Are Bank Bonuses a Good Way to Make Money?

Trying to find ways to make extra money? Freelancing or working a part-time job is a good way to bring in some cash. Decluttering and selling items on sites like Facebook Marketplace, Offerup, or Poshmark is another option.

Applying for credit cards with big sign-up bonuses could work — as long as you have a plan to meet the minimum spending requirement and always pay off your credit card bills each month.

Maybe you’ve ignored ads or didn’t realize some banks and credit unions give bonuses for opening new accounts too. Offering promotional incentives is one way lenders attract business.

Are these bank bonuses a good way to make money? Or does the fine print make them not worth the hassle? Let’s find out.

What Is a Bank Account Bonus?

New-customer bonuses can include money deposited directly into your account, prepaid debit cards, rewards points redeemable for travel or experiences, or other promotional gifts.

Some lenders “stack” bonuses and as you add more accounts or agree to different terms, you get bigger bonuses.

A quick online search shows you can potentially earn hundreds of dollars for opening a new account. But keep in mind they aren’t just “giving” money away.