How Good are the Rewards at Your Bank?
The bank market has become more competitive lately, which is a great thing for the customer. As banks compete for your business, many of them will offer rewards and incentives for you to commit to them. You may not get these rewards at your current bank, especially if you've been there for a while. Maybe you've been thinking about switching recently, or maybe you feel like you're outgrowing your current bank. If that's the case, consider potential rewards when you search for a new financial institution. Below are some potential rewards that you might pursue in your search.
Checking Accounts that Pay Interest
You already expect to earn interest on your savings, but you might also be able to earn interest on your spending money, too. Now, checking accounts that pay interest are rare, and they do come with some stipulations. For example, many high-interest checking accounts require a high minimum balance, and not everyone is able to meet that threshold. Nevertheless, if you are able to meet those requirements, it's certainly worth looking into the possibility. Why not find more opportunities to let your money work for you?
Cash, Points, and Miles
You may already be familiar with rewards like cash back, points, and airline miles. These rewards often come with credit cards, but some institutions will let you earn rewards with a debit card, too. With cash back, you can earn money back on certain purchases if you make them with an eligible card. If you continue using your card the way you normally would, then you can save a lot of money with this option.
The points system is a bit more rigid but still very useful. You earn points on your purchases, and then you can redeem those points for rewards like gift cards or music downloads. With airline miles, you can earn discounts on air travel tickets.
As you research your options, consider which reward type might work best for you. For example, if you rarely travel, airline miles might not hold much value in your life, but if you travel often, those miles may be worth more than cash back or reward points.
Some banks offer a sign-up bonus for people who open a new checking account. Some institutions offer these bonuses for a limited time, while others keep the offer active year-round. In any case, if you take advantage of one of these offers, you could have an extra $200 in your bank account just for signing up. These offers do come with stipulations like minimum deposit amounts or requirements that you keep your account for a certain amount of time, so make sure that you read the fine print and can commit to these terms.
How to Find the Right Financial Institutions
There are a lot of factors to consider when it comes to finding the right bank or credit union, and the number of available institutions can be overwhelming. You can use Bundlefi to make the process simpler. We have a database of community banks, credit unions, online banks, and other small, personal institutions that provide what big banks can't. Take a look at Bundlefi now to search based on your needs.