Big banks in the US are getting into a fierce competition for your money, offering cash bonuses to attract new customers. This hasn’t happened in years!
The Big Players:
- JPMorgan Chase and Wells Fargo are leading the charge, offering $300 to new customers who set up direct deposit.
- Bank of America is offering $200 for the same deal.
- Citi is getting in on the action with a 5% interest bonus on new savings accounts for the first 90 days.
Why the Change?
The Federal Reserve’s interest rate hikes have made it more attractive for people to invest their money elsewhere, like money market funds. This has led to banks losing deposits, so they’re trying to lure customers back with these generous offers.
The Catch:
While the bonuses are tempting, you might need to keep a higher balance in your account to qualify for the reward compared to a few years ago.
The Bottom Line:
Banks are desperate to keep your money, and these bonuses are just the start. It’s a good time to shop around and see what deals you can find!
