Cashback vs cash bonus offer
There are two different types of cash offers that banks offer customers: a cash bonus and a cashback offer. Sometimes an account will even offer both! Here's how they work.
Bank account cash bonus offer
If a bank is offering a cash bonus offer, it usually means you'll get a certain amount of cash as a little 'thank you' for opening the account. This could be $50, $100 or even more. You might need to meet a few conditions first, such as making a certain number of transactions with the account or depositing a certain amount of money into the account. Sometime you'll need to keep the account open for a few months before you qualify for the cash bonus.
This is because banks want to know you're actually using the account, and not just opening it for the sake of the free cash. A cash bonus offer is a one-time offer, and you're often only able to receive it one time as a new customer.
Bank account cash back offer
This is slightly different to a cash bonus offer as it's usually an ongoing perk with the account, rather than a one-off. For example, a bank account might offer 1% cash back on all transactions you make with the debit card. So if you make a purchase for $100, you'd get $1 cash back into your account from the bank.
Sometimes the amount you can earn in cash back is capped per month, and sometimes you need to meet certain conditions in order to qualify for the cash back. But it's a pretty good perk to have as you're basically getting free money just for making your usual transactions. Just don't fall into the trap of making purchases you wouldn't normally make just for the sake of the cash back!
Bank account referral offer
From time to time a bank may launch a cash referral offer, as a way to get new customers. This might mean if you're an existing customer and you refer a friend to sign up for an account, you both get a cash bonus.
Do savings accounts offer cash bonus deals?
No, savings account rarely offer cash bonus or cash back deals to new customers. However, they do offer something else instead: more interest. These account are called introductory saver accounts (or honeymoon savers).
These accounts offer a higher, special interest rate to new customers for a certain amount of time, usually 3-5 months, as an incentive to switch and open an account. These high-interest savings accounts could be worthwhile if you've got a large savings balance and you're prepared to jump between accounts a few times a year in order to get these special rate offers.
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