Akin to any industry, banks are always dreaming up new incentives to keep customers coming through the door. This is exactly why many banking institutions now offer some pretty sweet bonuses and promotions that pay you (the customer) back for opening up a new account. With many baking consumers eager to switch banks for cheaper monthly fees or free interest on balance transfers when they open a new account, it’s little wonder that money institutions eager for new business are offering everything from free online checks to cash-back rewards to new customers.

Look for these great banking bonuses before opening your next account:

1. Cash-back incentives
Banking institutions are first and foremost in the business of making money. They are never going to give you free money at their expense. So when you’re inundated with email offers for cash back incentives when you open a new checking account or on purchases when you open a new credit card, they’re not just passing out free money for the heck of it. Most of the time, these cash back incentives are only for an introductory period (of up to 3-months). However, if you’re sorting through and looking for a good one, keep these factors in mind:

• What’s the interest fee? Many banks charge exorbitant interest fees to make up the cash back incentives they’re paying.
• What’s the annual limit you’re being offered? (there’s typically an annual cap).

2. Business accounts
If you’ve recently started a small business in several Canadian or U.S. states, there are plenty of large banks that offer free business checking accounts for startups or business specific accounts with significantly lower balances compared to personal savings or checking accounts. Many even offer extra perks like free business checks, etc. In fact, currently large institutions like Wells Fargo, Chase Bank, Comerica, and Citizens Bank are offering so called “free” business accounts that let individuals separate personal and business finances that allow for application for a small business loan and business checking and deposits. Just be wary and read the small print for any services with fees attached. This is how banks still make monthly fees of so called “free” business accounts. But these monthly fees can add up considerably over time and take away from your small business’ bottom line.

3. Coupon code
Banking institutions like Wells Fargo, Chase, and TD are currently offering cash bonuses to personal banking customers with a coupon code. These cash bonuses are $300 and up! But before you sign on the dotted line for the free money before reading the fine print, keep in mind that many of these free cash offers include a minimum balance of up to $2,500 or more that you must maintain for 2-months before collecting your cash incentive.  

4. Free online checking accounts
Are you sick and tired with all the hidden fees from your brick and mortar banking institution? Thankfully, internet-only banks are offering free online checking accounts. Without the need to pay for a physical banking location, many free checking accounts come with perks like:

• Cash back incentives
• Free online checking transactions
• More competitive interest rates
• Cash back rewards
• Free bill payments

Just be wary of the small print. Check if your online checking account of interest charges if you don’t maintain a minimum balance.