code ONFT1011 by December 30, 2011, and
• make at least 30 payments and/or purchases within 3 months of account opening, plus
• make 3 direct deposits each of $500 or more within 3 months of account opening.

What say you? Is the $150 bonus worth signing up for?

Sure some big banks are still dishing out rewards and bonuses for opening new checking accounts, but only for ‘high value’ clients. A high value client, generally speaking, is anyone holding a lot of cash or equity with the bank through various accounts and financial instruments.

So, while we’re about to make note of two solid checking Read more...]]> This offer has changed. Visit our checking account promotions page to see updated offers.

Sure some big banks are still dishing out rewards and bonuses for opening new checking accounts, but only for ‘high value’ clients. A high value client, generally speaking, is anyone holding a lot of cash or equity with the bank through various accounts and financial instruments.

So, while we’re about to make note of two solid checking account bonuses from Citibank, keep in mind you’ll have to hold high balances to avoid monthly fees. (Fee Disclosure Below)

Citibank Checking Account Bonuses:

The first one is 40,000 bonus points for opening a Citigold checking account. The 40,000 “ThankYou” points can then be redeemed for $400 in gift cards. The Citigold account is considered a “premier banking relationship” product by Citibank which requires a high monthly balance to avoid a $30 monthly fee.

The second one is 20,000 for opening a regular Citibank checking account. As with the premium offer, the 20,000 bonus points can also be redeemed for $200 in gift cards. You’ll still need to maintain monthly minimum balance requirements to avoid a $30 monthly fee, but the balances aren’t as high as with a Citigold account.

Here’s what you’ll need to do to get any of the bonuses above:

1) Open a new Citibank checking account in the Citigold or Citibank Account Package by 12/31/2011.

2) Enroll the new checking account in Citi ThankYou Rewards.

3) Within 45 days after account opening, complete one direct deposit AND one electronic bill payment for two consecutive months.

CitiBank Checking Account Fees Associated with Both Packages:

The most basic checking account Citibank offers (called the “basic checking” account) features a $8 monthly fee. The account comes with no minimum balance requirements and a $0 opening deposit requirement. It’s not accompanied with any promotional rewards.

Our take: This account doesn’t really make sense, $96 in annual fees on already low balances? It looks as if Citibank is saying, “if you don’t several thousand dollars, you’re not worth our time.” If you have under $6,000 and are looking for a new checking account, there are plenty of cheaper alternatives that may actually reward you (like this one).

The mid-level package is the Citibank account package. This is the one we’ve mentioned in the promotional section above. It features a very enticing $200 in gift cards for opening the account, however, to avoid a whopping $20 monthly fee, you’ll need to keep an average balance of at least $6,000.

Our Take: While the bonus is generous, if you dip below the $6,000 mark, the fee you’ll incur is quite punishing. Incurring the fee over the course of a year ($240) will completely wipe out the gift card bonus you snagged in the first place. This account, however, could be ideal for you if you know you’ll never have an issue with the minimum balance and the occasional $2 ding for foreign ATM usage. – PS. Ignore the minimum opening requirement of just $100, there’s no reason in having this account without more than $6k.

The last account is for high value clients only. It comes with the advertised $400 bonus in the form of either “ThankYou” points or gift cards. To avoid a $30 monthly fee, you’ll need one of the following:

• $50,000 or more for all linked deposit and retirement accounts OR
• $100,000 or more across all your eligible linked Citi accounts, excluding a first mortgage with Citibank OR
• $250,000 or more if your Citibank first mortgage is included in the total relationship.

Our Take: Unless you plan on moving several asset/equity heavy accounts over to Citibank, the account’s probably not for you. If you are looking to switch banks and have assets equal or greater to the requirements listed above, 40,000 bonus points is nice perk!