$2,000 Bank Bonus for July 2024
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Some banks offer a huge $2,000 cash bonus when you open a new bank account. But there's something you have to do first.
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If you regularly keep very large balances in your bank account, there are $2,000 bonuses up for grabs from the nation's top banks.
Of course, big requirements come with this big bonus. Find out if you can qualify.
How to Get More Than $2,000 from Banks
A $2,000 bonus may be eye-popping as it is, but there are even higher bonuses for the taking. Check out these offers.
HSBC Premier - Earn Up to $2,500
You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities.
- Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
- Minimum Deposit to Open: For Premier checking accounts opened before August 29, 2024, you must have at least one of the following:
- Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, not an aggregate of multiple mortgages. Home Equity products are not included.
For Premier checking accounts opened on or after August 29, 2024, you must have at least one of the following:
- Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.
Chase Private Client Checking℠ - Up to $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch or over the phone.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. - No ATM fees worldwide.
- No Chase fee on incoming or outgoing wire transfers.
- Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
What Is A $2,000 Bank Bonus?
A $2,000 bank bonus is usually offered by big banks to incentivize high net-worth clients to switch banks. Typically, they're for premium checking accounts.
Getting this substantial amount usually comes with tougher strings attached. These usually include a large deposit (typically 6 figures), which must be parked for a specific period.
But if you're up for the challenge, two grand could be worth it.
Here are some banks with huge promos for opening a new account:
- HSBC Premier:
Earn Up to $2,500 - Chase Private Client Checking℠:
Up to $3,000 Bonus - Wells Fargo:
Personal Checking Account - $2,500 Bonus - Huntington:
Personal Checking Account - $600 Bonus - Citi Checking:
$1,500 Bonus - Associated Bank:
Bank At Work - $600 Bonus - Flushing Bank:
Personal Checking Account - $2,500 Bonus - Teachers Federal Credit Union:
Deposit and Earn $1,000 Bonus - Columbia Bank:
Personal Checking Account - $800 Bonus - Blue Foundry Bank:
Personal Checking and Savings Account - $600 Bonus
Why Do Banks Offer Bonuses?
Banks offer enticing bonus offers because not only will you benefit from them, but they will too.
You see, banks hope that you will bring more business to them once you've opened an account and claimed your bonus. They expect you to keep balances, perform transactions, and try out other services.
Banks are hoping it'll be a long-lasting relationship. By handing out bonuses, it's making a good first impression so you stick around for longer.
What to Know About $2,000 Checking Bonuses
$2,000 is surely a nice chunk of change. But here's the lowdown on this awesome welcome gift.
Bonuses are intended for new customers.
You need to be a new customer to qualify for a checking account bonus. Or you must not have owned a checking account with the bank for a certain amount of time.
They're usually for high net worth people.
Let's face it, you really have to be in good financial standing yourself to meet the criteria for a $2,000 bonus. Thus, not a lot of people can get in on the action.
Meet deadlines for requirements.
Usually, you must deposit new funds within a certain number of days after you open a promotional account. And also take note if you must maintain that balance for a period of time.
Read the fine print.
Read the offer terms and conditions like a detective. Sometimes, depositing a large sum isn't enough. There may be hidden clauses that disqualify you.
You may still withdraw cash.
You can still take out money from your account even during the qualification period. But your remaining balance should still meet the minimum requirement in order to get the bonus.
Be careful of ongoing costs.
$2,000 bonuses are usually for premium bank accounts. These typically have higher monthly fees and requirements to waive. So make sure the account fits your needs.
You can open a bank account for its bonus incentive as long as you can fulfill the requirements. But, doing this too frequently within a short span may affect your ChexSystems report, which most banks refer to when processing approvals for account opening.
Are Bank Bonuses Taxable?
Yes, a checking bonus is considered taxable income, and it will be taxed at the same rate as your ordinary income.[1]
The bank may provide you with a Form 1099-INT, reporting the bonus amount as interest income.[2] Even if they don't, you need to report it on your tax return.
Bottom Line
Claiming a $2,000 bonus will have some hefty requirements.
But if you're financially qualified and looking to make some money (with your money), this incentive may provide you with a fantastic opportunity.
References
- ^ IRS. Topic No. 403, Interest Received, Retrieved 9/12/2023
- ^ IRS. About Form 1099-INT, Interest Income, Retrieved 06/19/2024
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