It’s usually possible to find CDs with terms less than 12 months offering excellent rates explore the best 3-month CDs and 6-month CDs.Īlternatively, you could opt for a long-term CD with a duration of a year or more. Thus, a short-term CD could provide generous interest earnings if you can afford to keep your money invested. Many banks have raised their CD rates to make their deposit account offerings more competitive in the wake of rate increases from the Federal Reserve. Premium travel rewards credit cards, for example, may offer welcome bonuses worth $1,000 or more. When you open a new rewards credit card, there’s often a welcome bonus available once you spend a certain amount of money in a set time period. It’s wise to compare bank account promotions, as different banks offer varying bonus amounts, criteria, and timeframes for earning these bonuses. For instance, these bonuses are also available with certain Chase, Citi, Wells Fargo, and TD Bank accounts. Many banks have begun offering checking and savings account promotions to attract new customers. High minimum balance requirements for certain bonuses: Some Bank of America accounts require you to maintain an average daily balance of $5,000 or more for a set period to earn a bonus.Īlternatives to Bank of America Promotions Other Bank Promotions.Fees may apply: Maintenance fees may apply if you don’t meet certain criteria, such as holding a certain minimum balance in your account.Note that this is typically the case with all bank account bonuses, and is not exclusive to this bank. Earnings are taxable: Your bonus earnings will be taxable, and you’ll likely receive a form 1099 from Bank of America at tax time.These bonuses are often higher than advertised bonuses. Targeted bonuses may be available: In addition to bonuses advertised on the Bank of America site, targeted bonuses may be available through the mail.Certain accounts only require a $25 initial deposit. Minimum deposits to open new accounts are fairly low: Bank of America’s deposit requirements for new accounts are relatively low.Relatively simple to earn certain bonuses: Certain bonuses are fairly simple to earn, requiring that you simply set up direct deposit and directly deposit a relatively small amount within the first 90 days of account opening.High minimum balance requirements for certain bonuses Our rankings of the best high-yield savings, best money market accounts, and best certificates of deposit (CDs) include options that pay you more than 10 times the average rate, so it pays to shop around. It's wise to look beyond one-off promotions to the amount of interest you can earn on an ongoing basis. Part of that plan should include savings that earn a high annual percentage yield. * Note: Promotions are only available to new Bank of America account holders.Ĭash bonuses for opening accounts can be valuable, but having a long-term savings plan is important for financial stability. Bank of America Business Advantage Fundamentalsīank of America Business Advantage Relationship
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |